Bob has saved $585 each month for the last 4 years to make a down payment on a house. The account earned an interest rate of 0.44 percent per month. How much money is in Bob's account?
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- Bob has saved $585 each month for the last 4 years to make a down payment on a house. The account earned aninterest rate of .44 percent per month. How much money is in Bob's account?Multiple ChoiceA. $29.833.38B. $28,080.00 C. $30,113.95D. $30,383.25E. $31,189.44Starting on the day Brian was born, his mother has invested $30 at the beginning of every month in a savings account that earns 3.20% compounded monthly. a. How much did Brian have in this account on his 18th birthday? Assume that there was no deposit on that day. Round to the nearest cent b. What was his mother's total investment? Round to the nearest cent c. How much interest did the investment earn?Helen contributed $500 at the end of every month for the past 5 years into an RRSP account, earning 3.8% p.a. compounded quarterly. If she leaves the accumulated contributions for another 4 years in the RRSP at the same rate of interest How much will Helen have in total in her RRSP account? How much did she contribute? How much will be the interest?
- Starting on the day Thomas was born, his mother has invested $50 at the beginning of every month in a savings account that earns 2.90% compounded monthly. a. How much did Thomas have in this account on his 24th birthday? Assume that there was no deposit on that day. Round to the nearest cent b. What was his mother's total investment? Round to the nearest cent c. How much interest did the investment earn? Round to the nearest centStephen has $11,200 in the bank. The account will earn 2.8% in simple interest for the next 5 years. How much interest will Stephen earn? Show your work.To save the down payment, Mary deposited monthly in a savings account earning 2.5% compounded monthly. If it took Mary 5 years to save up the down payment, how much money was Mary depositing each month? She has saved $6200 in a downpayment.
- Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?Sebastian is going to deposit $790 in an account that earns 6.8% interest compounded annually. His wife Yolanda will deposit $815 in an account that earns 7.2% simple interest each year. They deposit the money on the same day and make no additional deposits or withdrawals for the accounts. Which statement is true concerning Sebastian’s and Yolanda’s account balances after 3 years? Yolanda’s account will have about $28.67 less than Sebastian’s account. Yolanda’s account will have about $9.78 less than Sebastian’s account. Sebastian’s account will have about $28.67 less than Yolanda’s account. Sebastian’s account will have about $9.78 less than Yolanda’s account.Gabriel invested $77,000 in an account paying an interest rate of 3 1/2% compounded monthly.Isabella invested $77,000 in an account paying an interest rate of 4 1/8% compounded quarterly.After 6 years, how much more money would Isabella have in her account than Gabriel, to the nearest dollar?
- Imelda opens a savings account with $12,000, which pays an annual interest rate of 7.8%. If she reinvests the generated interest every month and also deposits $2,300 each month, how much will be in the account after 2 years? The interest is reinvested on the same day as the $2,300 deposit. Otions: 69177.89 71052.15 73548.61 70524.79Isaiah wants to have $50,000 after six years in an account by making one single deposit. The account is compunded continuously at a rate of 5%. What intial deposit does he need to make?Jim invests $15,000 today into an account, If the amount in the account accumulates to $17,364.37 at the end of 3 years, what was the interest rate that Jim earned on the account?