Hello tutor answer this financial accounting question do fast Bucher Credit Bank is offering 6 percent compoundeddaily on its savings accounts. Assume that you deposit$5,700 today.How much will you have in the account in 3 years? Use365 days a year. Round your answer to 2 decimal places.

Given, Rate (r) = 6% or 0.06Number of days in a year (n) = 365 daysTime (t) = 3 YearsCompounded…

Answered: Bucher Credit Bank is offering 6…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EB: You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how...

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You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?
Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?
You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.
Calculating interest earned and future value of savings account. If you put 6,000 in a savings account that pays interest at the rate of 3 percent, compounded annually, how much will you have in five years? (Hint: Use the future value formula.) How much interest will you earn during the five years? If you put 6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after five years?
If you deposit $500 in a bank account today that earns 3% interest and you deposit $20 per month into the account for the next 10 years, how much will you have in 10 years? Assume monthly compounding. Enter your answer rounded to 2 decimal places.
You have $5,340.25 in your savings account today. Every two weeks (26 times a year) $200 will be automatically deposited to your savings account starting from today. How many YEARS will to take to reach $80,000 if you anticipate earning j12 = 2.5% the entire time? Express your answer in 2 decimal places.
You deposit $320 each month into an account earning 2% interest compounded monthly. Use the TVM Solver on the TI calculator. Round to the nearest cent (two decimal places). a) How much will have accumulated in the account in 20 years? $ b) How much money will you have deposited in the account during this time? $ c) How much of the amount in the account will be interest?
Spartan Credit Bank is offering 6 percent compounded daily on its savings accounts. Assume that you deposit $5,700 today. a. How much will you have in the account in 3 years? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year. b. How much will you have in the account in 6 years? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year. c. How much will you have in the account in 12 years? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year. a. Future value in 3 years b. Future value in 6 years c. Future value in 12 years
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Bucher Credit Bank is offering 6 percent compounded daily on its savings accounts. Assume that you deposit $5,700 today. How much will you have in the account in 3 years? Use 365 days a year. Round your answer to 2 decimal places.