DaNeeka deposits $141 at the end of every month into an account that earns 2.91% compounded semi- annually. Find the accumulated value, and interest earned in 6 years and 6 months. Round all answers to two decimal places if necessary. P/Y = PV = $ Interest Earned = S C/Y= PMT= S N= FV = S 1/Y= % (round to the nearest cent) (enter a positive value, rounded to the nearest cent)

DaNeeka deposits $141 at the end of every month into an account that earns 2.91% compounded semi- annually. Find the accumulated value, and interest earned in 6 years and 6 months. Round all answers to two decimal places if necessary. P/Y = PV = $ Interest Earned = S C/Y= PMT= S N= FV = S 1/Y= % (round to the nearest cent) (enter a positive value, rounded to the nearest cent)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Find the amount accumulated in an account where $25 is deposited monthly for 10 years at 2.5% interest compounded monthly. Assume the account currently has $450 in it. Round your answer to two decimal places if rounding is necessary. The $ sign is already listed next to the answer box, so do not type a $ sign in your answer.
Suppose you deposit $1,751.00 into an account today that earns 5.00%. It will take ___ years for the account to be worth $2,806.00. Answer format: Number: Round to: 2 decimal places.
At the end of each month, for 24 months, $300 is put into an account paying 7 % annual interest compounded continuously. Find the future value of this account. Round your answer to the nearest cent. $ 57719.33 TIP Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity
Suppose $1,200 is deposited into an account which has an annual percentage rate of 9.81% per year. Assume it remains in the account for 18 years and no additional money is added to the account other than interest. (a) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18, of assuming interest is compounded annually. Do not round any values. You can enter arithmetic expressions (containing +, -, *, /, or ^) in any of these boxes. Number 1200 •( Number What is the value in year x = 18 of an investment of $1,200 dollars which pays 9.81% compounded annually? $ Number (Round to the nearest 0.01 dollars) (b) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18, assuming interest is compounded weekly (52 times per year). Do not round any values. You can enter arithmetic expressions (containing +, –, *, /, or ^) in any of these boxes. Number 1200 ( Number What is the value in year x = 18 of an investment of $1,200…
You deposit $5100 in an account earning 4% compound interest for 3 years. Find the future value and the interest earned for each of the following compounding frequencies. Round all answers to two decimal places where applicable. Enter positive values for the Interest Earned. (For this question: 1 year = 365 days, including leap years) Frequency Semiannually Daily > Next Question (P/Y = C/Y) N Future Value FA $ Interest earned
Suppose that you deposited $5,999 at the end of each year in a Roth IRA account earning an annual rate of 5.01% for the next 15 years. How much would be on deposit at the end of the 15th year? In the space below, please indicate what the following variables are (enter answers to four decimal places and be mindful as to whether the variable is a positive or negative number): 1. PV 2. FV 3. Rate % 4. Periods 5. Payment
Once per year Ritchie Rich deposits an amount of $800 in an account which pays 10% interest per year, compounded annually, with additional deposits of $800 continually made at the end of the year. If B, is the balance in the account, in dollars, immediately after Ritchie makes the nth deposit, then we can write B₁ = $800. (a) Complete the table to find the following. Report to the nearest $0.01. i) the balance, B, of the account on the day immediately after the second deposit. ii) the balance, B₁, of the account on the day immediately after the third deposit. iii) the balance, B₁, of the account on the day immediately after the fourth deposit 71 (Number of deposits) 1 2 OO B= $321158.22 (b) Suppose Ritchie makes 38 deposits. What is the balance of the account on the day immediately after the 38th deposit? 0 B$29923.47 B$29123.47 B= $264031.59 B, ($) $800 $ Number O B$291234.75 (It is more than $880.) $ Number S Number Q (c) Suppose Ritchie makes 438 deposits. Which is true about the…
Suppose Eli deposits $1,000 into a savings account. The savings account earns4.2% compounded monthly. Find the APY for the account. Round the percent to two decimals.
Suppose you deposit D dollars at the beginning of each month into an account that pays a monthly rate of r as a decimal. Then, the balance B of the account after t months is given by B = D(1 + r) (1 + r)t − 1 r dollars. Suppose you deposit $160 at the beginning of each month into an account that pays a monthly rate of r = 0.005, which corresponds to an APR of 6%. How long does it take for the account balance to build to $2600? Report your answer to the nearest whole month. months
If $1,000 is deposited into an account that earns 8% interest compounded daily, the doubling time is approximately 3,163 days. (Round your answers to the nearest cent.) (a) Find the amount in the account after 3,163 days.$ (b) Find the amount in the account after 2 · 3,163 days.$ (c) Find the amount in the account after 3 · 3,163 days.$ (d) Find the amount in the account after 4 · 3,163 days.$ (e) What conclusion can you make? The doubling time increases as the amount in the account increases.Every extra period of 3,163 days doubles the money, approximately. The doubling time decreases by half as the amount in the account increases.Every extra period of 3,163 days quadruples the money, approximately.Every extra year doubles the money, approximately.
An amount of $124 is paid at the end of every month into an account. If the nominal interest rate is 3.02% compounded semiannually, how long (in years and months) will it take for the payments to accumulate to an amount of $6,455.41? Use the integer value of N to calculate years and months. |CN = |2 P/Y = 12 I/Y = 3.02 FV 6,455.41 PMT = $ -124 = years N= 192 to the nearest integer) PV = $14,892.17 X x (round = month(s)
$10,000 is deposited in an account in which it earns 9.5% interest compounded quarterly. No principal or interest is withdrawn from the account. Instead, both continue to earn interest over time. (Round your answers to two decimal places.) (a) Find the account balance after one year using the Simple Interest Future Value Formula to compute the balance at the end of each compounding period. $ (b) Find the account balance after one year using the Compound Interest Formula. $