Determine the number of months (rounded off to the nearest month) required for a deposit of $2968.84 to earn a $216.72 interest at 7.57%.
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Determine the number of months (rounded off to the nearest month) required for a deposit of $2968.84 to earn a $216.72 interest at 7.57%.
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- What is the number of months required for a deposit of $1320 to earn $16.50 interest at 3.75%?Determine the interest rate earned on a $450 deposit when $475 is paid back in one year.What is the Effective Annual Rate (EAR) on a deposit account with a stated Annual Percentage Rate (APR) of 10.6% and monthly compounding? Enter your answer as a percentage rounded to 2 decimal places
- 1. Calculate the effective annual rate for a certificate of deposit that pays 4.1% APRcompounded monthly.Suppose you make quarterly deposits of $1,500.00 into an account that pays an interest at a rate of 6% compounded monthly. Find the balance of the account at the end of year 2.Listen How long would you have to wait for a deposit of $1,625 to earn $34 in interest? Assume that the account earns a simple interest rate of 6.75% per annum. Express your answer in months to two decimal places. Your Answer: Answer
- Suppose on January 1st you deposit $100 in an account that pays a nominal interest rate of 11.33463% with interest added (compounded) daily. How much will you have in your account on October 1st or 9 months later?What is the future value on December 31, Year 5, of a deposit of $10,000 made on January 1, Year 2, assuming interest of 16% compounded quarterly?If a deposit of $100 is made on the first day of each month into an account that pays 6% interest per year compounded monthly, determine the amount in the account after 18 years.
- What rate of interest j4 must be earned for deposits of $100 at the end of each month to accumulate to $2000 in 18 months?What is the future value on December 31, Year 5, of a deposit of $25,000 made on January 1, Year 2, assuming interest of 12% compounded semiannually?You deposited P5,000 from the savings of your daily allowance in a time deposit account with your savings bank at a rate of 1.5% per annum. This will mature in 6 months. Compute the annual interest, total interest, and amount to be received or paid at the end of the term for this scenario above using a simple interest assumption and compound interest assumption.