Esther deposited $25,000 in a savings bank on January 13,2013. At that time the bank- was paying 4% interest compounded quarterly. On July 13, 2015, the bank announced that it would start paying 4.5% interest, compounded quarterly. How much did Esther have to her credit on July 13, 2017? Answer:

Esther deposited $25,000 in a savings bank on January 13,2013. At that time the bank- was paying 4% interest compounded quarterly. On July 13, 2015, the bank announced that it would start paying 4.5% interest, compounded quarterly. How much did Esther have to her credit on July 13, 2017? Answer:

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Trina Alcala deposited $1,950 in a new credit union savingsaccount on the first of the quarter. The principal earns 4.25% interestcompounded quarterly. She made no other deposits or withdrawals.a. What was the amount in her account at the end of 6 months?b. What is the compound interest?
Sandy just received her annual bank statement. Exactly one year ago, she deposited $10,000 in a savings account. Today, her balance is $10,509.45. Sandy's savings account interest is compounded quarterly. Using simple interest as a guideline, Sandy received an annualized interest rate of_percent. a. 5, b. 5.5, c. 6, d. 6.5
Jasmine is making quarterly contributions of of $440 to her savings account which pays interest at the APR of 6.6%, compounded quarterly. Right after Jasmine makes her 38th contribution, the bank changes the APR to 4.4% and Jasmine makes 43 more $440 contributions. What is Jasmine's balance right after her last contribution?$
Armita deposits $400 in an account paying a nominal interest rate 9.625% compounded quarterly. Bob deposits $1,200 in an account paying a nominal interest rate ¡(26). After 17 years they have the same amount in their accounts. What is i(26)? a. 2.745%* b. 2.898% c. 3.020% d. 3.050% e. 2.806%
George borrowed $1,500 from Sally on April 13, 2018. George repaid the loan on September 20, 2018, and paid interest of $60. What annual simple rate of interest did George pay? (round to two decimals)
Kia deposited $1,300, at the BEGINNING of each year for 26 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. $95,037.72$103,940.74 $112,256.00$113,556.00
Suppose 27 years ago your father deposited $ 27992 in an account earning 9%. Every year you withdrew $1369 (you withdrew 27 times in total, your last withdrawal is today). How much is in the account after your last withdrawal?
Q6. At the end of every 3 months, Sam deposits $150 into an account that pays 6% compounded quarterly. After 4 years, he puts the accumulated amount into a certificate of deposit paying 7.5% compounded semiannually for 2 years. When this certificate matures, how much will Sam have accumulated?
You deposited $150 the first year in an account that earns 12% annual interest. You also deposited $300 and $350 the second and fourth year respectively in that account with the same interest rate. All the deposits happened at the beginning of the years. How much money do get in that account at the end of the fourth year? Check your answer with interest table.
1. Cameron designates 10% of his monthly earnings as charitable contributions. After deducting this amount, he deposits 5% of the remaining amount into a money market account earning 2%. If Cameron's monthly earnings are $4,800 what amount interest will he earn on his deposit each month? 2. Find the maturity value for a loan on $4,225 at 8% made on March 5 and due on May 5 of the same year. Assume a 365-day year. 3. Republic Bank advertises their interest rates at 7 % %. You decide to apply for a loan in the amount of $9,000 for 90 days. The bank grants your loan and the loan officer tells you that there is a document preparation fee of $150 that needs to be paid at the time you sign the documents for the loan. Find the APR. Assume a 360-day year. 4. You took out a loan of $5,000 on May 2 and went back on June 15 to make a payment of $1,200. The loan was at 4% for 1 year. What was your remaining balance after making that payment?
Darlene applies for an installment loan to consolidate her credit cards. The loan is to be paid in 60 monthly installments with an APR of 16%. Her total balance is $17000. Compute her monthly payment. $413 O $283 O $460 O $370
5. On June 1, Bertha Hammond deposited $545 in a savings account at Metro Sav- ings and Loan Association. At the end of November her interest was computed at an annual interest rate of 7%. How much simple interest did Bertha's money earn? 6. Jasper Brown deposited $743 20 in a savi pany on MayWAt the end O 7 % How much simple interest did dasper s money earn? the Suburban Trust Com- annual rate of

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS