Every month, $600 is deposited into an account earning 0.2% interest a month, compounded monthly.Round your answers to two decimal places.(a) How much is in the account right after the 6th deposit? Right before the 6th deposit?Balance right after the 6th deposit3618.05Balance right before the 6th deposit3012.02(b) How much is in the account right after the 12th deposit? Right before the 12th deposit?Balance right after the 12th deposit7279.73Balance right before the 12th deposit=$6666.40

To determine the amounts in the account right after and right before specific deposits, we can use…

Answered: Every month, $600 is deposited into an…

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

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Similar questions

You can earn .53 percent per month at your bank. If you deposit $3,600, how long must you wait until your account has grown to $6,600? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Number of months
You deposit $2,000 in an account today earning 8% per year. Five years from today, you make another deposit. After 20 total years from today, you have $28,354.93 in the account. What was the amount of that deposit in year five? Round to the nearest dollar, use the $ symbol and comma if necessary.
Four hundred dollars is deposited into an account that compounds interest quarterly. After 10 quarters the account balance is $441.85. Determine the nominal interest paid on the account.
You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $108 in the sixth month and increase your withdrawals by $15 over the previous month's withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly? Enter the answer with two decimal places. Do not enter the dollar
A bank pays an interest of 6.8% for a 6 month term deposit. Calculate the amount that Stacy must invest to earn an interest of $480.47. (Calculate to the nearest cent eg. 123.45) Answer:
Find the tripling time with 4 decimal places on a bank account that pays 7.2% APR if interest is compounded: a) continuously b) weekly
Calculate the amount of money that will be in each of the following accounts at the end of the given deposit period: Account Holder Amount Deposited AnnualInterest Rate CompoundingPeriods Per Year (M) CompoundingPeriods (Years)Theodore Logan III $1,000 10% 1 10Vernell Coles $95,000 12% 12 1Tina Elliot $8,000 12% 6 2Wayne Robinson $120,000 8% 4 2Eunice Chung $30,000 10% 2 4Kelly Cravens $15,000 12% 3 3
How much would you have to deposit into a bank at the beginning of every 6 months to have a total of $10 000 in 8 years if interest is 7% compounded quarterly? $459.47 $475.15 $625.00 $475.69
Derek will deposit $1,696.00 per year into an account starting today and ending in year 17.00. The account that earns 6.00%. How much will be in the account 17.0 years from today? Submit Answer format: Currency: Round to: 2 decimal places.
You have just deposited X dollars in your bank account that pays interest of 6 percent p.a. You discover that at the end of one year you have $ 10,044 in the account. What was X, that is, the amount of money that you deposited today? (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85).
Your paycheck was just deposited and you noticed that had overdrawn your bank account 10 days ago. Your What is the Effective Annual account was overdrawn by $176 and have been charged an overdraft fee of $39. Rate? Convert to a percent and round to 2 decimal places.
The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $2500 at 6% compounded daily for 2 years. What is the compound amount? (Round to the nearest cent.)

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