Q: every month in a savings account that earns 3.20% compounded monthly. a. How much did Brian have in…
A: A series of regular fixed periodic payments made at each interval is annuity. The broad…
Q: Daniel and Claire each deposit 10,000 in high interest savings account and each earned 5% interest…
A: Interest Rate is the rate that is earned by the investor on deposits or paid by the borrower on…
Q: A man deposited $10,000 in a savings account when his son was born. The nominal interest rate was 8%…
A: The future value t is the estimated value of the deposit on a future date with an estimated interest…
Q: How long (in years) will it take for her investment to amount to $6,000?
A: Time value of money (TVM) means that the amount received in the present will have more value than…
Q: Charlotte wishes to accumulate $100,000 in a savings account in 10 years. If she wishes to make a…
A: Present value indicates the current value of a future earning or sum incurred in the future years…
Q: Kerry invests $234 in a savings account that earns 2.1% compounded annually. Andy invests $234 in a…
A: Formulas: Future value = Present value *(1+rate)^years
Q: Avril deposited $800 in his bank at 1.5% for five years. Use the simple interest formula to…
A: INTRODUCTION Simple interest is calculated by multiplying the interest by the Principal amount.…
Q: Abigail invested $77,000 in an account paying an interest rate of 8\tfrac{3}{8}883% compounded…
A: The time value of money has two techniques. The compounding and the present value method. The…
Q: Michelle Payne deposited $16,000 in a savings account paying 6.25% simple interest. How long (in…
A: A method of computing interest amounts in which the compounding effect was not considered by the…
Q: What is the interest on interest if interest is compounded
A: Calculate the compound interest amount as follows:- Total amount after 3 years =P x (1+R/100)n…
Q: Julie deposited some money in a savings account this morning. Her money will earn 5 percent…
A: Computation:
Q: Jim invests $15,000 today into an account, If the amount in the account accumulates to $17,364.37 at…
A: The rate of interest can be computed with the help of future value function.
Q: Anya deposited $241 at the end of every month for 8 years into her bank account that earned 3.02%…
A: The future value of the deposit is calculated using following equation Future value =…
Q: Michelle Payne deposited $24,000 in a savings account paying 6.25% simple interest. How long (in…
A: Formula: FV=PV×1+rt
Q: Michelle Payne deposited $4,000 in a savings account paying 6.25% simple interest. How long (in…
A: The future value is the future worth of the amount that will be paid or received in the future.
Q: Amy Jolly deposited $2 000 in a savings account. The annual rate is 10 per cent compounded…
A: PV is the amount invested today.
Q: additional deposits or withdrawals for the accounts. Which statement is true concerning Sebastian’s…
A: the correct option is (c)
Q: Frank invests $ 2500 dollars into an account earning interest compounded quarterly. After 13 years…
A: Future Value = Present Value * (1+r)^n Where, r =rate per period n = no. of compounding period i.e.…
Q: Starting on the day Kelly was born, her mother has invested $50 at the beginning of every month in a…
A: The objective of the question is to calculate the future value of a series of monthly deposits for…
Q: Lucas made a single deposit into a savings account. At the end of saving for 18 years, Lucas has…
A: We need to use continuous compounding formula to solve this problem A=P(e)rn where A=future…
Q: Michelle payne deposited $20,000 in a savings account paying 6.25% simple interest. How long (in…
A: Future value = Prinicipal amount + Interest amount
Q: e has $1,500 in credit card debt but pays it in full every month from cash flow. He also pays her…
A: Net worth is amount of ownership or may say equity and increase in net worth means how much is…
Q: Isabella placed $5,000 in a savings account which earns 5.3% interest, compounded every year. How…
A: The formula used as follows: A=P×1+rn
Q: Stella deposits $54,000 in a savings account at a bank that offers interest of 5.3% on such…
A: The objective of the question is to calculate the future value of Stella's savings account after…
Q: Heather deposited $1, 700 at her local credit union in a savings account at the rate of 9.8% paid as…
A: The objective of the question is to calculate the total amount of money that the credit union would…
Q: Smith invests usd 10.000 in an account that pays interest. After the first year he receives 4.200…
A: Future value is the accumulated sum of money that is invested with the motive to earn a certain…
Q: Armita is saving for the down payment on a house. She deposits $12,500.00 today, $8,250.00 in 4…
A: Future Value: Future Value estimates the nominal amount of money that a certain quantity of money…
Q: Bob has deposited $10,000 at the end of each year into a saving account for the last 12 years. His…
A: Future value: Value of $1 today is different, value of $1 in future. $1 today is more valuable than…
Q: Ten years ago, Jane deposited $5,500 into her savings account. Five years later, she added an…
A: We need to use compound interest formula to calculate value of money in account today. A=P(1+i)n…
Q: Jennie invested a certain amount in a bank compounded semi-anually.The bank told her that the…
A: Solution:- When an amount is deposited somewhere, it earns interest on it. The amount invested is…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Abigail invested $77,000 in an account paying an interest rate of 8\tfrac{3}{8}883% compounded annually. Gavin invested $77,000 in an account paying an interest rate of 8\tfrac{1}{8}881% compounded monthly. After 14 years, how much more money would Gavin have in his account than Abigail, to the nearest dollar?Heather deposited $1, 700 at her local credit union in a savings account at the rate of 9.8% paid as simple interest. She will earn interest once a year for the next 13 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Heather in 13 years?Isabella placed $5,000 in a savings account which earns 5.3% interest, compounded every year. How much will she have in the account after 4 years?
- Armita is saving for the down payment on a house. She deposits $12,500.00 today, $8,250.00 in 4 months, and $6,900.00 in 3 years. The account earns interest at the rate i(1)= 8.788%. How much does she have in her account after 6 years?Sebastian is going to deposit $790 in an account that earns 6.8% interest compounded annually. His wife Yolanda will deposit $815 in an account that earns 7.2% simple interest each year. They deposit the money on the same day and make no additional deposits or withdrawals for the accounts. Which statement is true concerning Sebastian’s and Yolanda’s account balances after 3 years? Yolanda’s account will have about $28.67 less than Sebastian’s account. Yolanda’s account will have about $9.78 less than Sebastian’s account. Sebastian’s account will have about $28.67 less than Yolanda’s account. Sebastian’s account will have about $9.78 less than Yolanda’s account.Joe has $1,500 in credit card debt but pays it in full every month from cash flow. He also pays her mortgage from cash flow ($2,000 principal). For savings, Joe saves $50 per month in an interest-bearing savings account. Annual interest earned and reinvested is $100. How much will his net worth increase in the current year?
- Jim invests $15,000 today into an account, If the amount in the account accumulates to $17,364.37 at the end of 3 years, what was the interest rate that Jim earned on the account?Jennie invested a certain amount in a bank compounded semi-anually.The bank told her that the investment is expected to be doubled after 5 years. Approximately, how much will she gain from the investment after 3 years?Frank invests $ 2500 dollars into an account earning interest compounded quarterly. After 13 years there is $ 3050 in the account. What was the interest rate?
- Starting on the day Kelly was born, her mother has invested $50 at the beginning of every month in a savings account that earns 2.20% compounded monthly. a. How much did Kelly have in this account on her 22nd birthday? Assume that there was no deposit on that day. b. What was her mother's total investment? c. How much interest did the investment earn? How much should Diana's dad invest into a savings account today, to be able to pay for Diana's rent for the next five years if rent is $950 payable at the beginning of each month? The savings account earns 3.75% compounded monthly.Daniel and Claire each deposit 10,000 in high interest savings account and each earned 5% interest annually Daniels ROI remain the same each year while Claire's increased each year. What type of interest did Daniels bank pay? What type of interested Claire's bank pay?Charlotte wishes to accumulate $100,000 in a savings account in 10 years. If she wishes to make a single deposit today and the bank pays 4% compounded annually on deposits of this size, how much should Charlotte deposit in the account?