If you deposit $3,500 monthly into a savings account which earns 4.25% interest rate compounded annually, how much will you have after 10 years of saving? a. $598500 b. S510141  c. S636810 d. S522225 e. S42512

Q: how much will you have when it matures?

A: A certificate of deposit (CD) is a financial product that banks and credit unions offer to customers…

Q: You wish to accumulate $60,000.  You make 14 quarterly deposits into a savings account with an…

A: Amount required (F) = $60,000Number of deposits (n) = 14Quarterly interest rate (r) = 0.12Amount of…

Q: If you want to have $60.000 in 8 years, how much do you need to deposit in the bank today if the…

A: Deposit required today = FV/(1+r)n Where FV - Future value = $60,000 r - Interest rate = 9% n -…

Q: 1. First City Bank pays 7 percent simple interest on its savings account balances, where Second City…

A: 1) Simple interest rate of First City Bank (r) = 7% Compound interest rate of Second City Bank (i) =…

Q: If you borrow $6,000 for 4 years and agree to pay back $8000, what simple interest rate will you end…

A: Simple interest is the type of interest that is calculated only on the principal amount. Simple…

Q: Dan is the sole owner of his closely held business and he is considering retiring within the next…

A: The transfer of a business to the heir after the retirement of the original owner is referred to as…

Q: d. Using information from (la) only, what quarterly compounded interest rate should the bank quote…

A: The effective annual interest rate (EAR) is defined as the annual growth rate that takes compounding…

Q: A bank pays 1.0% interest on savings account six times a year. Find the effective annual interest…

A: EAR is the effective annual rate of interest investment will generate after taking the compounding…

Q: How much money will you have after 4 years if you deposited P10,000.00 in a bank that pays 6% simple…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Your goal is to accumulate $60,000 in seven years' time.  What monthly deposit must you make into a…

A: Interest rate per month = 12%/12 = 1% per month Time period = 7 years * 12 = 84

Q: You have a bank deposit now worth $5000. How long will it take for your deposit to be worth more…

A: Interest is an additional amount which is earned on deposited amount for the period. It increases…

Q: Your bank offers a 10-year certificate of deposit (CD) that pays 6.5% interest, compounded annually.…

A: Time = t = 10Interest Rate = r = 6.5%Present Value = pv = $2000

Q: Suppose you deposit $5,000 into an account at the end of 2021, $4,500 at the end of 2022, $4000 at…

A: Here in this question, we are required to calculate how much amount will be accumulated after last…

Q: You want to have $51,000 in your savings account 9 years from now, and you're prepared to make equal…

A: Payment per period is the regular payments made or received of an investment, while future value is…

Q: A bank features a savings account that has an annual percentage rate of r = 5.8% with interest…

A: (A) n=p/yt Given t=10 years (p/y)=4 (since interest is compounded quarterly)

Q: You decide to invest $100 into a savings account with an interest rate of 2% annually in2015. The…

A: present value in savings account = $100 interest rate annually = 2% future value = $120 time period…

Q: If you deposit $150 dollars into your savings account at the beginning of each month, and that…

A: Future value is an estimate of the future cash flows ​​that may be received at a future date,…

Q: If you deposit $2,000 into an account at the end of each of the next 40 years, at 4.5% interest, how…

A: It can be solved using  In excel FV (rate, nper, pmt, [Pv], [type]) Rate The interest rate for the…

Q: If you make monthly deposits of $2,960 into your savings account for the next 25 years, what return…

A: Compound = Monthly = 12Payment = p = $2960Time = t = 25 * 12 = 300Future Value = fv =…

Q: TEST I. PROMLEM SOLVING: A bank offers 0.25% annual simple interest rate for a particular deposit.…

A: Simple Interest is the method in which we calculate the interest on a specific principal amount at a…

Q: answer the questions

A: 1. The computation of the EAR (effective annual rate) of each option is shown below: 10% interest…