If you deposit $7,000 in a bank account that pays 9% interest annually, how much will be in your account after 5 years? Do not round intermediate calculations. Round your answer to the nearest cent. 24

Q: How much would you need to deposit in an account now in order to have $5,000.00 in the account in 13…

A: Simple interest is an interest that is calculated on the initial investment.

Q: A bank account earns 6% simple interest. If you deposit $1,000 and then do not make any additional…

A: We need to calculate future value of $1,000 deposited today at 6% simple interest after 5 years.…

Q: How much would you need to deposit in an account each month in order to have $50,000 in the account…

A: Given: Future value = $50,000 Time =8 years Monthly period = 8*12 = 96 Interest = 4.5% So, monthly…

Q: Suppose you have $60,000 in a savings account earning 2%. You would like to make equal quarterly…

A: The time value of money is a concept in finance that evaluates the worth of the securities that cash…

Q: Assume you deposit $4,200 at the end of each year into an account paying 10 percent interest. a. How…

A: The fixed periodic regular payments/deposits made at each periodic interval are recognized as…

Q: How much must you deposit into an account today so that you can have $25,000 in twelve years? Assume…

A: The concept of TVM refers to the interest-earning capacity of money because money earned earlier is…

Q: Suppose you start saving today for a $50,000 down payment that you plan to make on a house in 5…

A: Down payment = $50,000Interest rate = 6% (Daily compounding)Number of years = 5 years

Q: You plan to deposit $4,000 today, $2,000 in one year and $4,000 in two years into an account earning…

A: Here, Deposit Amount  today (D0) is $4,000 Deposit Amount in One Year (D1) is $2,000 Deposit Amount…

Q: How much would you need to deposit in an account now in order to have $2000 in the account in 10…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your cre has a…

A: Loans are paid by monthly payments and these monthly payments carry the payment for interest and…

Q: You want to be able to withdraw $8500 from an account at the end of each 6-month period (that is,…

A: Given that;Periodic withdrawal amount is $8500Interest rate is 2.9% per year

Q: you deposit money today in an account that pays 13.5% annual interest, how long will it take to…

A: Future value = Present value x (1+i)^twherePresent value = amount deposited today = $1…

Q: Suppose you plan to start a saving account. You plan to deposit $98 each month in to a money market…

A: Compound = Monthly = 12Payment = p = $98Interest Rate = r = 6 / 12 = 0.5%Future Value = fv = $2000

Q: How much money would you have to deposit today in order to have $5,000 in three years if the…

A: Present Value = Future Value / ( 1 + discount rate )years

Q: If you deposit $500 in a bank account today that earns 3% interest and you deposit $20 per month…

A: Option 1: Deposit $ 500 now Future Value = Present Value*(1+ Interest rate)n Solved using Financial…

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: ou can earn .38 percent per month at your bank. If you deposit $2,100, how long must you wait until…

A: Future value of money is the amount that is deposited and amount of interest accumulated over the…

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: formula to be used = Future value=PMT(1+r/n)n*t-1)/r/n   PMT= Monthly payment R= interest rate N=…

Q: Suppose you deposit $380 today, $565 in one year, and $929 in two years in an account that pays an…

A: We need to calculate future value here:It has formula, FV = PV * (1+r)^nwhere, PV is present valuer…

Q: Your bank pays 8.50 percent annual interest compounded semiannually on your savings account. You…

A: Future Value = Present Value * (1+rate)^ n Where, Present Value = $2,500 Rate = 8.5%/2 =4.25%…

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: You plan on depositing $370 every month for the next 11 years in an account that pays a 0.8%…

A:

Q: Suppose you walk into a bank and want to make a 10-year deposit. Bank manager tells you that the…

A: Annual deposits = $10,000Period = 10 yearsInterest rate = 5%

Q: You put $6,150 in the bank for 15 years at 5%. Using the Future Value of 1 Table, what factor would…

A: Future Value is known as Terminal Value. The accrued amount of FVn  on principal amount after n…

Q: Your bank pays an interest rate quoted as 5.0% per annum compounded semi-annually. You invest $1,000…

A: Semi-annual interest rate (r) = 5%/2 = 2.5% Number of Semi-annual compounding (n) = 5 years x 2 = 10…

Q: Suppose you have $8,675,309 to deposit into a savings account for one year. The bank lets you choose…

A: Here Investor has $8,675,309 to deposit for 1 year @ 12% in two options: Compounded annually…

Q: How much money (to the nearest dollar) will you need to deposit in an account now in order to have…

A: Present value is the sum of the current value of money of future cash flows. It is also known as a…

Q: If you want to have $22,327 in fifteen years, how much do you need to deposit in a bank account…

A: The deposit required today is calculated as the present value.

Q: How many years will it take for your money to tripple if you deposit $800 in a bank account that…

A: Individuals deposit money in a bank account with the aim that their money grows in the account to…

Q: You want to be able to withdraw $5000 from an account at the end of each year for the next 12 years.…

A: Information Provided: Payment = $5000 Term = 12 years Interest rate = 5.5% compounded annually

Q: You deposit $296 today into a bank account that earns 12% annually.  How much will be in your…

A:

Q: If you earn 5% per year on your bank account, how long will it take an account with $110 to double…

A: The present value is the present worth of the amount that is paid or received in the future.