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: Suppose you want to have $300,000 for retirement in 20 years. Your account earns 10% interest. How…

A: The amount to be deposited monthly is an annuity and the final amount of $300,000 is the future…

Q: If your uncle borrows $70,000 from the bank at 12 percent interest over the ten-year life of the…

A: Annual payment refers to the payment that is made each year including interest and principal for…

Q: You need $82,000 in 12 years. If you can earn .49 percent per month, how much will you have to…

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

Q: ou decide to make monthly deposits of $300.00 for 15 years into an account which pays 5% compounded…

A: 1.Future value of annuityFV = A * whereFV = future value of annuityA = periodic depositsr = interest…

Q: a credit card with a balance of $9000 and an APR of 16.99% . In order to pay off the balance in 3…

A: Loans are paid equal fixed monthly installments that carry the payment for interest and payment for…

Q: a man borrows money from a bank . he receives the money in 5 equal annual installment of X…

A: The time worth of cash (TVM) is the idea that cash you have now is worth more than the…

Q: You have $164,000 in an account today paying 2.8% interest. What are the monthly withdrawals you can…

A: The annuity refers to the series of payments made periodically in exchange for a lump sum payment.…

Q: You have $480 to put into a savings account, and a bank offers you two options: Account A pays 3.1%…

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

Q: What rate of interest will you have to get per year if you would like to buy a car for $68,500 at…

A: Rate of interest is the percentage of return that is expected to be generated by investing in the…

Q: Suppose you borrow $21,000 from your bank to buy a car.  You agree to pay $433.89 per month for 60…

A: As per the time value of money, a dollar is worth more today than the same dollar in the future.…

Q: You want to be able to withdraw $3,500 each month for 20 years. Your account earns 10% interest. How…

A: Present value of annuity is the value of recurring regular interval future cashflow discounted to…

Q: Imagine you want to earn $1000 in total after 3 years. The Bank A says that account earns 5%…

A: In simple interest, the rate of interest is applied on the principal amount only whereas in compound…

Q: the amount you need to save each month

A: given   fv=25000 n= 5*12=60 interest i = 3.5% PMT =?

Q: . Suppose you have a bank account into which you make $100 deposits each month. You find a bank…

A: Periodic Payment = $100 Future Value = $2,000 Time Period = 15 Months

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: When you buy a certificate of deposit (CD), you are investing your money in an account that earns…

A: The formula used to compute final worth of CD as follows: A=P1+rnnt

Q: If you invest €1,000 in a savings account that pays 4 per cent every year, how long would it take…

A: Present Value = pv = €1000Interest rate = r = 4%Future Value = fv = 1000 * 3 = €3000

Q: You have $2,500 on a credit card that charges a 15% interest rate. If you want to pay off the credit…

A: Step 1: Step 2: Step 3: Step 4:

Q: You have $400 and a bank is offering 3.5% interest on deposits. If you deposit the money in the…

A: The FV of an asset is the value that the asset acquires assuming that it grows at a fixed rate for a…

Q: How much do you need to invest in an account earning an annual interest rate of 3.493% compounded…

A: The present value of an investment refers to the sum amount of money that will be required today in…

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: Please don't use excel   You plan to deposit $12,000 in an account that earns 6% annual interest,…

A: Interest is an extra payment which will received on deposited value for the period. It increase the…

Q: Do a. an account that pays 2.3% every 6 months for 3 years? the relevant calculations so you can…

A: EAR stands for Effective Annual Rate, which represents the total amount of interest that would be…

Q: Your goal is to have $12,500 in your bank account by the end of eight years. If the interest rate…

A: Future Value = fv = $12,500Time = t = 8 YearsInterest Rate = r = 8%Annual Deposit type = at the end

Q: nk will lend you $4,000 for 45 days at a cost of $50 interest. What is your effective rate of…

A: Effective interest rate is the interest rate after considering the impact of compounding on interest…

Q: A CD, or “certificate of deposit,” is a type of savings account with a fixed rate and term, meaning…

A: Variables in the question:Initial deposit = $2200APR = 0.26% (compounded monthly)N=10 years

Q: when

A: !!!The amount of the deposit will grow on a daily basis, At the end of five years, the amount must…

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 credit card has a balance of $4100 and an annual interest rate of 15%. You decide to pay off…

A: Balance amount=$4100 Interest rate=15% Time period=3 years 3 years monthly payment=$142.13 3 years…

Q: You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized…

A: The time value of money (TVM) is a concept in finance that refers to the idea that money available…

Q: Suppose I have a balance of $4500 on my Bank of America credit card.  Assume the interest rate on my…

A: Payment is made monthly, hence it is a question of annuity. Annuity means number of payments which…

Q: Suppose I secure a simple interest note for $4500.  The length of the note is 102 months and the…

A: Interest = Principal * rate * time  Interest = $4500 * 6.20% * 102 /12 Interest = $2,371.50

Q: ming that you are twenty years old and you have decided that you want to have $450,000 in the bank…

A: With the intention of protecting or growing the invested capital, investments entail the purchase or…

Q: Do the relevant calculations so you can indicate which you prefer: a bank account that pays 5.7% per…

A: Current Bank EAR is 5.7% per year Value of $1 in current bank after 3 years would be: Answer: Value…

Q: You have $5,000 on a credit card that charges a 19% interest rate. If you want to pay off the credit…

A: To calculate the monthly payment we will use the below formula   Monthly payment =…

Q: You can earn .53 percent per month at your bank. If you deposit $3,600, how long must you wait until…

A: Time value of money:The concept of the time value of money underscores the principle that a sum of…

Q: A bank charges you, the credit card holder, 13.24% compounding monthly. Imagine that you have…

A: Present Value of Ordinary Annuity refers to the concept which gives out the discounted or today's…

Q: Suppose you want to have $400,000 for retirement in 35 years. Your account earns 5% interest. How…

A: Future Value is that amount which is received by the investor at the end of the investment period.…

Q: If you want to have $3,172 in 37 months, how much money must you put in a savings account today?…

A: Compound = Monthly = 12Future Value = fv = $3172Time = t = 37Interest Rate = r = 11 / 12 %

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.

Q: A friend asks to borrow $54 from you and in return will pay you $57 in one year. If your bank is…

A: Present value refers to the discounted value of future cash flows.future value is the compounded…

Q: sume that you have a balance of $4200 on your Discover credit card and that you make no more…

A: Credit cards are based on monthly payments and there is settlement on every month of card.

Q: Beginning three months from now, you want to be able to withdraw $2,700 each quarter from your bank…

A: Present value is a financial concept used to determine the current worth of a future sum of money,…