Jamie earned $14 in interest on her savings account last year. She has decided to leave the $14 in her account so that she can earn interest on the $14 this year. The interest earned on last year's interest earnings is called:
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![Jamie earned $14 in interest on her savings account last year. She has decided to leave the $14 in her account so that she can earn interest on the $14 this year
The interest earned on last year's interest earnings is called:
Multiple Choice
simple interest.
complex interest.
accrued interest
interest on interest.
discounted interest](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9efc2013-5725-4f5d-9224-8b06ce57975b%2F96d016a1-aaea-4ba5-8780-457a53b3cfca%2F0a0jyel_processed.jpeg&w=3840&q=75)
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- Interest Earned. On June 1, Mia deposited $5,600 in an MMDA that pays 3% interest. On October 31, Mia invested $1,200 in a three-month CD that pays 4%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is (Round to the nearest cent.).Interest Earned. On June 1, Mia deposited $5,500 in an MMDA that pays 3% interest. On October 31, Mia invested $1,400 in a three-month CD that pays 2.99%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is $___________Interest Earned. On June 1, Mia deposited $2,700 in an MMDA that pays 4% interest. On October 31, Mia invested $1,300 in a three-month CD that pays 2.81%. At the end of the year, how much i interest will Mia have eamed, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is $. (Round to the nearest cent)
- 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.Leslie Mosallam, who recently sold her Porsche, placed $10,000 in a savings account paying annual com- pound interest of 6 percent. a. Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for 1, 5, and 15 years. b. Suppose Leslie moves her money into an account that pays 8 percent or one that pays 10 percent. Rework part a using 8 percent and 10 percent. c. What conclusions can you draw about the relationship among interest rates, time, and future sums from the calculations you just did? use EXCEL to work this out and show the formula!On June 1, Mia deposited $3,800 in an MMDA that pays 4% interest. On October 31, Mia invested $2,700 in a three-month CD that pays 6%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is? (Round to the nearest cent)
- Erica borrowed money from Charles an amount of 58,744 and promise to pay at the end of second and fourth year at a simple interest rate of 15.198%. The second payment is 30% more than the first one. How much is the first payment? How much is the second payment?Your grandfather put some money in an account for you on the day you were born. You are now 16 years old and are allowed to withdraw the money for the first time. The account currently has $5,311 in it and pays an 11% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put in the account? a. How much money would be in the account if you left the money there until your 25th birthday? If you left the money there until your 25th birthday, the amount in the account would be $ nearest cent.) (Round to theYour grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $8059 in it and pays an 12% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put in the account?
- 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?Lindsey sold stationery to her family and her mother’s friends. She deposited the $125 she earned in a savings account. The account earns 5.18% interest annually. If she does not deposit or withdraw any money for 18 months, how much will she have in her account?Allison wants to deposit $4,750 into a savings account. She has two different options, an account with simple interest at a rate of 2.85% and an account with compound interest at a rate of 2.85%. She wants to leave the month in the account for 4 years. Create a table that shows the value of the account after each year. End of Year 1 2 3 Beginning Balance Simple Interest Interest Ending Balance Compound Interest Beginning Interest Balance Ending Balance