Lee Holmes deposited $15,400 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Leedeposits an additional $40,400 at 9% interest compounded semiannually.At the end of 6 years, what is the balance in Lee's account? (Use the Table provided.)Note: Do not round intermediate calculations. Round your answer to the nearest cent.Balance Future value interest factor of $1 per period at i% for n periods, FVIF(i,n).Period 0.5% 1.0%1231.0151 1.030341.0202 1.040651.0253 1.051067891.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5%1.0050 1.0100 1.0150 1.0200 1.0250 1.0300 1.0350 1.0400 1.0450 1.0500 1.0550 1.0600 1.0650 1.0700 1.07501.0100 1.02011.0302 1.0404 1.0506 1.0609 1.0712 1.0816 1.0920 1.1025 1.1130 1.1236 1.1342 1.1449 1.15561.0457 1.0612 1.0769 1.0927 1.1087 1.1249 1.1412 1.1576 1.1742 1.1910 1.2079 1.2250 1.24231.0614 1.0824 1.1038 1.1255 1.1475 1.1699 1.1925 1.2155 1.2388 1.2625 1.2865 1.3108 1.33551.0773 1.1041 1.1314 1.1593 1.1877 1.2167 1.2462 1.2763 1.3070 1.3382 1.3701 1.4026 1.43561.0304 1.0615 1.0934 1.1262 1.1597 1.1941 1.2293 1.2653 1.3023 1.3401 1.3788 1.4185 1.45911.5007 1.54331.0355 1.0721 1.1098 1.1487 1.1887 1.2299 1.2723 1.3159 1.3609 1.4071 1.4547 1.5036 1.5540 1.6058 1.65901.0407 1.0829 1.1265 1.1717 1.2184 1.2668 1.3168 1.3686 1.4221 1.4775 1.5347 1.5938 1.6550 1.7182 1.78351.0459 1.0937 1.1434 1.1951 1.2489 1.3048 1.3629 1.4233 1.4861 1.5513 1.6191 1.6895 1.7626 1.8385 1.91721.0511 1.1046 1.1605 1.2190 1.2801 1.3439 1.4106 1.4802 1.5530 1.6289 1.7081 1.7908 1.8771 1.9672 2.06101.0564 1.1157 1.1779 1.2434 1.3121 1.3842 1.4600 1.5395 1.6229 1.7103 1.8021 1.8983 1.9992 2.1049 2.21561.0617 1.1268 1.1956 1.2682 1.3449 1.4258 1.5111 1.6010 1.6959 1.7959 1.9012 2.0122 2.1291 2.2522 2.38181.1381 1.2136 1.2936 1.3785 1.4685 1.5640 1.6651 1.7722 1.8856 2.0058 2.1329 2.2675 2.4098 2.56041.1495 1.2318 1.3195 1.4130 1.5126 1.61871.7317 1.8519 1.9799 2.11612.2609 2.4149 2.5785 2.75241.0777 1.1610 1.2502 1.3459 1.4483 1.5580 1.6753 1.80092.0789 2.2325 2.3966 2.5718 2.7590 2.95891.0831 1.1726 1.2690 1.3728 1.4845 1.6047 1.7340 1.87302.1829 2.3553 2.5404 2.7390 2.9522 3.18081.0885 1.1843 1.2880 1.4002 1.5216 1.6528 1.7947 1.9479 2.1134 2.2920 2.4848 2.6928 2.9170 3.1588 3.41941.0939 1.19611.30731.4282 1.5597 1.7024 1.8575 2.02582.2085 2.4066 2.6215 2.85431.0994 1.2081 1.3270 1.4568 1.5987 1.7535 1.9225 2.1068 2.3079 2.5270 2.7656 3.02561.4859 1.6386 1.8061 1.9898 2.1911 2.4117 2.6533 2.9178 3.20711.06701.07231.93532.02243.1067 3.3799 3.67583.3086 3.6165 3.95153.5236 3.8697 4.24791.1049 1.2202 1.346910111213141516171819208.0%8.5%1.0800 1.08501.1664 1.17721.25.97 1.27731.3605 1.38591.4693 1.50371.5869 1.63151.7138 1.77011.85.09 1.92061.99902.15892.08392.26102.33162.45322.51822.66172.71962.88792.93723.13343.1T22 3.39973.68874.00234.34254.71165.11203.42:593.70003.99604.31574.6610

Compounding is a concept of earning interest on interest. The compounding means the interest is…

Lee Holmes deposited $15,400 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $40,400 at 9% interest compounded semiannually. At the end of 6 years, what is the balance in Lee's account? (Use the Table provided.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Balance

Lee Holmes deposited $15,400 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $40,400 at 9% interest compounded semiannually. At the end of 6 years, what is the balance in Lee's account? (Use the Table provided.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Balance

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Trina Alcala deposited $1,950 in a new credit union savingsaccount on the first of the quarter. The principal earns 4.25% interestcompounded quarterly. She made no other deposits or withdrawals.a. What was the amount in her account at the end of 6 months?b. What is the compound interest?
Please answer the following questions, they are practice questions and they are not graded.
Tom took out a $20,000 loan for 146 days and was charged simple interest. The total interest he paid on the loan was $488. As a percentage, what was the annual interest rate of Tom's loan? Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas.
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