Logan inherited $8,000.  He split the money and placed EQUAL amounts in the two accounts below.  Find the total amount of money in EACH of the accounts after 5 years.  Which account had the greater return? Account A: earns 7% interest compounded quarterly Account B:  earns 6.5% interest compounded daily Account A:  $ (rounded to the nearest penny) Account B:  $ (rounded to the nearest penny) Which account made more interest?  (letter ONLY) How much more? $

Q: 26 (b) Samuel Norris deposited $450 in a new regular savings account that earns 4% interest…

A: The question is related to compounded interest quarterly.  FV = P (1 + r)n

Q: Connie made deposits of $2,000 at the beginning of each year for four years. The rate she earned is…

A: Given:

Q: Jim Jones deposited $19,000 in a savings account at 7% interest compounded daily. At the end of 6…

A: The Future Value is calculated with the help of following formula  A = P (1 + r/n) nt A = Future…

Q: A person deposited every 6 months ¢ 50,000.00 in an account that paid him 16% interest, convertible…

A: Semi-annual payment = ¢ 50,000.00 Interest rate = 16%  Time Period = 20 Years

Q: When Gerardo was born, his grandparents started a savings account for him with a beginning balance…

A: Interest earned:Interest gained is the income that gradually appears as a reward for the patience…

Q: Mary Moore opened a new savings account. She deposited $2,000 at 4% compounded quarterly. At the end…

A: Deposit now (P) = $ 2000 Annual interest rate = 4% Quarterly interest rate (r) = 4%/4 = 1% Deposit…

Q: Armita deposits $150 in an account paying a nominal interest rate 9.900% compounded semi- annually.…

A: Interest rate refers to the rate which is charged by the lender from the borrower on the loan amount…

Q: Winston deposited $3,294 in a bank account with annual interest rate 2.6%. How much interest was…

A: Data given:P=$3294Interest rate=2.6% (annual compounding)n=5 yearsRequired: Interest earned in 5…

Q: Jennifer Nelson deposited $500 into a savings account earning 3%, compounded semiannually. After 5…

A: Principal = $500 Interest = 3% (compounded semi annually) n=2 (semi-annually) t= 5 years   Formula…

Q: ppose that Mark borrowed $27,750 on his car loan, and it is to be repaid in eight equal payments at…

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

Q: Julie deposited 10,000 in each of Bank 1 and Bank 2. Bank 1 credits simple interest at an annual…

A: Here, Bank 1: Deposit amount (PV) = 10,000 Interest rate for first 5 years = 10% Interest rate for…

Q: Your savings account currently has a balance of$32,300. You opened the savings account two yearsago…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: 4. Linda and Jeff each open new bank accounts at time 0. Linda deposits 6,000 into her bank account,…

A: Data given: Linda deposit=6000 Jeff deposit=4800 Interest earned in Linda's account during 6th…

Q: 4. Peter Sarnoff deposited $1000 in a new savings account at First National Bank. He made no other…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: 26 (a). Samuel Norris deposited $450 in a new regular savings account that earns 4% interest…

A: Answer) Calculation of amount accumulated after one year Amount accumulated after one year = Amount…

Q: A person invested two amounts in a bank for a full year. From the first, the rate is 6% annually,…

A: Let the 1st amount be x and 2nd amount be y

Q: Jeremiah opened a savings account with $1,500 that earns 8.5% annual simple interest. He made no…

A: Present Value = pv = $1500Interest Rate = r = 8.5%Time = t = 6 Years

Q: In this example, Daniel & Claire each deposited $10,000 in high interest savings accounts and each…

A: Interest Rate is the rate that is earned by the investor on deposits or paid by the borrower on…

Q: Your cousin deposited some money into an account earning 4.75% interest, compounded daily, three…

A: Interest Rate (rate) = 4.75%Type of compounding = DailyNumber of times interest compounded in a year…

Q: Jackie deposited $9,000 in an interest-bearing savings account and after 10 years, Jackie closes out…

A: The annual rate of return refers to the percentage of earnings or returns on the initial investment…

Q: An amount of $1900 is deposited for 7 years in an account that earns 4% interest. (Round your…

A: Future Value = Present Value * (1+r)^n Where r = rate of return per period i.e. 4%/365 = 0.010959%…

Q: (a) Bill made deposits of $200 at the beginning of each month into a savings account for 12 years…

A: In compound interest, the interest earned is reinvested because of which we earn even more interest…

Q: Anya deposited $241 at the end of every month for 8 years into her bank account that earned 3.02%…

A: The future value of the deposit is calculated using following equation Future value =…

Q: Katelyn put $12,000 into a savings account three years ago. It paid 6% interest in the first year,…

A: Amount deposited = $12,000Interest rate :   for first year = 6%  for second year = 7%

Q: 2. Mariano deposited P5,000 today in an account that pays 8% compounded semi-annually. Two P4,000.…

A: To calculate the final answer, it is required to calculate the maturity amount at each interval…

Q: Mr. Keith loaned $258,530 from the bank. After nine months, he paid back $291,192 and closed the…

A: Borrowings are the loan which is taken by the individual to meet its financial requirements. The…

Q: Ray Winters opened a savings account with a deposit of $300. The bank paid 6% compounded quarterly.…

A: Deposit (D) = $300 Interest rate for first 2 years (8 quarters) (r) = 6% per annum = 1.5% per…

Q: 1. Lynn deposits $683.09 at the beginning of each quarter for three years in order to accumulate…

A: Here, Quarterly Deposit (PMT) is $683.09 Time Period (N) is 3 years Accumulated Amount (FV) is…

Q: Michelle Payne deposited $24,000 in a savings account paying 6.25% simple interest. How long (in…

A: Formula: FV=PV×1+rt

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A: The FV of an investment refers to the value of its cash flows at a set future date assuming that…

Q: c) Joana has $12,800 in her bank account today. She makes the following withdrawals: $2,200 in 2…

A: We need to use compound interest formula to solve this problem A =P(1+i)n Where A=Compound amount…

Q: Karen White deposited $3,800 today in an account paying 6 percent interest annually. (If you solve…

A: Simple interest rate and compounding interest rate are the different types of interest rates. Simple…

Q: Michelle Payne deposited $4,000 in a savings account paying 6.25% simple interest. How long (in…

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

Q: 4. Beatrice invests $1,888 in an account that pays 6% simple interest. How much more could she have…

A: Compound interest describes the process of earning interest on both the principal invested or…

Q: Ali invested 5000 Rials in a saving account that paid quarterly interest. After 6 years the money…

A: answer : let us first not down the information given in the question initial investment = 5000…

Q: Wilson invested $6000 into an account earning 4.9% interest per year, compounded quarterly. Find…

A: Information Provided: Present value = 6000 Interest rate = 4.9% compounded quarterly Term = 7 years…

Q: The balance in Cari's savings account is currently $45,000. Initially, Cari opened the account by…

A: Time value of money :— According to this concept, value of money in present day is greater than the…