Michelle Payne deposited $4,000 in a savings account paying 6.25% simple interest. How long (in years) will it take for her investment to amount to $7,000? 1 X years

Q: Assume your uncle died one year ago and had left you the money in his saving account at that date.…

A: Amount Deposited 16 years back = PKR 550,000 Years(n) = 16 Interest Rate (r) = 13%

Q: . Your grandmother has established a trust fund that pays you $3,500 each year for 15 years. upon…

A: Given: CF=$3500t=15 yearsr=7% i.e 0.07

Q: Question  1 :-

A: The objective of the question is to find out the original investment Victor made in his savings…

Q: Jesse invested her savings in a bank at 5.00% compounded quarterly. How much money did she invest to…

A: > Given data:> Annual interest rate = 5%> Effective annual interest rate =…

Q: Obtain today's value of the investment account.

A: The time value of money implies that the cash in hand at present has a higher value than the cash…

Q: Hannah places $ 3500 into an account earning 8.75% interest compounded continuously, how much will…

A: GIVEN, PV = $3500 R=8.75% T=7 YEARS

Q: Your aunt has $270,000 invested at 5.5%, and she now wants to retire. She wants to withdraw $45,000…

A: The objective of the question is to find out for how many years the aunt can withdraw $45,000…

Q: Whitney deposited $200,000 into a savings account that has an annual interest rate of 8% compunded…

A: Interest is an extra amount which is received or paid on deposited or borrowed amount for the…

Q: You deposit $2500 each year into an investment account that earns 8.5% interest for 20 years. Find…

A: Given Amount of deposit $2500. rate 8.5% for 20 years.

Q: Christine invested her savings in a bank at 4.00% compounded quarterly. How much money did she…

A: See belowExplanation:

Q: Susan Myer had invested $2500 in an ABC bank Certificate of Deposit when she inherited trust funds…

A: Calculation of Compound Interest Rate per monthly   Formula  r = n[(A/P)1/nt-1] Where r = Annual…

Q: Julie deposited some money in a savings account this morning. Her money will earn 5 percent…

A: Computation:

Q: 1. An amount of P12, 500 is invested at 3.25% simple interest for 3 years. Complete the table below.…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

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

A: Formula: FV=PV×1+rt

Q: month into a fund that earns interest at 4.50% compounded m a. How many deposits does she need to…

A: Future value of annuity includes the amount being deposited and compounding interest accumulated…

Q: Sam invests $ 7500 into an account earning 5.75% interest compounded quarterly. How long will it…

A: The idea of the time value of money (TVM) holds that a quantity of income is valued sooner than it…

Q: Michelle Payne deposited $16,000 in a savings account paying 6.25% simple interest. How long (in…

A: Calculation of Time Period of Deposited Amount Simple Interest Formula  A = p (1 + rt) Here A =…

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: Wendy has $8,000.00 invested in a bank that pays 13.75% annually. How long will it take for her…

A: In compound interest, the amount of interest received will be added to the principle  every year and…

Q: 1) Dave invests £500 in a building society account at the start of each year. The interest rate in…

A: Annual investment (C) = £500 Interest rate (r) = 0.072 Number of investments (n) = 12 Money in…

Q: 1. Sam has made $480 in interest after investing for 16 years at 2.4% in a simple interest bank…

A: Simple Interest means the Interest is always calculated and paid on the Original Principal Amount…

Q: Steven just deposited $10,000 in a bank account that has a 12% interest rate.  Steven also plans to…

A: Future value is a concept in finance that refers to the amount of money an investment or a series of…

Q: Hannah places $ 5500 into an account earning 8% interest compounded continuously, how much will she…

A: Given: Amount = $5,500 Interest = 8% Time = 13 Years

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.