Minnie Rose deposited $16,000 in Street Bank at 6% interest compounded quarterly. What was the effective rate (APY)? (Round your answer to the nearest hundredth percent.)
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Minnie Rose deposited $16,000 in Street Bank at 6% interest compounded quarterly. What was the effective rate (APY)? (Round your answer to the nearest hundredth percent.)
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- Can you please help me work out this problem in detail? Minnie Rose deposited $15,000 in Street Bank at 4% interest compounded quarterly. What was the balance on Minnie’s account at the end of year 1? What was the interest earned on this account? What was the effective rate (APY)? Round your answer to the nearest hundredth of a percent.Alana Olsen borrowed $5,000 for 90 days from First Bank. The bankdiscounted the note at 7 percent.a. What proceeds did Olsen receive?b. What is the effective rate to the nearest basis point?You deposit $1,000 in the bank at an annual interest rate of 8%. Interest is compounded once per year. In one year's time you have $ ------ In two year's time you have $ ------- Enter numbers rounded to two decimal places as necessary.
- Keith deposits 10,000 into a bank account at time 0. The bank credits interest at an annual nominal interest rate of ?, compounded semi-annually. The total amount of interest credited in the twelfth year is twice the amount of interest credited in the fourth year.Calculate iAssume Bill Jones invested $ 2,160.57 into an account exactly one year ago. The account has an interest rate of 5.9 % p.a. How much does Bill have in his account today (that is, exactly one year after the initial deposit)? (Round your answer to the nearest cent and record your answer without a dollar sign and without commas. For example, record $1,356.8382 as 1356.84).Suppose Eli deposits $1,000 into a savings account. The savings account earns4.2% compounded monthly. Find the APY for the account. Round the percent to two decimals.
- Suppose you deposit $4,000 into a savings account that earns 5.4% APR compounded monthly. Find the APY of the savings account. Round the percent to two decimals.8. On April 1, you opened a savings account at Main Street Savings Bank with a deposit of $817.25. At the end of October the interest was computed at an annual rate of 6% and added to the balance in your account.. a. How much simple interest did your money earn? b. What was your new balance?Please answer this question correctly ASAP. Thank you.
- Suppose you invest $103 nin a bank account, and five years later it has grown to $137.91. a. What APR did you receive, if the interest was compounded semiannually? b. What APR did you receive if the interest was compounded monthly?Aura deposits $10.00 in a bank and fifteen years later deposits $20.00. The interest is credited at a nominal discount rate compounded quarterly for the first 10 years, and at a nominal interest rate of 6% compounded semi - annually thereafter. The accumulated amount in the bank at the end of 30 years is S 100.00. Calculate 'd'.Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge of $12. If Joshua repaid the loan in 12 equal monthly payments, what is the APR? (Enter your answer as a percent rounded to 1 decimal place.) APR