Name the formula that you use to solve the following problem. How much money should be deposited today in an account that earns 7% compounded quarterly so that it will accumulate to $6500 in 5 years?

Q: Gem plans to purchase an e-bike in 6 months so they open an account earning an annual interest of…

A: We have to find how much money is needed to open the account in order to reach the goal using given…

Q: If you leave $5400 in an account earning 4% interest, compounded daily, how much money will be in…

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Q: You have decided that you would like to save $10,000 to build a house in the next 10 years. If you…

A: NOTE: Refresh your page if you can't see any equations. . here we have the future value is A=10000…

Q: How much more will an investment of $10,000 be worth after 25 years if it earns 6% compounded…

A: To find- How much more will an investment of $10,000 be worth after 25 years if it earns 6%…

Q: A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 4%…

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Q: How much money should be deposited today in an account that earns 6% compounded semiannually so that…

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Q: $20,000 is invested at 3.5% interest compounded monthly. How long will it take for the investment to…

A: Given:Principal amount (P) = $20,000Final amount (A) = double the principal amountInterest rate (r)…

Q: To have $4400 in 4 years, how much do you need to invest now at 7.4% compounded semi- annually?

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Q: How many years will it take for $7000 to grow into $12,450.20 at 8.4% compounded semiannually?

A: How many years will it take for $7000 to grow into $12,450.20 at 8.4% compounded semiannually?

Q: How much money would be in an account if $ 700 $ 700 is deposited at 2.5 % 2.5 % interest compounded…

A: Given that, the deposited amount is P=$700, the rate is r=0.025, the interest is compounded weekly…

Q: Name the formula that you use to solve the following problem. How much money should be deposited…

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Q: You would like to put some money into an account so that you will have $6000 in the account 8 years…

A: Consider the formula to find the present value : PV=FV1+rknk where FV is the future value, r is the…

Q: An amount of $2200 is invested at a 6.6% annual interest rate, compounded monthly. How many months…

A: Given amount is $2200 is invested at a 6.6% annual interest rate, compounded monthly. Let, after t…

Q: How much money should be deposited today in an account that earns 8% compounded monthly so that it…

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Q: How many years will it take for $3000 to grow into $8052.79 at 8.4% compounded semiannually? Use the…

A: Let us consider the   FV = Future value of money  PV = Present value of money i = interest rate (in…

Q: Mary invests $3500 at 2.75% compounded continuously. How much money will be in the account after 6…

A: Given Principal amount p = $3500 Interest rate r = 2.75% = 0.0275 Time t = 6 years

Q: If Gabriel wants to accumulate $ 20,000 in 6 years to buy a car, how much would he need to invest…

A: The compound interest formula is A = P1 + rnnt In the formula, A = Accrued amount (principal +…

Q: Charlie invests $11000 into a savings account that grows at an interest rate of 4.5% per year.How…

A: Rate of interest for 1 week = (4.5%)/(Number of weeks) = (4.5%)/52