Old Time Savings Bank pays 4% interest on its savings accounts. If you deposit $1,600 in the bank and leave it there: (Do not round intermediate calculations. Round your answers to 2 decimal places.)   a. How much interest will you earn in the first year?     b. How much interest will you earn in the second year?     c. How much interest will you earn in the 10th year?

Q: A bank account earns 6% simple interest. If you deposit $1,000 and then do not make any additional…

A: We need to calculate future value of $1,000 deposited today at 6% simple interest after 5 years.…

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Q: Bank A pays 7% simple interest on its savings account balances. Bank B pays 5.5% interest compounded…

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Q: ou can earn .38 percent per month at your bank. If you deposit $2,100, how long must you wait until…

A: Future value of money is the amount that is deposited and amount of interest accumulated over the…

Q: Your bank pays 8.50 percent annual interest compounded semiannually on your savings account. You…

A: Future Value = Present Value * (1+rate)^ n Where, Present Value = $2,500 Rate = 8.5%/2 =4.25%…

Q: 1. In a bank account that pays interest 2% p.a, what should you deposit now to have a balance of…

A: Future value is the amount that existing assets are worth at a specific future date after they have…

Q: You want to withdraw $ 54,777 from your account at the end of one year and $ 10,521 at the end of…

A: As per the given information:Withdrawals at the end of the one year = $54,777Withdrawals at the end…

Q: Your bank pays an interest rate quoted as 5.0% per annum compounded semi-annually. You invest $1,000…

A: Semi-annual interest rate (r) = 5%/2 = 2.5% Number of Semi-annual compounding (n) = 5 years x 2 = 10…

Q: A bank features a savings account that has an annual percentage rate of r = 5.8% with interest…

A: (A) n=p/yt Given t=10 years (p/y)=4 (since interest is compounded quarterly)

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

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A: The correct answer is A. Between 2,000 and 3,000. Explanation:

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