On August 8, 1981, American Savings offered an insured tax-free account paying 23.24% compounded monthly. If you had invested $90,000 at that time, how much would you have on August 8, 2014, assuming that you could have locked the interest rate at the time of deposit? Use the formula A = P 1 + r n nt for n = 12. (Round your answer to the nearest cent.)
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On August 8, 1981, American Savings offered an insured tax-free account paying 23.24% compounded monthly. If you had invested $90,000 at that time, how much would you have on August 8, 2014, assuming that you could have locked the interest rate at the time of deposit? Use the formula
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(Round your answer to the nearest cent.)
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- You deposit $ 7,812 in your account today. You make another deposit at t = 1 of $ 6,946 . How much will there be in your account at the end of year 1 if the interest rate is 11.9 percent p.a.? (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85). Your Answer:On August 8, 1981, American Savings offered an insured tax-free account paying 23.24% compounded monthly. If you had invested $50,000 at that time, how much would you have on August 8, 2014, assuming that you could have locked the interest rate at the time of deposit? Use the formula nt A = P(1 + for n = 12. (Round your answer to the nearest cent.) 100795974.6You invest $ 4,060 in an account today. You make no additional deposits into the account. One year from today there is $ 5,140 in the account. What is the nominal interest rate that you earned on your money? (Record your answer as a percent rounded to 1 decimal place; for example, record .527945 = 52.8% as 52.8). Your Answer:
- Q)The Central Bank pays 3.6% compounded monthly on certain types of deposits. What is the effective annual rate of interest? Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, express your final answer in percentage with 8 decimal places, and there is no need to include any symbols such as % in your final answer. Solve this economicAssume 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).Haatimvopened an RRSP deposit account on December 1, 2008, with a deposit of $1400. He added $1400 on September 1, 2010, and $1400 on March 1, 2012. How much is in his account on April 1, 2016, if the deposit earns 6.3% p.a. compounded monthly? The amount in the account is?
- You get a new credit card from your bank. The document that comes with the card informs you that the interest rate on that card is 19.1% APR. What is the effective annual rate you'll actually be paying? The credit card company uses monthly compounding of interest. Enter your answer as a percentage, rounded to 2 decimals, and without the percentage sign ('%'). For example, if your answer is 0.23456, then enter 23.46 21.98Suppose you deposit $ 1296 today and your account will accumulate to $ 5637 in 9 years. What is the rate of interest? Input your answer in decimals, not percentages. Round your answer to four decimals places.1. Determine the interest rate earned on a $4,444 deposit when $4789 is paid back in one year. (Round your answer to 2 decimal places.) 2. You decide to make a deposit of $500 today and earns the following interest rates:7 percent in the first year.6 percent in the second year.5 percent in the third year. What would be the third year future value? (Round your answer to 2 decimal places.) 3. How many years will it take $1.5 million to grow to $3.50 million with an annual interest rate of 6.25 percent? (Do not round intermediate calculations.) 4. Jeff realizes that he has charged too much on his credit card and has racked up $8,200 in debt. If he can pay $325 each month and the card charges 19 percent APR (compounded monthly), how long (in months) will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
- You deposited $8,000 six years ago into a bank account. Two years ago, you deposited an additional amount. Assume an annual interest rate of 14%. In ten years from now, you need to have exactly $89,187.52 in the account? Assume annual compounding. What was the amount of that unknown deposit? Use a $ symbol and a comma and zero decimal places. (i.e. $23,000). Hint...your answer should end in 000.If you deposited P1,000 a couple of years ago in a bank that pays the interest bimonthly. After that, the money in the account had grown to P1,800. Determine the nominal interest rate and the effective interest rate.It is now January 1, 2018. You will deposit $1,000 today into a savings account that pays 8 percent.a. If the bank compounds interest annually, how much will you have in your account on January 1, 2021?b. What would your January 1, 2021, balance be if the bank used quarterly compounding? c. Suppose you deposit $1,000 in 3 payments of $333.333 each on January 1 of 2019, 2020, and 2021.How much would you have in your account on January 1, 2021, based on 8 percent annual compounding?d. How much would be in your account if the 3 payments began on January 1, 2018? e. Suppose you deposit 3 equal payments in your account on January 1 of 2019, 2020, and 2021.Assuming an 8 percent interest rate, how large must your payments be to have the same ending balance asin part a?