Roger just deposited $12,000 into his account at Market Place Bank. The bank will pay 3.2 percent interest, compounded annually, on this account. How much interest on interest will he earn over the next 11 years?
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Roger just deposited $12,000 into his account at Market Place Bank. The bank will pay 3.2 percent interest, compounded annually, on this account. How much interest on interest will he earn over the next 11 years?
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- Bob wants to deposit $5000 into a bank account at the beginning of the next month and $200 per month into that same account at the end of that month and each subsequent month for the next 5 years. If the bank pays interest at the rate of 3% per year compounded monthly, how much will Bod have in his account at the end of 5 years? Assume that he makes no withdrawals during the 5 year period.Derek currently has $10, 865.00 in an account that pays 4.00 %. He will withdraw $5,192.00 every other year beginning next year until he has taken 7.00 withdrawals. He will deposit $10865.0 every other year beginning two years from today until he has made 7.0 deposits. How much will be in the account 29.00 years from today?If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest at the rate of 8%/year compounded monthly, how much will he have on deposit in his savings account at the end of 6 yr, assuming that he makes no withdraws during that period?