Save At age 20, a person deposits $355 in a savings account paying 1% interest compounded semiannually. How much money will be in the account 70 years later, when he is 90 years old? Would his savings have tripled in that time? in the account. There will be $ (Round to the nearest cent as needed.)

Q: You invest $5,000 per year at 8% nominal interest compounded quarterly. What is the future value…

A: Compound Interest is the interest calculated on the initial principal and also on the accumulated…

Q: Please show work

A: According to the question, an investment of $2,000 has made for 20 years at 8% per year. The amount…

Q: A bank sales a pledge of savings certificate of 500,000$ to pay 10 years later. to a 4% continuous…

A: The information which has been given to us is as follows:-   Future value is $500,000 n is given to…

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A: An interest rate is charged on the borrowing money of consumers. It is charged by the lender of the…

Q: You deposit $5000 each year into an account earning 8% interest compounded annually. How much will…

A: Uniform annual deposit (A) = $5000The interest rate on the deposits is 8% compounded annually. So i=…

Q: Solve the problem. The average cost of a 4-year college education is projected to be $120,000 in 17…

A: Future Value (FV) = $120,000Annual Interest Rate (r) = 9% or 0.09Compounding Frequency (n) = 4 times…

Q: ince the birth of her daughter, 16 years ago, Anika has deposited $75 at the beginning of every…

A: Future value (FV) is the value of an ongoing asset at a future date in light of an expected pace of…

Q: A department store has offered you a credit card that charges interest at 1.53% per month,…

A: Nominal interest rate and the effective annual rate are calculated as follows:-

Q: A company showed equivalent annual cash flows of $400,000 for the first 7 years. If the cash flow in…

A: Equivalent annual cash flow (A) = $400,000Cash flow im year 1 (A1) =$320,000Uniform gradient (G) =…

Q: A series of equal semi-annual payments of $1,500 for 3 years is equivalent to what present amount at…

A: here we calculate the present amount with compound semi-annually so the calculation as follow-

Q: In how many years will an amount be doubled if the interest rate is 6%?

A: Interest rate can be defined as the percentage of the loaned amount a borrower is obliged to pay to…

Q: You buy a car for $27000. You get a loan at 7% interest compounded yearly. You will have 60 equal…

A: total interest refers as the total simple interest on a principal amount at a particular rate of…

Q: The balance of an account continuously compounded was $2006 after 7 years and $6790 after 12 years.…

A: According to the question The amount is compounding continuously, it will give $2006 after 7 years…

Q: If a person deposit 2000$ in his saving account for 10 years at interest rate of 10%. How much…

A: Compound interest is the addition of interest to the principal of a loan or mortgage, or in other…

Q: Suppose you borrow $5,000 at 7.25% interest for 14 months.  What is the maturity value?

A: Simple interest is one of the easiest method to compute the amount to be received at the end of…

Q: 7. What is the future worth of $2,000 at the end of each month for 10 years at 10% compounded…

A: Given:Prinicipal amount Time Rate Problem:Find the future worth given the amount is compounded…

Q: f you have only $750 on January 1, 2019, what interest rate, compounded annually for 3 years, must…

A: Given: The amount of initial investment is = $750 Years = 3 The maturity amount is = $1,000 To Find:…

Q: An executive invested 1M to an account that earns 8% compounded continuously. Determine the amount…

A: Compounded continuously means interest is calculated continuously for 20 years with 8% per annum .