Solve it Pat and Chris have identical interest-bearing bank accounts that pay them $15 interest per year. Pat leaves the $15 in the account each year, while Chris takes the $15 home to a jar and never spends any of it. After five years, who has more money?
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Solve it
Pat and Chris have identical interest-bearing bank accounts that pay them $15 interest per year. Pat leaves the $15 in the account each year, while Chris takes the $15 home to a jar and never spends any of it. After five years, who has more money?
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- Gina deposits her inheritance into an account earning interest of 4% compounded annually. She will not withdraw the money until the balance has doubled. How long will Gina have to leave the money in the account?Molly deposits $2,500 in her checking account today. Her checking account pays interest of 2.5% compounded annually. Assuming Molly does not withdraw any funds and does not deposit any additional funds, how much will be in her account in 23 years?Lindsey sold stationery to her family and her mother’s friends. She deposited the $125 she earned in a savings account. The account earns 5.18% interest annually. If she does not deposit or withdraw any money for 18 months, how much will she have in her account?
- Jack and Jill are saving for a rainy day and decide to put $60 away in their local bank every year for the next 30 years. The local Up-the-Hill Bank will pay them 8% on their account. a. If Jack and Jill put the money in the account faithfully at the end of every year, how much will they have in it at the end of 30 years? b. Unfortunately, Jack had an accident in which he sustained head injuries after only 10 years of savings. The medical bill has come to $800. Is there enough in the rainy-day fund to cover it?Destiny invests $20,000 today into a retirement account. She expects to earn 7 percent, compounded annually, on her money for the next 30 years. After that, she wants to be more conservative, so only expects to earn 4 percent, compounded annually. How much money will she have in her account when she retires 40 years from now, assuming this is the only deposit he makes into the account? O $225,359.94 O $152.245.10 O $377,605.04 $299,489.16 O None of the answers is correctA. Twin #1 (at age 23) invests $2000 at the end of each 6 months for 10 years only, till he reaches age 33, in an annuity account that earns 8%, compounded semiannually. He stops paying anything into the account at age 33, but keeps the balance in the account till he reaches age 65. How much does he have in his account at age 65? B. Twin #2 waits until he turns age 40 before beggining investing. For the next 25 years, he invests in an annuity at the end of every 6 months, that earns 8%, compounded semiannually. How much must twin #2 pay each period (every 6 months) in order for him to have as much as twin #1 when they both reach age 65?
- From age 20 to 35, Susan deposits $350 semi-annually in a savings account paying 6.12% compounded semi-annually. She then quits making deposits, and leaves the money to continue earning interest until she reaches age 65. William starts later, at age 50, and deposits $2200 semi-annually in an account paying the same rate until he reaches 65. (a) How much money will Susan have accumulated at age 65? $ (b) How much money will William have accumulated at age 65? $Heather deposited $1, 700 at her local credit union in a savings account at the rate of 9.8% paid as simple interest. She will earn interest once a year for the next 13 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Heather in 13 years?a. A friend of yours, Grace, wants to purchase a house in five years. To save for the house, Grace decides to deposit $138,000 in a savings account on January 1 of this year. The savings account will earn 7 percent annually. Any interest earned will be added to the fund at year-end (rather than withdrawn). b. At the end of each year, a different friend, Claire, plans to deposit $10,300 in a savings account. The account will earn 10 percent annual interest, which will be added to the fund balance at year-end. Claire will make her first deposit at the end of this year. (FV of $1, PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Required: 1. In (a), how much will be available at the end of five years? What is the total interest earned over the five years? 2. In (b), what will be the balance in the savings account at the end of the 8th year (i.e., after 8 deposits)? What is the interest earned on the 8 deposits?
- Two people plan to invest $50,000. Matt is going to invest it in one lump sum and leave it in the account for 25 years to use for retirement. Sarah is going to invest $2000 per year for 25 years and will also use the money in the account for retirement. Is it reasonable to expect that Matt will have more money in his account than Sarah does in 25 years if both accounts earn the same interest?Slick Sam has a special relationship with his banker. The nature of the relationship is as follows: • The bank owes Sam $100 per year forever. The 1st payment is due in 1 year. • The bank will borrow or lend money to Sam at a constant effective rate of i per year. Today, Sam calculated the present value of the payments that are due to him as X. Sam can receive his first 16 payments at the end of year 16 in a lump sum. If he does that, then the total value of the lump sum and future payments at the end of the sixteenth year is X + 2,000. Calculate X. A B с D E 3,330 3,350 3,400 3,450 3,500When you were born, your dear old Aunt Minnie promised to deposit $1,000 in a savings account for you on each and every one of your birthdays, beginning with your first. The savings account bears a 7 percent compound annual rate of interest. You have just turned25 and want all the cash. However, it turns out that dear old (forgetful) Aunt Minnie made no deposits on your seventh, and eleventh birthdays. How much is in the account now – on your twenty-fifth birthday