Suppose you have saved $216 each month for the last 7 years to make a down payment on a house. The account earned an interest rate of 0.53 percent per month. How much money is in your account? Enter your answer rounded off to two decimal points. Do not enter $ in the answer box. Remember to enter the final answer as a positive number.

Suppose you have saved $216 each month for the last 7 years to make a down payment on a house. The account earned an interest rate of 0.53 percent per month. How much money is in your account? Enter your answer rounded off to two decimal points. Do not enter $ in the answer box. Remember to enter the final answer as a positive number.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Solve this early but correctly. Note:-typed or handwriting answer only. not solve in excel works.
A customer has a balance of $4,000 to be invested in a savings account with 5% interest per year. A. Calculate the Future Value in the account in the 2nd year, 6th year and 10th year? B. From the results found in question A, calculate the amount of interest earned on: first two years (years 1 to 2)the next four years (years 3 to 6)past four years (years 7 to 10) C. From the results obtained in question B, why does the amount of interest earned increase in each subsequent period?
Wilson invested $6000 into an account earning 4.9% interest per year, compounded quarterly. Find the total value of his investment after 7 years. Give the answer to 2 decimal places, and do not use the $ sign in the answer box. The total value is Blank 1. Calculate the answer by read surrounding text. dollars.
How much money will you end up with if you deposit $150 at the end of each month into an account earning j12-8.40% for 18 years? Express your answer to 2 decimal places but don't include the $ sign. Your Answer: Answer
Once per year Ritchie Rich deposits an amount of $800 in an account which pays 10% interest per year, compounded annually, with additional deposits of $800 continually made at the end of the year. If B, is the balance in the account, in dollars, immediately after Ritchie makes the nth deposit, then we can write B₁ = $800. (a) Complete the table to find the following. Report to the nearest $0.01. i) the balance, B, of the account on the day immediately after the second deposit. ii) the balance, B₁, of the account on the day immediately after the third deposit. iii) the balance, B₁, of the account on the day immediately after the fourth deposit 71 (Number of deposits) 1 2 OO B= $321158.22 (b) Suppose Ritchie makes 38 deposits. What is the balance of the account on the day immediately after the 38th deposit? 0 B$29923.47 B$29123.47 B= $264031.59 B, ($) $800 $ Number O B$291234.75 (It is more than $880.) $ Number S Number Q (c) Suppose Ritchie makes 438 deposits. Which is true about the…
(1)If compounding monthly, how would I find percent and intrest of a problem? (2) How do I compute if I paid $5 weekly for cofee and $175 monthly for food? What percentage of coffe did I pay over food? (3) suppose you start saving today for a $45,000 down payment that you plan to make on a house in 6 years. Assume you make no deposits in the account after initial deposit. For the account below, how much would you have to deposit now to reach $45000 in 6 years : an account with daily compounding and apr of 7%
Suppose you have $1,000,000 in savings account when you retire. Your plan is to withdraw $6,000 a month as retirement income from this account. You expect to earn annual interest of 5%, compounded monthly, on your money during your retirement. How many months can you be retired until you run out of money? A-210.83 B-262.59 C-220.27 D-285.14
5. math of interest. please solve correctly
You are saving for a new house. You place $55,000 into an investment account each year for five years. How much will you have after five years if the account earns (a) 3%, (b) 5%, or (c) 7% compounded annually? Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of $1, PV of $1, FVA of $1, and PVA of $1) a. b. C. Annuity Payment $ 55,000 55,000 55,000 > Answer is complete but not entirely correct. Annual Rate 3% 5% 7% Interest Compounded Annually Annually Annually Period Invested 5 years 5 years 5 years Future Value of Annuity $ 63,760.07 X 70,195.49 X 77,140.35 x
Suppose you invest $850 in an account paying 5% interest per year. a. What is the balance in the account after 2 years? How much of this balance corresponds to "interest on interest"? b. What is the balance in the account after 29 years? How much of this balance corresponds to "interest on interest"? a. What is the balance in the account after 2 years? The balance in the account after 2 years is $ (Round to the nearest cent.)
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