Tom Vu deposited $5,000 in a savings account that paid 8% interest compounded quarterly. What is the effective rate of interest?
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- Tom Vu deposited $5,000 in a savings account... Please need answer the financial accountingRita deposited $8,000 in a savings account that provides for interest at the rate of 16% compounded quarterly.Required:Computethebalanceintheaccountattheendofsevenyears.Frank deposites $885 into a savings account earning 2.8% exact simple interest . How much interest was earned in 165 days?
- James deposited $500 in his bank at 4.5% for 90 days. Use the simple interest formula to calculate the amount of interest James will earn using exact interest. Calculate the future value of the deposit.Aura deposits $10.00 in a bank and fifteen years later deposits $20.00. The interest is credited at a nominal discount rate compounded quarterly for the first 10 years, and at a nominal interest rate of 6% compounded semi - annually thereafter. The accumulated amount in the bank at the end of 30 years is S 100.00. Calculate 'd'.You decide to deposit $103 monthly in a 2.98% annual interest bearing account over the next 8 years. What is the gross amount actually placed in the account?
- Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?Mr. Delima deposited P5,500 every 6 months to an account that earns 8% interest compounded annually. What type of annuity does this problem illustrate?Jennifer deposited $54,000 at Bank of America at 20% interest compounded quarterly. a) What is the effective rate (APY)? b) What will Jennifer’s balance be in a year? 1)APY (rounded to nearest tenth) 2)Balance in one year
- Sandy just received her annual bank statement. Exactly one year ago, she deposited $10,000 in a savings account. Today, her balance is $10,509.45. Sandy's savings account interest is compounded quarterly. Using simple interest as a guideline, Sandy received an annualized interest rate of_percent. a. 5, b. 5.5, c. 6, d. 6.55. On June 1, Bertha Hammond deposited $545 in a savings account at Metro Sav- ings and Loan Association. At the end of November her interest was computed at an annual interest rate of 7%. How much simple interest did Bertha's money earn? 6. Jasper Brown deposited $743 20 in a savi pany on MayWAt the end O 7 % How much simple interest did dasper s money earn? the Suburban Trust Com- annual rate ofJim Jones deposited $19,000 in a savings account at 7% interest compounded daily. At the end of 6 years, what is the balance in Jim’s account? Balance amount:________