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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What is the effective rate of interest on these financial accounting question?
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- Can you please help me work out this problem in detail? Minnie Rose deposited $15,000 in Street Bank at 4% interest compounded quarterly. What was the balance on Minnie’s account at the end of year 1? What was the interest earned on this account? What was the effective rate (APY)? Round your answer to the nearest hundredth of a percent.Frank deposites $885 into a savings account earning 2.8% exact simple interest . How much interest was earned in 165 days?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?vince has just opened an 18-month certificate of deposit on which interest compounds daily. he deposited $4,635 and the effective rate of interest is 4.73%. how much total interest will he earn?.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 yearPete opens a simple intrest savings account that earns 5% annual interst with an intial deposit of $3,500. What will the balance be in his savings account at the end of 18 months?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. 6.5
- Vincent deposited $1,650 in a savings account that earns 3.5%interest compounded daily for 90 days. Find the maturity value after the money has been in Vincent's account for 90 days.Suppose you invest $100 in a bank account, and five years later it has grown to $134.39. What APR did you receive if the interest was compounded semiannually? What APR did you receive if the interest was compounded monthlyJim 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:________