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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- 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?The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $3000 at 5.7% compounded quarterly for 5 years. What is the compound amount?
- Nathan was charged interest of $72 for a loan amount of $2,000 that he borrowed for 150 days. What annual rate of simple interest was charged? % Round to two decimal placesam.105.James made an initial deposit into an account of $1,000 at time t = 0, followed by five annual deposits of $200 at times t = 1,2, 3, 4, 5. James will receive payments from the account at times t = 7, 8, 9, starting at $1,500 and decreasing by $X per year. The balance in the account after the last payment is $0. Determine X given an effective annual interest rate of 7%. Hint: Sketch a time diagram to see the payments. Possible Answers A $490 but < $530 D 2 $530 but < $570 E 2$570
- Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $130 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 17 months?A bank loaned John Smith $3,000 for three years compounded annually at 9%. How much interest was John required to pay on the loan? Use the $1.00 future value table or the future value and compound interest formula.Please answer this question correctly ASAP. Thank you.
- Minnie Rose deposited $16,000 in Street Bank at 6% interest compounded quarterly. What was the effective rate (APY)? (Round your answer to the nearest hundredth percent.)Antonio borrows $4,218 from the bank for 7 years at an annual interest rate of 9.02% compounded quarterly. What was the effective interest rate? % Round to two decimal places. Type your answer.....Determine the interest rate earned on a $1,500 deposit when $1,680 is paid back in one year.