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?Tom Vu deposited $5,000 in a savings account... Please need answer the financial accountingCan 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?Need help with this financial accounting questionJames 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.
- 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?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?.
- 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