When Gerardo was born, his grandparentsstarted a savings account for him with abeginning balance of 1,250 Peruvian Sols. Everymonth they deposited 160 Sols into the account.The savings account paid an annual interest rateof 2.1%, compounded monthly.Gerardo just turned 24 and the balance of hisaccount is now $61,917.43.How much of the money in Gerardo's accountwas earned in interest?(Round your answer to two decimal places, anddon't include a currency sign.)

The objective of the question is to find out how much of the money in Gerardo's account was earned…

Answered: When Gerardo was born, his grandparents…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $2,407 in it and pays an 5% interest rate. a. How much money would be in the account if you left the money there until your 20th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put in the account? ... a. How much money would be in the account if you left the money there until your 20th birthday? If you left the money there until your 20th birthday, the amount in the account would be $ (Round to the nearest cent.)
Starting on the day Kelly was born, her mother has invested $50 at the beginning of every month in a savings account that earns 2.20% compounded monthly. a. How much did Kelly have in this account on her 22nd birthday? Assume that there was no deposit on that day. b. What was her mother's total investment? c. How much interest did the investment earn? How much should Diana's dad invest into a savings account today, to be able to pay for Diana's rent for the next five years if rent is $950 payable at the beginning of each month? The savings account earns 3.75% compounded monthly.
James and Mary Garfield invested $5,000 in a savings account paying 4% annual interest when their daughter, Patricia, was born. They also deposited $1,000 on each of her birthdays until she was 14 (including her 14th birthday). Click here to view the factor table. How much was in the savings account on her 14th birthday (after the last deposit)? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 2 decimal places, e.g. 25.25.) Amount on 14th birthday $
Upon graduating from college 40 years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a weekly basis in the amount of $25.Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 9 percent compounded weekly. Use five decimal places for the periodic interest rate in your calculations. a. How much has Nick accumulated in his retirement account? b. In addition to this, 10 years ago Nick received an inheritance check for $20,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund?
A rich man deposits money at a bank with 18.00% interest compounded annually 20 years ago. After that, he uses this money as his retirement fund, receiving 50,000.00 pesos monthly 50 times at the start of each month. Find the total amount of money he got from the fund. OWN WORK PLEASE FOR UPVOTE
Y our great aunt put some money in an account for you on the day you were born. This account pays 8% interest per year. On your 21st birthday the account balance was $5033.83. Your Questions: 1) What is the amount of money that your great aunt originally put in the account? 2) What is the amount of money that would be in the account if you left the money there until your 65th birthday?
Bob opened a bank account 11 years ago. Today, he closes out the account, which is worth 2.04 times more than when it was opened. What annual rate of interest did Bob earn? Round to the nearest 0.01%, drop the % symbol. E.g., if your answer is 0.08375, record it as 8.38.
3 years ago, Heather won some money in the lottery and put it in a bank account that earns 8% interest compounded annually. If Heather currently has $100.00 in the bank account, how much interest has she earned? Round your answer to the nearest cent.
Your father made an investment plan for you. He decided to deposit Rs. 2,000 in a savings account for you on each and every one of your birthdays, beginning with your 5th. The savings account bears a 15 percent compound annual rate of interest, compounded semiannually . You have just turned 28 and want all the cash. However, it turns out that your father made no deposits on your sixth, seventh, and thirteenth birthdays. How much is in the account now – on your twenty-eighth birthday?
Peter makes a deposit at the end of every three months into a savings account that earns interest at 3.2% compounded quarterly. He saves for 9 years, and then converts his savings into an annuity that pays him $1400 at the end of every three months for 12 years. What size of the deposit he makes while he is saving? ...
Your great-uncle Claude is 82 years old. Over the years, he has accumulated savings of $180,000. He estimates that he will live another 18 years at the most and wants to spend his savings by then. (If he lives longer than that, he figures you will be happy to take care of him.) Uncle Claude places his $180,000 into an account earning 9 percent annually and sets it up in such a way that he will be making 18 equal annual withdrawals—the first one occurring one year from now—such that his account balance will be zero at the end of 18 years. How much will he be able to withdraw each year?
Peter makes a deposit at the end of every three months into a savings account that earns interest at 4.6% compounded annually. He saves for 12 years, and then converts his savings into an annuity that pays him $400 at the beginning of each month for 15.5 years at the same interest rate. What size of the deposit Peter makes while he is saving

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS