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A lump sum deposit of $8,000 left in the bank for 12 years at 9% compounded annually will result in an ending balance of: (Report an integer)
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- Suppose an account pays 12% simple annual interest, and $6,316 is deposited into the account. If the interest is paid annually and no money is withdrawn from the account since the initial deposit, find the balance in the account after 5 years. Round answer to two digits after the decimal point.Suppose $1,200 is deposited into an account which has an annual percentage rate of 9.81% per year. Assume it remains in the account for 18 years and no additional money is added to the account other than interest. (a) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18, of assuming interest is compounded annually. Do not round any values. You can enter arithmetic expressions (containing +, -, *, /, or ^) in any of these boxes. Number 1200 •( Number What is the value in year x = 18 of an investment of $1,200 dollars which pays 9.81% compounded annually? $ Number (Round to the nearest 0.01 dollars) (b) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18, assuming interest is compounded weekly (52 times per year). Do not round any values. You can enter arithmetic expressions (containing +, –, *, /, or ^) in any of these boxes. Number 1200 ( Number What is the value in year x = 18 of an investment of $1,200…Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account A $15,000 deposit in an account with an APR of 2.5% The balance in the account after 1 year is approximately $ (Round to the nearest cent as needed)
- Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account. A $13,000 deposit in an account with an APR of 4.5%. The balance in the account after 1 year is approximately $nothing. find the APY for the account.A person deposits $100 per month into a savings account for 2 years. If $75 is withdrawn in months 5, 7 and 8 (in addition to the deposits), construct the cash flow diagram to determine how much will be in the account after 2 years ati= 8% per year, compounded quarterly. Assume there is no interperiod interest.Suppose that $10,000 is deposited into a saving account that earns 6% interest, compounded annually.a) Assuming that no additional deposits or withdrawals are made, use the appropriate compound interestfactors to determine how much the account will be worth:i) After 5 years;ii) After 20 years. b) Verify that your answers in part (a) are correct by constructing a table or spreadsheet that shows howthe initial deposit will grow each year over 20 years. At a minimum, your table or spreadsheet shouldinclude a row for each year and show: the amount of money in the savings account at the start of each year. the amount of interest earned each year; and the amount of money in the savings account at the end of each year, after interest is paid.Be sure to briefly explain how your table or spreadsheet verifies your results from part (a). c) Again assuming that no additional deposits or withdrawals are made, how many years will it take untilthere is at least $50,000 in the account?
- An amount of $4,000 is deposited into an account for which the interest rate is 5% per annum. Calculate the amount in the account after 7 years, if the interest is compounded continuously. Give your answer in dollars, rounded correct to the nearest cent. (Enter the number only, do not type a $ sign.) $ ?Use the formula for continuous compounding to compute the balance in the account after 1,5, and 20 years. Also, find the APY for the account. A $14,000 deposit in an account with an APR of 2.5 % .An initial payment of $9,000 is deposited into a bank with a nominal annual interest rate of 8%, compounded semi-annually. You would like to withdraw this amount in in a series of 5 equal annual sums, with the first withdrawal being 1 year form the deposit. What is the amount that should be withdrawn each year? $2,263.62 $2,211.62 $2,221.62 $2,262.62
- What lump sum of money must be deposited into a bank account at the present time so that $500 monthly can be withdrawn for five years, with the first withdrawal scheduled for six years from today? Interest is 9% compounded quarterly. Show cashflow diagram and complete solution.(c) How much money must be put into a bank account yielding 3.5% (compounded annually) in order to have $1,250 at the end of 10 years (round to nearest $1)?20. $1200 is placed in an account at 4% compounded continuously for 2 years. It is then withdrawn and placed in another bank at the rate of 5% compounded continuously for 4 years. What is the balance in the second account after the 4 years. [Formula for compounding continuously A = p e")