Witness deposited $45,000 in a bank account at 3% per annum simple interest. How much interest will she have earned after 2 years and 3 months?
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- Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264A man deposited GH¢14100.00 at 8 % per annum compound interest. If at the end of 4 years, he transfers the total amount to another bank" offering 12% còmpóund interest per annum; a) how much interest did he get at the end of 7 years. b) calculate the total amount he received at the end of seven years.Mrs. Peacock invests $4757 in a bank account that has an interest rate of 4% for the first 4 months, and 8% thereafter. How much money will she have after 9 months?
- 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 yearMelisandre deposits $500 in an account paying an effective monthly interest rate 0.62708%. Kobe deposits $2,000 in an account paying an effective interest rate j₁. After 24 years they have the same amount in their accounts. What is j₁? a. 1.91427% b. 1.89687% C. 1.84466% d. 1.75765% e. 1.74025%Michelle Payne deposited $4,000 in a savings account paying 6.25% simple interest. How long (in years) will it take for her investment to amount to $7,000?
- A mother wants to invest $8 comma 000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $ 480.00 comma how much money was invested in the CD account? The total interest earned after one year is $480.00 . How much money was invested in the CD account?Assume you deposit $4,400 at the end of each year into an account paying 10.5 percent interest. a. How much money will you have in the account in 24 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much will you have if you make deposits for 48 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)Kathy's bank account earns interest at a nominal annual interest rate = 5% compounded semi-anually. There is a starting balance of $2500 in the account and a deposit of $800 is made at the END of every year. How many years until the balance in her account equals $25,000?
- 2. Simple versus compound interest Financial contracts involving investments, mortgages, loans, and so on are based on either a fixed or a variable interest rate. Assume that fixed interest rates are used throughout this question. Addison deposited $1,000 in a savings account at her bank. Her account will earn an annual simple interest rate of 5.8%. If she makes no additional deposits or withdrawals, how much money will she have in her account in 9 years? O $1,061.36 O $1,661.01 O $158.00 O $1,522.00 Now, assume that Addison's savings institution modifies the terms of her account and agrees to pay 5.8% in compound interest on her $1,000 balance. All other things being equal, how much money will Addison have in her account in 9 years? O $1,058.00 O $1,522.00 O $96.34 O $1,661.01The Martin family recently deposited $1,000 in a bank account that pays a 6 percent nominal interest rate. Interest in the account will be compounded daily (365 days = 1 year).How much will they have in the account after 5 years?A. $1,349.82B. $1,524.77A mother wants to invests 9,000.00 for her sons future education she invests a portion of the money in the bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is 540.00 how much money was invested in the CD acc
