Login - Powered by Skyward9 Paired Selections STAAR Prep X9 Concept 1: Competition & Dep x9 16.4 Savings plan homeworkuA my.hrw.com/wwtb/api/viewer.plPersonal Math TrainerLesson 16.4 - Homework-Homework256 7Round your answers to two decimal places, if necessary.At the beginning of each of the last two years, Laura put $4,550 from her earnings as a part-time cashierduring high school into a college savings account earning 1.6% interest compounded annually. Now sheis applying for school and needs to know how much she has in her account. Complete the table todetermine how much money Laura has saved.Year12Beginning balance$0Amount deposited$4,550$4,550New balance$4,550Amount of interest earned $Ending balanceQuestion 4 of 8v Check AnswerNext2 SearchPILLICH

A = P (1+r/100)n So in this question The concept of compound interest is used

Answered: Year 1 Beginning balance $0 Amount…

Year 1 Beginning balance $0 Amount deposited $4,550 $4,550 New balance $4,550 Amount of interest earned $ Ending balance $ 2. %24 %24 %24 %24

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Related questions

Q: Find the present value of the given annuity. $504 per month for 48 months at the rate of 6%…

Q: Find the lump sum deposited today that will yield the same total amount as payments of $6,000 at the…

Q: Principal 185,000 Rate % 15 1/2 Time 5 months Interest…

A: Given data: The given principal is P=185,000. The given rate of interest is r=15 1/2 %=31/2 %. The…

Q: A company reports the following income statement and balance sheet information for the current year:…

A: Given information, Net income = $114,590Interest expense = $9,963Average total assets = $1,859,000…

Q: What is the time period of a loan for $3,0000, at 10% ordinary Interest, if the amount of Interest…

A: Given information Principal amount P=$3,000 Rate of interest r=10% Amount of interest is I=$125.00…

Q: A radio commercial for a loan company states: "You only pay 35¢ a day for each $500 borrowed." If…

Q: Find the face value of the zero-coupon bond. 20-year bond at 3.5% (compounded semiannually); price…

Q: Question 2 The cash price for a bike is $240. Peter bought it on payment plan over a one year…

A: From the given information we find the solution.

Q: A principal amount of $1,300 is placed in a savings account with an annual interest rate of 5.95%…

A: Given that, the principal amount of is placed in a savings account with an annual interest rate of…

Q: Previous Balance Payment New Purchases $300 $50 $80 STEP 1: Find the unpaid balance…

Q: Consider an investment of $1,500 for four years at 3.75% simple interest. a. Find the amount of…

Q: Principal 890,000 Rate % 13.35 Time 9 months…

A: Given: principle=890,000 Rate % = 13.35 time =9month t=912year rate=13.35100

Q: $350 is deposited at the end of each month for compounded monthly. What is the amount of the…

A: Introduction: The word "percentage" was derived from the Latin word "per centum," which means "by…

Q: A person owes $1000 on a credit card that charges an interest rate of 2% per month. Complete this…

A: solutionGivenInterest rate=2% per monthowes=1000$

Q: Find the present value of the given future amount. $57,000 for 21 months at 6% simple interest What…

Q: Calculate the time necessary to achieve an investment goal. Give your answer to the nearest day. Use…

Q: Find the present value of the given perpetuity. $26,000 per year at the rate of 4% yearly The…

Q: withdrawing $10 every week from an outstanding balance $400

A: Consider the statement withdrawing $10 every week from an outstanding balance $400

Q: Find the new balance, assuming that the bank charges 1 1 21 1/2 percent per month on the unpaid…

A: Given information: Previous Balance: $300 Payment: $20 New Purchases: $80 To find: a) Unpaid…

Q: Find the total return earned by the bond with the characteristics shown in the tabel face value.…

A: To calculate the total return, you need to know the total interest that you have earned during the…

Q: Find the amount of periodic payment necessary for the deposit to a sinking fund. (Round your answer…

Q: A principal amount of $14,390 is placed in a savings account with an annual interest rate of 3.13%…

A: The compound interest formula is:Where, is the principal, is the annual rate of interest, is the…

Q: Assume you have a balance of $3200 on your credit card that you want to pay off. Calculate your…

A: Let , P = $ 3200 r = 20% = 20 / 100 = 0.2 t = 4 years n = 12 (months per year)

Q: Determine the number of compounding periods for the following investment. Principal $1733 Future…

Question

Login - Powered by Skyward
9 Paired Selections STAAR Prep X
9 Concept 1: Competition & Dep x
9 16.4 Savings plan homeworku
A my.hrw.com/wwtb/api/viewer.pl
Personal Math Trainer
Lesson 16.4 - Homework-Homework
2
5
6 7
Round your answers to two decimal places, if necessary.
At the beginning of each of the last two years, Laura put $4,550 from her earnings as a part-time cashier
during high school into a college savings account earning 1.6% interest compounded annually. Now she
is applying for school and needs to know how much she has in her account. Complete the table to
determine how much money Laura has saved.
Year
1
2
Beginning balance
$0
Amount deposited
$4,550
$4,550
New balance
$4,550
Amount of interest earned $
Ending balance
Question 4 of 8
v Check Answer
Next
2 Search
PILLICH

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Statistical Quality Control$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.

Similar questions

Find the accumulated value of an investment of $15,000 at 7% compounded semiannually for 3 years. $18,471.59 $18,505.17 $18,438.83 $18,471.59
Use PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472
Question Completion Status: QUESTION 2 You borrow $12,000 from your bank to help pay for some emergency home repairs. This loan is paid back by making quarterly payments of $1100 for a total of 3 years. What is total amount of interest paid on this loan? QUESTION 3
neinunpe junowe a nc nuue uaAi5 au ui ICC $400 deposited monthly for 18 years at 2% per year FV = $
A time deposit of $110,000 of 31 days earns $900 on maturity date after deducting the 30% withholding tax interest income.find the rate of interest per annum
A principal amount of $14,390 is placed in a savings account with an annual interest rate of 4.13% compounded monthly. How much interest does the account earn after 21 years? $19,814.06 $19,865.03 $34,204.06 $34,255.03
To offer scholarships to children of employees a company invest $8000 at the end of every three months in an annuity that pays 10% compounded quarterly. a. How much were the company have a scholarship funds at the end of 10 years? b. Find the interest.
Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest 8 years $240 Need Help? Read It