Need help with this question You opened a bank account that pays 8% interest compoundedannually and you made a deposit. You made no more deposits andin exactly two years you withdraw all of the funds and close theaccount. The balance at the time you closed the account was$419.90. How much did you initially deposit?

Step 1: Identify the given values.Interest rate = 8% per year (compounded annually)Time period = 2…

Answered: You opened a bank account that pays 8%…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You invest $ 4,060 in an account today. You make no additional deposits into the account. One year from today there is $ 5,140 in the account. What is the nominal interest rate that you earned on your money? (Record your answer as a percent rounded to 1 decimal place; for example, record .527945 = 52.8% as 52.8). Your Answer:
8. On April 1, you opened a savings account at Main Street Savings Bank with a deposit of $817.25. At the end of October the interest was computed at an annual rate of 6% and added to the balance in your account.. a. How much simple interest did your money earn? b. What was your new balance?
You have just deposited X dollars in your bank account that pays interest of 6 percent p.a. You discover that at the end of one year you have $ 10,044 in the account. What was X, that is, the amount of money that you deposited today? (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85).
Five years ago, you deposited $1,000 in a bank account. One year ago, you deposited $2,000 in the same bank account. Assuming no other deposits and no withdrawals, what will be in the account 7 years from now? Assume an interest rate of 4%. Use the $ symbol and round to the nearest dollar...no decimal places...use a comma.
Suppose that you owe $2500 on a credit card that charges 18% APR and you pay either the minimum, 10% or $20 whichever is higher, every month. How long will it take you to eliminate the debt?. Assume that the bank uses the previous balance method to calculate your interest, meaning that the bank does not subtract the amount of your payment from the beginning balance but charges you interest on the previous balance.
Assume Bill Jones invested $ 2,160.57 into an account exactly one year ago. The account has an interest rate of 5.9 % p.a. How much does Bill have in his account today (that is, exactly one year after the initial deposit)? (Round your answer to the nearest cent and record your answer without a dollar sign and without commas. For example, record $1,356.8382 as 1356.84).
You make deposits into your bank account, as follows: Right now (beginning of year 1) End of year 2 End of year 7 Rate paid by bank at end of each year After your last deposit you leave your money in the bank 3 years. What will your ending balance be at the end of year ten? A Between 2,000 and 3,000 B Between 3,000 and 3,700 C Between 3,700 and 4,200 D Between 4,200 and 5,000 1,100 323 481 4.5%
On may 1 Cleveland livingston opened a savings account that paid 3.5 percent exact interest at fulton savings bank with a deposit of 5,000. Ten days later he deposited 2,000. Fourteen days later he deposited 8,000. No other deposits or withdrawals were made. Six days later the bank calculated the daily interest.
1. On August 1 you opened a new savings account with a deposit of $1,400. The interest rate paid by the bank is 2.85 percent. On August 13 you withdrew $350. On the last day of the month, August 31, the bank calculated the daily interest. a) How much simple interest did you earn on your money in the month of August? b) c) How much was in your account the account after the bank calculated the daily interest on August 31? If you did not make any deposits or withdrawals in September, how much money was in your account after the bank calculated the daily interest on September 30? Continues on back side)

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You opened a bank account that pays 8% interest compounded annually and you made a deposit. You made no more deposits and in exactly two years you withdraw all of the funds and close the account. The balance at the time you closed the account was $419.90. How much did you initially deposit?