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You plan to deposit $700 in a bank account now and $600 at the end of the year. If the account earns 7% interest per year, what will be the balance in the account right after you make the second deposit? *** The balance in the account right after you make the second deposit will be $. (Round to the nearest dollar.)

You plan to deposit $700 in a bank account now and $600 at the end of the year. If the account earns 7% interest per year, what will be the balance in the account right after you make the second deposit? *** The balance in the account right after you make the second deposit will be $. (Round to the nearest dollar.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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please show me how to enter this into a financial calculator, i cannot use formaulas for these problems.

**Problem Statement:** You plan to deposit $700 in a bank account now and $600 at the end of the year. If the account earns 7% interest per year, what will be the balance in the account right after you make the second deposit? --- **Solution Format:** The balance in the account right after you make the second deposit will be $___ (Round to the nearest dollar.) --- **Explanation:** To solve this problem, you need to calculate the interest earned on $700 over one year and then add the second deposit of $600. 1. **Initial Deposit:** $700 2. **Interest Rate:** 7% per year **Interest Calculation for Initial Deposit:** - Interest earned on $700 = $700 * 0.07 = $49 **Balance after one year (just before the second deposit):** - $700 + $49 = $749 **Second Deposit:** - $600 **Total Balance after the second deposit:** - $749 + $600 = $1349 Therefore, the balance in the account right after you make the second deposit will be $1349.
Transcribed Image Text:**Problem Statement:** You plan to deposit $700 in a bank account now and $600 at the end of the year. If the account earns 7% interest per year, what will be the balance in the account right after you make the second deposit? --- **Solution Format:** The balance in the account right after you make the second deposit will be $___ (Round to the nearest dollar.) --- **Explanation:** To solve this problem, you need to calculate the interest earned on $700 over one year and then add the second deposit of $600. 1. **Initial Deposit:** $700 2. **Interest Rate:** 7% per year **Interest Calculation for Initial Deposit:** - Interest earned on $700 = $700 * 0.07 = $49 **Balance after one year (just before the second deposit):** - $700 + $49 = $749 **Second Deposit:** - $600 **Total Balance after the second deposit:** - $749 + $600 = $1349 Therefore, the balance in the account right after you make the second deposit will be $1349.
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