Question
In: Finance
Use the formula for continuous compounding to compute the balance in the account after 1, 5,...
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 $9,000 deposit in an account with an APR of 3.8%
1 year =
5 year =
20 year =
APY =
Solutions
jeff jeffy answered 9 months agoRelated Solutions
Use the formula for continuous compounding to compute the balance in the account after 1, 5,...
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.
$5000 deposit in an account with an APR of 2.5%
Use technology to compute the balance. a. An account with annual compounding, an APR of 12%,...
Use technology to compute the balance.
a. An account with annual compounding, an APR of 12%, and an
initial deposit of $500, after 7 years
An account with annual compounding, an AR of 2%, and an initial
deposit of $213, after 539 years.
After 7 years, the balance obtained by investing $500 at a rate
of 12% with an annual compounding will be [...]
1. Find the balance after 5 years in a savings account that pays 2.5% APR compounded...
1. Find the balance after 5 years in a savings account that pays
2.5% APR compounded monthly if deposits are made to the account
each month in the amount of $100.
2. A friend has an IRA with an APR of 6.25%. She stared the IRA
at age 25 and deposits $50 per month.
a) How much
will her IRA contain when she retires at age 65?
b) How much
money did she contribute to the account?
...
Determine how much is in each account on the basis of the indicated compounding after the...
Determine how much is in each account on the basis of the
indicated compounding after the specified years have passed; P is
the initial principal, and r is the annual rate given as a percent.
(Round your answers to the nearest cent.) after one year where P =
$7100 and r = 8.8%
(a) compounded annually $________
(b) compounded quarterly $_______
(c) compounded monthly $_______
(d) compounded weekly $_______
(e) compounded daily $________
Use the average daily balance method to compute the finance charge on the credit card account...
Use the average daily balance method to compute the finance
charge on the credit card account for the month of August (31
days). The starting balance from the previous month is $300. The
transactions on the account for the month are given in the table to
the right. Assume an annual interest rate of 22% on the account
and that the billing date is August 1st.
The finance charge for the month of August is $________?
Date
Transaction
August 66...
Use the average daily balance method to compute the finance charge on the credit card account...
Use the average daily balance method to compute the finance
charge on the credit card account for the previous month. The
starting balance and transactions on the account for the month of
April are given to the right. Assume an annual interest rate of
18%.
Month: April (30 days); previous month's balance: $310
The finance charge is $_______?
April 55
Charged
$9898
for a coat
April 1717
Made payment of
$7070
April 2323
Charged
$101101
for DVDs
April 2828
Charged...
Use the average daily balance method to compute the finance charge on the credit card account...
Use the average daily balance method to compute the finance
charge on the credit card account for the previous month. The
starting balance and transactions on the account for the month of
April are given to the right. Assume an annual interest rate of?
18%.
?Month: April? (30 days); previous? month's balance: ?$380
April 5
Charged ?$51 for a coat
April 8
Made payment of ?$90
April 14
Charged ?$149 for DVDs
April 29
Charged ?$29 for groceries
The finance...
Use the average daily balance method to compute the finance charge on the credit card account...
Use the average daily balance method to compute the finance
charge on the credit card account for the month of August (31
days). The starting balance from the previous month is $220. The
transactions on the account for the month are given in the table to
the right. Assume an annual interest rate of 17% on the account
and that the billing date is August 1st.
The finance charge for the month of August is $___ . (Round to
the...
Use the average daily balance method to compute the finance charge on the credit card account...
Use the average daily balance method to compute the finance
charge on the credit card account for the month of August (31
days). The starting balance from the previous month is $290. The
transactions on the account for the month are given in the table to
the right. Assume an annual interest rate of 18% on the account
and that the billing date is August 1st.
Date
Transaction
August 5
Made payment of
$81
August 6
Charged
$135
for hiking...
Account Balance after 3 years
You deposit $1000 into a saving account with 9% interest per annum. Assuming no transactions on the account, determine the account balance after 3 years.
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