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Today, you open a new savings account and deposit $5,000. Noother deposits or withdrawals are...
Today, you open a new savings account and deposit $5,000. No other deposits or withdrawals are made to your account. Assume you will earn a 3% simple interest per year. How much will your investment be worth in 20 years?
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Expert Solution
Answer of these question would be $9,301.47 at the end of 20 years.
jeff jeffy answered 2 years agoRelated Solutions
Today, you open a new savings account and deposit $3,000. No other deposits or withdrawals are...
Today, you open a new savings account and deposit $3,000. No
other deposits or withdrawals are made to your account. Assume you
will earn 4% simple interest per year. How much will your
investment be worth in 25 years?
Today, you open a new savings account and deposit $3,000. No other deposits or withdrawals are...
Today, you open a new savings account and deposit $3,000. No
other deposits or withdrawals are made to your account. Assume you
will earn 4% simple interest per year. How much will your
investment be worth in 25 years
Today, you open a new savings account and deposit $3,000. No other deposits or withdrawals are...
Today, you open a new savings account and deposit $3,000. No
other deposits or withdrawals are made to your account. Assume you
will earn 4% simple interest per year. How much will your
investment be worth in 25 years?
Suppose you open today (year 0) a savings account with $5,000; the account earns an interest...
Suppose you open today (year 0) a savings account with $5,000;
the account earns an interest of 3% APR annually. At the end of
year 2 you deposit an additional $5,000 in the savings account, and
then at the end of year 7 you deposit another $5,000 in the
account. There is a total of 3 deposits made so far. If you did not
make any withdrawals or additional deposits, then approximately
what is the balance (FV) in the account...
You open a savings account that pays 1.2% and make 15 end-of-year deposits. Your first deposit...
You open a savings account that pays 1.2% and make 15
end-of-year deposits. Your first deposit is $500 at the end of year
1 and deposit amounts increase at a rate of $100 per year. How much
will you have in the account immediately after the 15th deposit? by
excel preferably
Today, you open a new savings account and plan to begin depositing equal amounts at the...
Today, you open a new savings account and plan to begin
depositing equal amounts at the beginning of each year for 5 years,
including the deposit you make today. There will be only these 5
deposits and no withdrawals made to your account. Assume the
interest rate you will earn is 8%. If you want your account balance
to be exactly $40,000 at the end of 5 years, what must be the
amount of each deposit?
Today, you open a new savings account and plan to begin depositing equal amounts at the...
Today, you open a new savings account and plan to begin
depositing equal amounts at the beginning of each year for 10
years, including the deposit you make today. There will only be
these 10 deposits and no withdrawals. Assume the interest rate you
will earn is 3%. If you want your account balance to be exactly
$15,000 at the end of 10 years, what must be the amount of each
deposit?
Today, you open a new savings account and plan to begin depositing equal amounts at the...
Today, you open a new savings account and plan to begin
depositing equal amounts at the beginning of each year for 9 years,
including the deposit you make today. There will only be these 9
deposits and no withdrawals. Assume the interest rate you will earn
is 4%. If you want your account balance to be exactly $20,000 at
the end of 9 years, what must be the amount of each deposit?
Brian and Felicia deposit money into separate savings accounts today. Brian deposits X into his account,...
Brian and Felicia deposit money into separate savings accounts
today. Brian deposits X into his account, while Felicia deposits
(x/2) . Brian's account earns simple interest at an annual rate of
j > 0. Felicia's account earns interest at a nominal annual rate
of j, compounded quarterly. Brian and Felicia earn the same amount
of interest during the last quarter of the 4th year. Calculate
j.
Julie and Ron deposit money into separate savings accounts today. Julie deposits X into his account,...
Julie and Ron deposit money into separate savings accounts
today. Julie deposits X into his account, while Ron deposits X/2 .
Julie’s account earns simple interest at an annual rate of j >
0. Ron's account earns interest at a nominal annual rate of j,
compounded quarterly. Julie and Ron earn the same amount of
interest during the last quarter of the 4th year. Calculate j.
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