Question
In: Math
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.
Solutions
Expert Solution
The account grows at 9% per year and we are to find the account balance in 3 years assuming no transactions have taken place other than the original deposit. Interest is compounded on the original investment for three years. $1000 is the principal amount with a 9% annual interest and n = 3 years so: $1000(1 + 9%)^3 = 1295.03
$1000(1 + 9%)^3 = $1295.03
nicha answered 3 years agoRelated Solutions
The balance in an investment account years t after the account is opened is given by...
The balance in an investment account years t after the account
is opened is given by 7500(1.065t). Compute the average rate of
change for 2.5 ≤ t ≤ 3.5. (Round your answer to two decimal
places.) Δ balance/ Δt=?
Calculate the balance you would have in an account after 4 years assuming $3,000 was deposited...
Calculate the balance you would have in an account after 4 years
assuming $3,000 was deposited today at 16% per year compounded
semiannually and quarterly. Select an answer and submit. For
keyboard navigation, use the up/down arrow keys to select an
answer.
a $5,553 (semiannually) and $5,619 (quarterly) b $5,553
(semiannually) and $5,432 (quarterly) c $5,432 (semiannually) and
$5,619 (quarterly) d $10,864 (semiannually) and $11,106 (quarterly)
e $11,106 (semiannually) and $11,238 (quarterly)
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?
...
40 years ago, Monica had a balance of $10,000 in her supply account. Today, after making...
40 years ago, Monica had a balance of $10,000 in her supply
account. Today, after making annual contributions for 40 years,
Monica has $1,000,000 in the same account. If the account earned
annual interest of 8%, how much did she contribute to the account
each year?
$3,021.56
$3,821.56
$2,797.74
$1,139.27
Linda is thinking of using Apple Pay to pay her rent, which is
$2,100 a month due at the beginning of each month starting today.
She is going to put...
What would be the account balance in the Cash account after the following transactions. Assume a...
What would be the account balance in the Cash account after the
following transactions. Assume a zero beginning Cash balance.
Owner invested cash in the business
$100,000
Purchase supplies with cash.
$20,000
Received a bill for one month of rent owed to landlord
$2,200
Paid wages earned in the month in cash
$800
Billed a customer for services performed
$1,250
A.
$124,250
B.
$80,400
C.
$77,800
D.
$79,200
E.
$80,000
What would the account balance in Accounts Receivable after the...
What is the balance of Pinta's capital account after Nina's retirement?
The balance sheet for the partnership of Nina, Pinta, and Santa Maria at January 1, 2017 follows. The partners share profits and losses in the ratio of 3:2:5, respectively Nina is retiring from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of $540,000 at January 1, 2017. Pinta and Santa Maria agree that the partnership will pay Nina $135,000 cash for hers her partnership interest. There is no goodwill is to be recorded. What...
1. What is the balance in a bank account at the end of 10 years if...
1. What is the balance in a bank account at the end of 10 years
if $2,500 is deposited today and the account earnd 4% interest
compounded annually? Quarterly?
2. If you deposit $10 in an account that pays 5% inteterst,
compounded annually, how much will you have at the end of 10 years?
20 years? 50 years?
3. Suppose you deposit $100,000 in an account today that pays 6%
interest, compounded annually. How long does it take before the...
Robin owes $4000 after 3 years and $4500 after 7 years. Robin is unable to meet...
Robin owes $4000 after 3 years and $4500 after 7 years. Robin is
unable to meet her obligation after 3 years and by mutual agreement
is allowed to pay off both notes with a single payment after 6
years. Find the size of Robin’s payment after 6 years if 8%
quarterly is used in the settlement.
Dan borrows $1500.00 with 8% simple interest and repays this
loan with a payment of $500.00 after 3 months, $500.00 after 7
months then...
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 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 =
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- C++ Question1. Create a class called Rantional for performing arithmatic with fractions. Then write a program...
- Balanced scorecards are widely used by companies to “balance” their financial with nonfinancial objectives. Do a...
- Assume a 2.8 MByte file is being uploaded from a client application to a web server....
- Question #14. a. TRUE OR FALSE: Code written using a case/switch construct can always be rewritten...
- Problem 18-14 Beta and Leverage Fitzgerald Industries has a new project available that requires an initial...
- What are the accounts that make up Shareholder’s Equity on the Balance Sheet?
- Problem 18-5 Beta and Leverage North Pole Fishing Equipment Corporation and South Pole Fishing Equipment Corporation...
ADVERTISEMENT