1. If you deposit $8,177 in a bank account that pays 7% interest compounded monthly, how...

1. If you deposit $8,177 in a bank account that pays 7% interest compounded monthly, how much will be in your account after 8 years? Please round your answer to the second decimal without dollar sign (e.g. 0.00)

2. If you deposit your money in a bank account that pays 8.66% interest compounded weakly, what is the effective annual rate (EAR)? Please round your answer to the fourth decimal (e.g. 0.0000)

3. If you plan to apply for a PhD program, which will cost you $131,712 for tuition and living expenses, in 2 years, how much do you need to deposit today? Assume the bank will pay you 7% compounded monthly. Please round your answer to the second decimal without dollar sign. (e.g. 0.00)

4. You want to save to buy a laptop that costs $1,353. Therefore, you deposit $532 into a bank that pays 4% interest compounded semiannually. How many year will it take for you to buy the laptop in your shopping list? Please round your answer to the second decimal, e.g. 1.5 (year).

5. If you deposit $7,847 in a bank account that pays monthly interests and expect to receive $14,810 in 8 years, what is the annual interest rate that bank pays? Please round your answer to the fourth decimal. For example, if your answer is 1.11%, you should input the answer as 0.0111.

Can someone show me how to input the data into the BA II plus professional calculator? The steps so I can understand for additional questions.

Thank you!

Expert Solution

jeff jeffy answered 7 months ago

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