If you invest $1,000 into a savings account at an annual interest rate of 3% (APR),...

If you invest $1,000 into a savings account at an annual interest rate of 3% (APR), compounded semi-annually, how much will you have in the savings account after 14 years?

Solutions

Expert Solution

rate positively .. let me know if you need any clarification .


Future value =	$ 1,006.27
1000(1+1.5%)^(1.5%28)

Answer =		$ 1,006.27

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

If you invest $7,000 into a savings account at an annual interest rate of 8% (APR),...

If you invest $7,000 into a savings account at an annual interest rate of 8% (APR), compounded semi-annually, how much will you have in the savings account after 11 years? Enter your response below (rounded to 2 decimal places).

You invest $7,000 into a savings account that pays an annual interest rate of 12.00%.

You invest $7,000 into a savings account that pays an annual interest rate of 12.00%. How much would you have in your account after 12 years?A.$20,549B.$24,010C.$27,272D.$30,343E.$33,231F.$35,942G.$38,483H.$40,861

You deposit into a savings account 3 years ago, and earned interest at an annual rate...

You deposit into a savings account 3 years ago, and earned interest at an annual rate of eight percent. The deposit accumulated to 30,000. How much was initially deposited assuming that the interest was compounded a. annually b. semiannually c. quarterly

If you deposit $7,000 into a savings account with an annual interest rate of 5% annually...

If you deposit $7,000 into a savings account with an annual interest rate of 5% annually which is compounded monthly, What would be the value of the investment after 10 years? Please show your work.

A) Assume that you wish to make annual deposits into a savings account. The interest rate...

A) Assume that you wish to make annual deposits into a savings account. The interest rate offered by the bank is 11%, and you plan to save for the next 12 years. If your goal is for the present value of your savings to be equal to $4,058, how much money must you deposit every year? B) Assume you've just received a bonus at work of $3,812. You deposit that money in the bank today, where it will earn interest...

An savings account pays 3% interest every quarter on the saved funds. What is the APR?...

An savings account pays 3% interest every quarter on the saved funds. What is the APR? What is the EAR?

Assume that you can invest $1,000 in a savings account or a fund consisting of different...

Assume that you can invest $1,000 in a savings account or a fund consisting of different stocks. If you invest in the savings account, you get 1% interest per year. The fund has annual return X with expected value E(X) = 6% and standard deviation σ(X) = 20%. This means that, compared to the savings account, the fund has a higher return on average, but also comes with risk. When you invest y dollars in the fund, you will have...

Question