You have decided to place $920 in equal deposits every month at the beginning of the...

You have decided to place $920 in equal deposits every month at the beginning of the month into a savings account earning 3.21 percent per year, compounded monthly for the next 5 years. The first deposit is made today. How much money will be in the account at the end of that time period?

Expert Solution

jeff jeffy answered 4 months ago

Suppose you have decided to put $200 at the beginning of every month in a savings...

Suppose you have decided to put $200 at the beginning of every month in a savings account that credits interest at the annual rate of 6%, but compounds it monthly. Find the amount in this account after 30 years.

You make deposits of $400 at the beginning of every month, into an account paying 8%...

You make deposits of $400 at the beginning of every month, into an account paying 8% interest compounded monthly. The value at the end of 15 years is: a.136,338 b.137,338 c.138,338 d.139,338

You deposit $1000 per month every month into an investment account for 40 years. The deposits...

You deposit $1000 per month every month into an investment account for 40 years. The deposits are made at the end of each month . The first deposit is made at the end of the first month. If the return 6 percent compounded monthly for the first 10 years, and 9 percent compounded monthly thereafter, how much will you have in the account in year 40?

3. If you decide to do your deposits at the end of every month (similarly to...

3. If you decide to do your deposits at the end of every month (similarly to ex.1, so your first deposit will be in one month from today) in a bank account that offers a 5% interest rate compounded monthly, and the deposits will increase in a 0.25% month after month, and you keep on doing so for the next 30 years: a) Draw the timeline (at least the first five periods) with its corresponding numeration of periods and cashflows...

You deposit $500 at the beginning of each month into your saving account every month. After...

You deposit $500 at the beginning of each month into your saving account every month. After five years (60 deposits total), your account value is $50,000. Assuming monthly compounding, what is your monthly rate that the bank provides? a. 1.22% b. 1.14 c. 1.43% d. 1.57%

You decide to place $200 at the beginning of each month in an investment account earning...

You decide to place $200 at the beginning of each month in an investment account earning interest at 4.33% annually (4.33% / 12 monthly). You plan on following this practice for five years (60 months). How much will you have accumulated in the account at the end of the five-year period? An investor invests $50 an account that returns 5% annually (5% / 12 per month). How much is the investor’s account worth at the end of the five-year period?...

Claude made annual deposits of $5900 at the beginning of every one-year period into a fund...

Claude made annual deposits of $5900 at the beginning of every one-year period into a fund earning 3.1% compounded annually for eight years. No further deposits were made.(a) How much will be in the account seventeen years after the first deposit? (b) How much in total was deposited? (c) How much interest will have been earned? a) The balance in the account seventeen years after the first deposit will be $____. (Round the final answer to the nearest cent as...

Nataya makes monthly deposits into Fund A at the beginning of each month for 25 years....

Nataya makes monthly deposits into Fund A at the beginning of each month for 25 years. Her first deposit is $40, and each subsequent deposit increases by $10. Aarif contributes $250,000 once, today, into Fund B. The nominal rate that both of these funds earn is 6% per year. However, Fund A compounds interest monthly and Fund B compounds interest quarterly. What is the difference in the balance between these two funds at the end of 25 years?

The beginning balance of the check register was $492.88. During the month, deposits were made for...

The beginning balance of the check register was $492.88. During the month, deposits were made for $210 and $499.88. Checks were written for $18.25, $19.82, and $309.82. Could you calculate the ending balance of the check register?

Candice deposits into her savings account at the end of every month. During the first year,...

Candice deposits into her savings account at the end of every month. During the first year, she deposits 10 each month. During the second year, Candice deposits 20 each month. During the third year, the deposits are 30. The pattern continues, concluding with deposits of 160 per month during the 16th year. Candice earns an annual nominal interest rate of 12% compounded monthly. How much will Candice have accumulated after 16 years?

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