If a savings account pays 6% p.a. interest rate, how much money do you need to...

If a savings account pays 6% p.a. interest rate, how much money do you need to deposit to accumulate $72,566 in 9 years? Note that the bank will compound interest monthly.

Solutions

Expert Solution

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

As nothing was mentioned excel is used.

jeff jeffy answered 2 weeks ago

Next > < Previous

Related Solutions

if you invest $20 in a savings account tha pays 5% interest how much money will...

if you invest $20 in a savings account tha pays 5% interest how much money will you have in 4 years if you make no additional deposits

you deposit $500 today in a savings account that pays 6% interest, compounded annually. How much...

you deposit $500 today in a savings account that pays 6% interest, compounded annually. How much will your account be worth at the end of 40 years?

You put $1,000 into a savings account that pays 4% in annualinterest. How much money...

You put $1,000 into a savings account that pays 4% in annual interest. How much money will you have after 2 years if the account pays only simple interest?

You have invested money in a savings account that pays a fixed monthly interest on the...

You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months. Time in months Savings balance 0 $1500.00 1 $1521.00 2 $1542.29 3 $1563.88 4 $1585.77 5 $1607.97 (a) How much money was originally invested? $ (b) Show that the data are exponential. (Round your answer to three decimal places.) Each successive ratio of new/old is , which shows that the data...

If you deposit $10,000 in a bank account that pays 6% interest annually, how much will...

If you deposit $10,000 in a bank account that pays 6% interest annually, how much will be in your account after 5 years (to two decimal places)? Answer to the nearest cent xxx.xx and enter without the dollar sign.

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

An amount of $10,000 is deposited into a savings account that pays interest at a rate...

An amount of $10,000 is deposited into a savings account that pays interest at a rate of 7%. If 10 equal annual withdrawals are made from the account starting one year after the money was deposited, how much can be withdrawn so that in the fifth year one would be able to withdraw an additional $1,000 and the account would be depleted after 10 years? Explain verbally in detail and sketch a timeline to illustrate.

Josh deposited $800 in a savings account at 4.0% interest, compounded monthly. A) how much money...

Josh deposited $800 in a savings account at 4.0% interest, compounded monthly. A) how much money will josh have in his account after 4 years? B) After how many years will josh have $2000 in his account(if he does not withdraw any money)?

"You deposit $32,000 in a savings account that pays a nominal interest rate of 4.2% compounded...

"You deposit $32,000 in a savings account that pays a nominal interest rate of 4.2% compounded monthly. 3 years later, you deposit $14,000. 3 years after the second deposit, you make another deposit in the amount of $9,000. 6 years after the third deposit, half of the accumulated funds are transferred to a fund that pays a nominal interest rate of 6.9% compounded quarterly. How much total will you have in the accounts 4 years after the transfer?" SHOW ALL...

Suppose you need to deposit money in a savings account. Bank X offers a rate of...

Suppose you need to deposit money in a savings account. Bank X offers a rate of 10.200% compounded monthly; Bank Y offers a rate of 10.150% compounded quarterly; Bank Z offers a rate of 10.400% compounded annually. Which bank is best for you? Group of answer choices Bank X Bank Y Not enough information to answer Bank Z

Subjects