If you put $6,470.74 in a savings account that pays 4% for one year what is...

If you put $6,470.74 in a savings account that pays 4% for one year what is the amount of money you will have at the end of the one year?

Solutions

Expert Solution

FV = PV(1 + r)^t

FV = $6,470.74(1 + 0.04)^1

FV = $6,729.57

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

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?

At the beginning of the year, you put $2,000 in a new savings account that has...

At the beginning of the year, you put $2,000 in a new savings account that has a 3% annual interest rate, but the account earns interest at the end of every six months. At the end of the first year, you withdraw $1,000 from the account. 1. How much interest have you earned after six months? Show your work. 2. How much interest have you earned after one year? Show your work. 3. What is the total amount in your...

Assume that 1 year from now you plan to deposit $1000 in savings account that pays...

Assume that 1 year from now you plan to deposit $1000 in savings account that pays a nominal rate of 8 %. a) If the bank compounds interest annually, how much will you have in your account 4 years from now? b) What would your balance be 4 years from now if the bank used quarterly compounding rather than annual compounding?

Would you rather have a savings account that pays 5% compounded annually, or an account that...

Would you rather have a savings account that pays 5% compounded annually, or an account that pays 5% compounded monthly? Be sure to explain your position here.

You put $50 in your savings account at the end of each month.

You put $50 in your savings account at the end of each month. The nominal interest rate is 14% annual nominal compounded monthly, and you have at the end $2,221.14. what its your annuity value?

What is logarithmic growth? If you put 100 dollars in a savings account every two months...

What is logarithmic growth? If you put 100 dollars in a savings account every two months from age 15 until age 50, and this account earned 6% annually, could you retire at age 50?

1) Suppose you deposited $10,000 into a savings account today. The account pays a nominal annual...

1) Suppose you deposited $10,000 into a savings account today. The account pays a nominal annual interest rate of 12%, but interest is compounded quarterly. Assuming that you make no additional deposits into or withdrawals from the account, what will your ending balance be 10 years from today? 2) A firm expects to pay dividends at the end of each of the next four years of $2.00, $2.50, $2.50, and $3.50. If growth is then expected to be constant at 8...

In the USA, a Flexible Savings Account (FSA) plan allows you to put money into an...

In the USA, a Flexible Savings Account (FSA) plan allows you to put money into an account at the beginning of the calendar year that can be used for medical expenses. This amount is not subject to federal tax. As you pay medical expenses during the year, you are reimbursed by the administrator of the FSA until the money is exhausted. From that point on, you must pay your medical expenses out of your own pocket. On the other hand,...

You open a savings account that pays 1.2% and make 15 end-of-year deposits. Your first deposit...

You open a savings account that pays 1.2% and make 15 end-of-year deposits. Your first deposit is $500 at the end of year 1 and deposit amounts increase at a rate of $100 per year. How much will you have in the account immediately after the 15th deposit? by excel preferably

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

Subjects