Question

In: Finance

Find the compound amount for the deposit and the amount of interest earned. $230 at 5.2%...

Find the compound amount for the deposit and the amount of interest earned.

$230 at 5.2% compounded semiannually for 17 years

The compounded amount after 17 years is $____?.

The amount of interest earned is $_____?

Solutions

Expert Solution

calc:

From the wording of the question, it is not clear whether future value of annuity or future value of present value is to be calculated. But my best guess is, the answer is the former part.

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

Find the interest rate for each deposit and compound amount. $8000 accumulating to $12,384.48, compounded quarterly...
Find the interest rate for each deposit and compound amount. $8000 accumulating to $12,384.48, compounded quarterly for 8 years. a. 5% b. 5.75% c. 5.5% d. 6%
Find the future value (compound amount) and the compound interest, as indicated, for each of the...
Find the future value (compound amount) and the compound interest, as indicated, for each of the following investments. Round answers to the nearest cent. Use a calculator or Table 16-1 to find FVF. Please show entire solution for each question. Thank you! Present Value Rate Term                   Future Value (Compound Interest 2. $960 6% compounded semiannually                  11 years ______ ________ 4. $10,800 10% compounded annually                        40 years _______ _______ 6. $14,450           6% compounded quarterly                         4 years _______ _________
You deposit $500 in an account earning 8% compound interest for 3 years. Find the future...
You deposit $500 in an account earning 8% compound interest for 3 years. Find the future value and the interest earned for each of the following compounding frequencies. Frequency Future Value Interest Earned Annually Semiannually Quarterly Monthly Daily
If $300 is invested at a 4% interest rate, how much compound interest will be earned...
If $300 is invested at a 4% interest rate, how much compound interest will be earned in 4 years? (Round to the nearest cent and do not enter the dollar sign) Exactly how many quarters will it take to double: $40 at 1% per quarter (Round to two decimal places)
Mr.D invests $1000 in a bank account. Six months later, the amount in his bank account is $1049.23. Find the amount of interest earned in those six months. Find the (semiannual) effective rate of interest earned in those six months
Mr.D invests $1000 in a bank account. Six months later, the amount in his bank account is $1049.23. Find the amount of interest earned in those six months. Find the (semiannual) effective rate of interest earned in those six months
consider a $1000 deposit earning 6.0% interest per year for five years. interest earned on the...
consider a $1000 deposit earning 6.0% interest per year for five years. interest earned on the original deposit excluding interest earned on interest is $300.00 and total interest earned is more than $335 if interest is compounded annually true or false?
Assume that you are writing an application that will calculate the amount of interest earned for...
Assume that you are writing an application that will calculate the amount of interest earned for a bank account. a) Identify the potential classes in this problem domain. b) Refine the list to include only the necessary class or classes for this problem. c) Identify the responsibilities of the class or classes. d) Design the UML diagram.
Determine the amount of interest that will be earned on each of the following investments: (Round...
Determine the amount of interest that will be earned on each of the following investments: (Round answers to 2 decimal places, e.g. 15.25.) (i) (n) Investment Interest Rate Number of Periods Type of Interest Amount of Interest a. $160 5% 1 Simple enter a dollar amount rounded to 2 decimal places b. $700 9% 3 Simple enter a dollar amount rounded to 2 decimal places c. $700 7% 2 Compound enter a dollar amount rounded to 2 decimal places
1. You invest $20000 in a 7-year certificate of deposit (CD) that pays 5.2% interest, compounded...
1. You invest $20000 in a 7-year certificate of deposit (CD) that pays 5.2% interest, compounded annually. How much money will you have when the CD matures? a. 29140 b. 27280 c. 23670 d. 28520 2. Which of the following statements is most likely correct? a. A perpetuity is an infinite stream of payments in varying amounts occurring at regular or irregular time intervals. b. The cash flows for an annuity do not have to be equal, but they must...
An amount of $15,000 is deposited into an account which pays 5.2% interest. How many periods...
An amount of $15,000 is deposited into an account which pays 5.2% interest. How many periods will it take the account to grow to at least $20,000 if interest is compounded semiannually? If interest is compounded semiannually and simple interest is paid for part of a period, how long before the account is worth exactly $20,000? Use a 360 day year for the simple interest. If interest is compounded continuously, how long before the account is worth exactly $50,000? Use...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT