Question

In: Advanced Math

1. Find the future value of each deposit if the account pays​ (a) simple​ interest, and​...

1. Find the future value of each deposit if the account pays​ (a) simple​ interest, and​ (b) interest compounded annually.

​$1500 at 6​% for 8 years

​

2. . Tony opened a hot dog stand last April. He borrowed ​$6800 to pay for the stand and startup​ inventory, and he agreed to pay off the loan in 10 months at 6​% simple interest. Find the total amount required to repay the loan.

The total amount required to repay the loan is $__

3. For each​ deposit, find the future value​ (that is, the final amount on​ deposit) when compounding occurs​ (a) annually,​ (b) semiannually, and​ (c) quarterly.

Principal

Rate

Time

​$2000

4​%

5

years

Solutions

Expert Solution

Colby Messinger answered 1 year ago
Next > < Previous

Related Solutions

1. Calculate the future value of an investment worth $2800 that pays 1.5% simple interest rate...
1. Calculate the future value of an investment worth $2800 that pays 1.5% simple interest rate after 4 years. 2. Derek invested $1000. What would that money grow to in 18 months at a 5% annual simple interest rate? REAL QUESTIONS(IGNORE 1&2) 3. $7500 is deposited at a bank account that pays 3% interest compounded monthly. How much will the account worth after 5 years? 4. Amira deposited $2,000 into a savings account earning 2.6% APR compounded quarterly. How much...
26. You can invest in an account that pays simple interest or an account that pays...
26. You can invest in an account that pays simple interest or an account that pays compound interest. In either case, you plan to invest $3,900 today and both accounts have an annual interest rate of 5 percent. How much more interest will you receive in the 11th year in the account that pays compound interest? 27. You want to buy a house and will need to borrow $240,000. The interest rate on your loan is 5.71 percent compounded monthly...
You deposit $15,700 into an account this morning. The account pays interest at a rate of...
You deposit $15,700 into an account this morning. The account pays interest at a rate of 7.1 percent per year. How much will be in your account 16 years from today? Group of answer choices $54,911.19 $33,535.20 $61,603.83 $51,818.31 $47,046.92 Sixty years ago, your mother invested $7,200. Today, that investment is worth $379,250.53. What is the average annual rate of return she earned on this investment? Group of answer choices 6.83 percent 7.90 percent 5.92 percent 4.77 percent
a) Suppose on January 1 you deposit $2,750 in an account that pays a quoted interest...
a) Suppose on January 1 you deposit $2,750 in an account that pays a quoted interest rate of 2.35% (APR), with interest added (compounded) daily. How much will you have in your account on October 1, or after 9 months? (assume N = 273 days) Recall that the interest rate (I/Y) represents the periodic rate based on how many times per YEAR the interest is compounded. Hint, this is 365 times per year. As above, and all TVM type problems,...
You deposit $600 in an account earning 6% coumpound interest for 3 years. Find the future...
You deposit $600 in an account earning 6% coumpound interest for 3 years. Find the future value and the interest earned for each of the following compounding frequencies. Use the Bankers' Rule for daily compounding. Frequency Future Value Interest Earned Annually: Semiannually: Quarterly: Monthly: Daily:
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
Find the future value for each of the following scenarios, where m is the periodic deposit...
Find the future value for each of the following scenarios, where m is the periodic deposit and r is the interest rate. compounding time future interest m r frequency in years value earned $450 4.1% annually 15 $ $ $425 6.9% semiannually 13 $ $ $350 6.5% quarterly 13 $ $ $100 6.4% monthly 6 $ $ $250 7.7% weekly 6 $ $
Find the future value for each of the following scenarios, where m is the periodic deposit...
Find the future value for each of the following scenarios, where m is the periodic deposit and r is the interest rate. compounding time future interest m r frequency in years value earned $275 5.7% annually 9 $ $ $275 4.9% semiannually 11 $ $ $450 2.1% quarterly 14 $ $ $375 3.7% monthly 14 $ $ $200 7.5% weekly 8 $ $
1. If you deposit $12,000 in a bank account that pays 9% of interest annually, how...
1. If you deposit $12,000 in a bank account that pays 9% of interest annually, how much will be in your account after 5 years? Round your answer to the nearest cent. 2. What is the present value of a security that will pay $13,000 in 20 years if securities of equal risk pay 12% annually? Round your answer to the nearest cent. 3. Your parents will retire in 27 years. They currently have $400,000 saved, and they think they...
1) At the end of each year you deposit $750 in a retirement account that pays...
1) At the end of each year you deposit $750 in a retirement account that pays 6%. How much money will you accumulate for your retirement if you plan to retire 30 years from now? N= I= PV= PMT= FV= Highlight type of annuity: BEGIN END 2) Starting today Andrew will deposit $2,000 per year in a retirement account that pays 6%. How much money will he accumulate for his retirement if he plans to retire 50 years from now?...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT