You deposit $3800 in an account with an annual interest of 5.1% for 10 years the...

You deposit $3800 in an account with an annual interest of 5.1% for 10 years

the amount of money you’ll have at the end of the 10 years is _______ (type an integer or a decimal)

Expert Solution

PV =3800
Rate =5.1%
Number of years =10
Amount you will have in 10 years =PV*(1+r)^n =3800*(1+5.1%)^10 =6249.00

jeff jeffy answered 2 years ago

You deposit into a savings account 3 years ago, and earned interest at an annual rate...

You deposit into a savings account 3 years ago, and earned interest at an annual rate of eight percent. The deposit accumulated to 30,000. How much was initially deposited assuming that the interest was compounded a. annually b. semiannually c. quarterly

If you deposit $82,000 in an interest bearing account that earns you 2.9% annual interest (compounded...

If you deposit $82,000 in an interest bearing account that earns you 2.9% annual interest (compounded annually) in the first 4 years, 2.1% annual interest (compounded annually) for the next 4 years and 7.7% annual interest (compounded annually) for the following 4 years, how much money will you have at the after these 3 interest periods?

If you deposit $7,000 into a savings account with an annual interest rate of 5% annually...

If you deposit $7,000 into a savings account with an annual interest rate of 5% annually which is compounded monthly, What would be the value of the investment after 10 years? Please show your work.

You will deposit $9000 into an account with an annual interest rate of 7% compounded monthly,...

You will deposit $9000 into an account with an annual interest rate of 7% compounded monthly, leave the account untouched for 18 years, and then withdraw equal amounts at the end of each month for the following 9 years, ending with a balance of $9000. What will your monthly withdrawals be?

Suppose you deposit $12,000 in an account that offers 1.7% annual interest, as long as you...

Suppose you deposit $12,000 in an account that offers 1.7% annual interest, as long as you leave the principal untouched for 5 years. (a) If interest is compounded quarterly, what would the account be worth after 5 years? FORMULA: SOLUTION: (b) If interest is compounded continuously, what would the account be worth after 5 years? FORMULA: SOLUTION: (c) Is the effective interest rate for either scenario greater or less than 1.7%? Explain your answer. 5. (a) (4 points) Nick has...

If you deposit money today in an account that pays 15.0% annual interest, how long will...

If you deposit money today in an account that pays 15.0% annual interest, how long will it take to double your money?

If you deposit money today in an account that pays 11% annual interest, how long will...

If you deposit money today in an account that pays 11% annual interest, how long will it take to double your money? Round your answer to two decimal places.

If you deposit money today in an account that pays 13.5% annual interest, how long will...

If you deposit money today in an account that pays 13.5% annual interest, how long will it take to double your money? Round your answer to two decimal places.

If you deposit money today in an account that pays 13% annual interest, how long will...

If you deposit money today in an account that pays 13% annual interest, how long will it take to double your money? Round your answer to two decimal places. 3 and a half years would be entered as 3.50 years If you made yearly payments of $5344 at the end of each year into an investment, how long would it take you to save up $1,000,000 if you earned a rate of 8%. Enter your answer in whole years. (ex....

How much will be in an account at the end of 5 years if you deposit $10,000 today at 8.7% annual interest, compounded semi-annually?

Practice Time Value of Money Problems 1. How much will be in an account at the end of 5 years if you deposit $10,000 today at 8.7% annual interest, compounded semi-annually? 2. What is the balance at the end of 10 years if $2.500 is deposited today and the account earns 4% interest annually? What about if it's quarterly interest? Which one should be more and why? 3. Suppose you want to have $500,000 saved by the time you reach 30 years old....

Question