$1200 is deposited into a saving account that pays 6% effective montly interest rate what is...

$1200 is deposited into a saving account that pays 6% effective montly interest rate what is the amount of interest earned in the final quarter of the 8th year?

Expert Solution

jeff jeffy answered 2 years ago

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10 equal annual withdrawals are made from the account starting one year after the money was deposited, how much can be withdrawn so that in the fifth year one would be able to withdraw an additional $1,000 and the account would be depleted after 10 years?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.

if $175 is deposited at the end of each year in a saving account that pays...

if $175 is deposited at the end of each year in a saving account that pays 6% interest per year , approximately how much money will be in the account at the end of 10 years

You just deposited $25,000 in a bank account that pays a 12.0% nominal interest rate, compounded...

You just deposited $25,000 in a bank account that pays a 12.0% nominal interest rate, compounded semi-annually. If you also add another $3,000 to the account each year over the next five years, how much will be in the account five years from now?

You just deposited $2,500 in a bank account that pays a 4.0% nominal interest rate, compounded...

You just deposited $2,500 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? Group of answer choices $18,563.53 $17,679.55 $16,035.88 $16,837.67 $15,234.08

You just deposited $3,500 in a bank account that pays a 4.0% nominal interest rate, compounded...

You just deposited $3,500 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now?

6.Suppose that you had savings deposited in an account at an interest rate of 5 percent...

6.Suppose that you had savings deposited in an account at an interest rate of 5 percent and your father told you that he earned 10 percent interest 20 years ago. Which of you was getting the better return? How would your answer change if you were told that the inflation rate in the United States was 12 percent 20 years ago and is 3 percent now? 7.Suppose you have $1,000, which you can put in two different types of accounts...

Suppose you have deposited $10,000 in your high-yield saving account today. The savings account pays an...

Suppose you have deposited $10,000 in your high-yield saving account today. The savings account pays an annual interest rate of 4%, compounded semi-annually. Three years from today you will withdraw R dollars. You will continue to make additional withdraws of R dollars every 6 months, until you have a zero balance after your last withdrawal 6 years from now. Find R.

three banks A,B and C, each offers a different effective interest rate on its saving account....

three banks A,B and C, each offers a different effective interest rate on its saving account. Bank A nominal interest 8.25% compounding period daily, Bank B 8.25% compounding period monthly and Bank C 8. 30% compounding period quarterly. For each of the three banks find the effective semi-annual interest rate. Which bank would you prefer to invest your money in? with that bank, how much interest would you get after 3 years on $5000 deposit made now?What is the nominal...

Suppose Evan deposited $10,000 into a savings account today. The account pays a nominal annual interest...

Suppose Evan 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 he makes no additional deposits into or withdrawals from the account, what will his ending balance be 10 years from today?

$20, 000 is deposited into an account earning 2% effective annual interest. At the end of...

$20, 000 is deposited into an account earning 2% effective annual interest. At the end of each year, the interest earned in that year plus an additional $500 is withdrawn from this account and put into another account earning 5% effective annual interest. Find the accumulated value in the second account after 40 years (when the first account is completely depleted.)

Question