If you deposit $10,000 in a bank account that pays 6% interest annually, how much will...

If you deposit $10,000 in a bank account that pays 6% interest annually, how much will be in your account after 5 years (to two decimal places)?

Answer to the nearest cent xxx.xx and enter without the dollar sign.

Expert Solution

Calculations-

Here,
Fv is the future value of amount invested
rate is the periodic interest rate
nper is no. of periods
pmt is the periodic payments
Pv is the present value of investmet
type = 0 if the amount is paid at the end of the year ,1 if it is paid at the beginning.

Please upvote if the answer is helpful.In case of doubt,do comment.Thanks.

jeff jeffy answered 1 year ago

If you deposit $10,000 in a bank account that pays 5% interest annually, how much will...

If you deposit $10,000 in a bank account that pays 5% interest annually, how much will be in your account after 5 years? Do not round intermediate calculations. Round your answer to the nearest cent. What is the present value of a security that will pay $9,000 in 20 years if securities of equal risk pay 7% annually? Do not round intermediate calculations. Round your answer to the nearest cent. Your parents will retire in 28 years. They currently have...

If you deposit $10,000 in a bank account that pays 9% interest annually, how much will...

If you deposit $10,000 in a bank account that pays 9% interest annually, how much will be in your account after 5 years? Round your answer to the nearest cent.

you deposit $500 today in a savings account that pays 6% interest, compounded annually. How much...

you deposit $500 today in a savings account that pays 6% interest, compounded annually. How much will your account be worth at the end of 40 years?

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...

Consider a bank account that pays 6% annually with monthly compounding. You made a $1,000 deposit...

Consider a bank account that pays 6% annually with monthly compounding. You made a $1,000 deposit in this account exactly 20 years (240 months) ago. 1）Find the account's current balance in dollars and cents. 2）how much interest-on-interest have you earned? Express your answer in dollars and cents.

How much should you deposit into a bank account annually in order to buy a property...

How much should you deposit into a bank account annually in order to buy a property that you expect to cost $231400 in 4 years if the account pays 3% annual interest? You are able to deposit $1355 quarterly into a bank account that is paying 14% annually. How much will you be able to accumulate after 8 years? (Express your answer as a positive number and to two decimal places.)

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....

You plan to make a deposit today to an account that pays 6% compounded annually that...

You plan to make a deposit today to an account that pays 6% compounded annually that will found the following withdrawals with nothing left in the account after the withdrawals, starting at the end of year 4 you plan to make 5 annual withdrawals (withdraw in year 4,5,6,7,8) that will increase by 2% over the previous year's withdrawals. The amount for withdrawals in year 4 will be $2000, what amount do you need to deposit today?

You deposit $600 in an account earning 3% interest compounded annually. How much will you have...

You deposit $600 in an account earning 3% interest compounded annually. How much will you have in the account in 15 years?

You deposit $3000 each year into an account earning 3% interest compounded annually. How much will...

You deposit $3000 each year into an account earning 3% interest compounded annually. How much will you have in the account in 25 years? $

Question