Question
In: Finance
How long will it take for $45,000 placed in a savings account earning 10% interest rate...
How long will it take for $45,000 placed in a savings account earning 10% interest rate per year to grow into $70,000?
A. 5.64 years
B. 5.14 years
C. 4.64 years
D. 4.14 years
Solutions
jeff jeffy answered 2 years agoRelated Solutions
a. Suppose you deposited $2,000 in a savings account earning 3.6% interest compounding daily. How long...
a. Suppose you deposited $2,000 in a savings account earning
3.6% interest compounding daily. How long will it take for the
balance to grow to $8,000? Answer in years rounded to two decimal
places. (e.g., 2.4315 years --> 2.43)
b.You plan to deposit $2,000 today, $4,000 in one year and
$2,000 in two years into an account earning 5.1% interest. What
will the account balance be in 4 years? Round to the nearest
cent.
Suppose you deposited $10,000 in a savings account earning 3.9% interest compounding daily. How long will...
Suppose you deposited $10,000 in a savings account earning 3.9%
interest compounding daily. How long will it take for the balance
to grow to $21,000? Answer in years rounded to one decimal
place.
How long will it take to pay off a loan of $45,000 at an annual rate...
How long will it take to pay off a loan of $45,000 at an annual
rate of 8 percent compounded monthly if you make monthly payments
of $600? Use five decimal places for the monthly percentage rate in
your calculations.
If an investment of $45,000 is earning an interest rate of 4.00%, compounded annually, then it...
If an investment of $45,000 is earning an interest rate of
4.00%, compounded annually, then it will take ______ for this
investment to reach a value of $53,686.18—assuming that no
additional deposits or withdrawals are made during this time. Which
of the following statements is true—assuming that no additional
deposits or withdrawals are made?
A) An investment of $50 at an annual rate of 5% will return a
higher value in five years than $25 invested at an annual rate...
How long will it take to recover the investment presented at 10% interest rate under the...
How long will it take to recover the investment presented at 10%
interest rate under the independent scenarios mentioned below?
Investment
$10,595
Scenario 1 - with a gradient of
$2,200
Scenario 2 - with an annuity of
$2,795
What is the time to recover the investment based on scenario
1 (gradient)?
What is the time to recover the investment based on scenario
2 (annuity)?
How long will it take to recover the investment presented at 10% interest rate under the...
How long will it take to recover the investment presented at 10%
interest rate under the independent scenarios mentioned below?
Investment
$10,595
Scenario 1 - with a gradient of
$2,200
Scenario 2 - with an annuity of
$2,795
What is the time to recover the investment based on scenario
1 (gradient)?
What is the time to recover the investment based on scenario
2 (annuity)?
If you deposit $45,000 into an account earning 6% interest, compounded monthly. And in addition to...
If you deposit $45,000 into an account earning 6% interest,
compounded monthly. And in addition to the initial investment, save
$600 each month, how many months will it take to save $67,000?
Please explain with an Excel function if possible?
$1770 is deposited today into an account earning a force of interest of 0.03. How long...
$1770 is deposited today into an account earning a force of
interest of 0.03. How long will it take for the account to reach
$2770 if time t is measured in years?
The amount of $5000 is placed in savings account where interest is compounded continuously at the...
The amount of $5000 is placed in savings account where interest
is compounded continuously at the rate of 6% per year. How long
will it take for this amount to triple?
You put $2,500 into an account earning interest at a rate of 8% per year. How...
You put $2,500 into an account earning interest at a rate of 8%
per year. How much money will you have after 8 years, assuming
simple interest and assuming no withdrawals? How much money will
you have assuming compound interest and no withdrawals? (4
pts.)
Suppose you have an investment that pays 8% per year,
compounded quarterly. What interest rate are you actually getting
per year? (2 pts.)
What is the present value of $2,500 received in 7 years with...
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