An savings account pays 3% interest every quarter on the saved funds. What is the APR?...

An savings account pays 3% interest every quarter on the saved funds. What is the APR? What is the EAR?

Expert Solution

jeff jeffy answered 2 years ago

If you invest $1,000 into a savings account at an annual interest rate of 3% (APR),...

If you invest $1,000 into a savings account at an annual interest rate of 3% (APR), compounded semi-annually, how much will you have in the savings account after 14 years?

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10 equal annual withdrawals are made from the account starting one year after the money was deposited, how much can be withdrawn so that in the fifth year one would be able to withdraw an additional $1,000 and the account would be depleted after 10 years?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 you invest $7,000 into a savings account at an annual interest rate of 8% (APR),...

If you invest $7,000 into a savings account at an annual interest rate of 8% (APR), compounded semi-annually, how much will you have in the savings account after 11 years? Enter your response below (rounded to 2 decimal places).

1. Find the balance after 5 years in a savings account that pays 2.5% APR compounded...

1. Find the balance after 5 years in a savings account that pays 2.5% APR compounded monthly if deposits are made to the account each month in the amount of $100. 2. A friend has an IRA with an APR of 6.25%. She stared the IRA at age 25 and deposits $50 per month. a) How much will her IRA contain when she retires at age 65? b) How much money did she contribute to the account? ...

You invest $2600 in an account that pays an APR of 6%. (a) What is the...

You invest $2600 in an account that pays an APR of 6%. (a) What is the value of the investment after three years if interest is compounded yearly? Round your answer to the nearest cent. The value of the investment after three years is $ . (b) What is the value of the investment after three years if interest is compounded monthly? Round your answer to the nearest cent. The value of the investment after three years is $ .

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?

what quarterly deposits at the end of each quarter should be made into a savings account paying the nominal interest of

1. what quarterly deposits at the end of each quarter should be made into a savings account paying the nominal interest of 4% compounded quarterly to accumulate $10,000 at the end of 10 years?2. Faith buys a used car by paying a $500 down payment plus $180 a month for 3 years. what was the price of the car if the interest rate on the loan is the nominal interest rate of 9% compounded monthly?

You invest $7,000 into a savings account that pays an annual interest rate of 12.00%.

You invest $7,000 into a savings account that pays an annual interest rate of 12.00%. How much would you have in your account after 12 years?A.$20,549B.$24,010C.$27,272D.$30,343E.$33,231F.$35,942G.$38,483H.$40,861

Mary made five annual deposits of $8000 in a savings account that pays interest at a...

Mary made five annual deposits of $8000 in a savings account that pays interest at a rate of 6% per year. One year after making the last deposit, the interest rate changed to 15% per year. Five years after the last deposit, how much accumulated money can she withdraw from the account?draw the cash flow diagram.

You have invested money in a savings account that pays a fixed monthly interest on the...

You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months. Time in months Savings balance 0 $1500.00 1 $1521.00 2 $1542.29 3 $1563.88 4 $1585.77 5 $1607.97 (a) How much money was originally invested? $ (b) Show that the data are exponential. (Round your answer to three decimal places.) Each successive ratio of new/old is , which shows that the data...

Question