Question

In: Finance

Suppose you deposited $50,000 in a bank account that pays 8.25% with monthly compounding. How much...

Suppose you deposited $50,000 in a bank account that pays 8.25% with monthly compounding. How much would be in the account after 7 months?

Show all your work

Solutions

Expert Solution

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

Suppose you deposited $50,000 in a bank account that pays 8.25% with monthly compounding. How much...
Suppose you deposited $50,000 in a bank account that pays 8.25% with monthly compounding. How much would be in the account after 7 months?
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.
Currently, I have $2,500 in my bank account that pays 6% APR with monthly compounding. In...
Currently, I have $2,500 in my bank account that pays 6% APR with monthly compounding. In order to have $12,000 in this account in 5 years, how much money should I add to this account each month starting from next month?
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.
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 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.
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.
1) Suppose you deposited $10,000 into a savings account today. The account pays a nominal annual...
1) Suppose you 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 you make no additional deposits into or withdrawals from the account, what will your ending balance be 10 years from today? 2) A firm expects to pay dividends at the end of each of the next four years of $2.00, $2.50, $2.50, and $3.50.  If growth is then expected to be constant at 8...
Josh deposited $800 in a savings account at 4.0% interest, compounded monthly. A) how much money...
Josh deposited $800 in a savings account at 4.0% interest, compounded monthly. A) how much money will josh have in his account after 4 years? B) After how many years will josh have $2000 in his account(if he does not withdraw any money)?
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT