What would be the annual percentage yield for a savings account
that earned $69 in interest...
What would be the annual percentage yield for a savings account
that earned $69 in interest on $1,000 over the past 365 days? Enter
your answer as a percent rounded to 1 decimal place.
Solutions
Expert Solution
Since the interest earned $69 on $1000 is for 365 days.
Hence,
The annual percentage yield (APY) of an investment account is a representation of the actual interest rate earned on a compounding account. It is based on a compounding period of one year. Show that the APY of an account that compounds monthly can be found with the formula APY = (a + r/12)12 – 1.
You
deposit into a savings account 3 years ago, and earned interest at
an annual rate of eight percent. The deposit accumulated to 30,000.
How much was initially deposited assuming that the interest was
compounded a. annually b. semiannually c. quarterly
Calculate the Annual Percentage Yield (APY) on an account that
has a stated interest rate of 6.21% . Presume your account you
deposit 5,875 a year for the next 42 years. Calculate the value of
your portfolio when the interest is compounded yearly, quarterly,
monthly, and daily.
You received a high-yield savings account that contains
$1,000,000. The account has a 7% annual interest rate and you want
to take out a constant amount every year for 40 years.
1. How much would you be able to withdraw every year? Hint: the
annual interest rate should be used as the discount rate in the
finite time annuity formula.
2. Using Microsoft Excel, decompose your annual withdrawals into
interest revenue and revenue earned from principal deduction (for
example, at...
A man earned wages of $33,000, received $2400 in
interest from a savings account, and contributed $3600 to a
tax-deferred retirement plan. He was entitled to a personal
exemption of $2700 and had deductions totaling $4960. Find his
gross income, adjusted gross income, and taxable
income.
His gross income was $---- (Simplify your answer.)
Directions: Annual Percentage Yield (APV). Find the annual
percentage yield (to the nearest 0.01%) in each case.
1.) A bank offers an APR of 3.2% compounded
monthly.
Directions: Continuous Compounding. Use the formula for
continuous compounding to compute the balance in each account after
1,5, and 20 years. Also, find the APY for this account.
1.) A $2,000 deposit in an account with an APR of
3.1%
Math201:
Directions: Annual Percentage Yield (APV). Find the annual
percentage yield (to the nearest 0.01%) in each case.
1.) A bank offers an APR of 3.2% compounded
monthly.
Directions: Continuous Compounding. Use the formula for
continuous compounding to compute the balance in each account after
1,5, and 20 years. Also, find the APY for this account.
1.) A $2,000 deposit in an account with an APR of
3.1%
Jed earned wages of $65,000, received $840 in interest from a
savings account, and contributed $2,300 to a tax-deferred
retirement plan. He was entitled to a personal exemption of $3,500
and had deductions totaling $5,680.
What is his gross income?
What is his adjusted gross income?
What is his taxable income?