Question

In: Math

How much money will be in a savings accounts after 5 years if $150 is initially deposited in the account

 

How much money will be in a savings accounts after 5 years if $150 is initially deposited in the account, $150 is deposited each month in the account and interest is compounded continuously at 9% per year?

Solutions

Expert Solution


Related Solutions

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)?
How much will the savings account be worth in 35 years?
Suppose you save $1,000 per month for 35 years. The bank promises you an annual interest rate of 3% compounded monthly. How much will the savings account be worth in 35 years? (Assume no withdrawals take place).
if you invest $20 in a savings account tha pays 5% interest how much money will...
if you invest $20 in a savings account tha pays 5% interest how much money will you have in 4 years if you make no additional deposits
Determine how much $1,000 deposited in a savings account paying 8% (compounded annually) will be worth...
Determine how much $1,000 deposited in a savings account paying 8% (compounded annually) will be worth after 5 years. how would you insert this in a financial calculator? confused on how to input (FVIF .08,5)
9. How much interest is earned in 6 years on $8800 deposited in an account paying...
9. How much interest is earned in 6 years on $8800 deposited in an account paying 7% interest, compounded semiannually? (Round your answer to two decimal places.) 10.$15,000 is deposited for 8 years in an account earning 6% interest. (Round your answers to two decimal places.) (a) Calculate the future value of the investment if interest is compounded semiannually. $ (b) Calculate the future value if interest is compounded quarterly. $ (c) How much greater is the future value of...
You put $1,000 into a savings account that pays 4% in annualinterest. How much money...
You put $1,000 into a savings account that pays 4% in annual interest. How much money will you have after 2 years if the account pays only simple interest?
How much money would Pay have in a fixed deposit bank account if she deposited $10,000...
How much money would Pay have in a fixed deposit bank account if she deposited $10,000 for five years, if the account pays an APR of 6% compounded. a. Continuously b. 4 times a year c. 365 times a year
$6746 is deposited into a savings account at 5% interest, coumpounded quarterly. to the nearest year,...
$6746 is deposited into a savings account at 5% interest, coumpounded quarterly. to the nearest year, how long will it take for the account balance to reach $1,000,000?
6.Suppose that you had savings deposited in an account at an interest rate of 5 percent...
6.Suppose that you had savings deposited in an account at an interest rate of 5 percent and your father told you that he earned 10 percent interest 20 years ago. Which of you was getting the better return? How would your answer change if you were told that the inflation rate in the United States was 12 percent 20 years ago and is 3 percent now? 7.Suppose you have $1,000, which you can put in two different types of accounts...
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?          ...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT