Homework Answers
The answers are a and e
Interest on Interest = Future value using compound interest - Amount invested - Simple interest
= 15000*(1.02)^7 - 15000 - 15000*2%*7
It can be written like e taking -15000 common
Hence, a and e are correct answers
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You have $15000 today in your savings account which pays interest at 2% p.a. effective. Which...
Show the excel formulas used Ex. 1 You have $5,000 in your savings account that pays...
Show the excel formulas used
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years and you can earn...
a. Supposed you have savings in your bank account earning 5% interest per year. You are...
a. Supposed you have savings in your bank account earning 5% interest per year. You are thinking about buying a stock with an expected price of AED 150 in one year and with an expected earning per share of AED 10 in one year. If you offer to pay maximum AED 150 for that share of stock today, other things equal, will you be at least earning your opportunity cost? Enter your calculations and explain your result in no more...
1. 2. Your bank pays 26% interest per year You put $1,400 in the bank today...
1.
2.
Your bank pays 26% interest per year You put $1,400 in the bank today and $550 more in the bank in one year How much will you have in the bank in two years? In two years, the amount that you will have is S(Round to the nearest cent) Your cousin is currently 11 years old She will be going to college in 7 years. Your aunt and uncle would like to have $95,000 in a savings account...
First City Bank pays 6 percent simple interest on its savings account balances
First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually.If you made a $ 57,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years? (Do not round intermediate calculations and round your answer 10 2 decimal places, e.g., 32.16.Difference in accounts = $_______
Your new job offers a savings plan that pays 0.25 percent in interest each month. You...
Your new job offers a savings plan that pays 0.25 percent in interest each month. You can't participate in the plan, however, until you have 9 years with the company. At that time you will start saving $200 a month for the next 22 years. How much will you have in this savings account in 31 years? Round your answer to two decimals SO Another perk of your new job is that, after 9 years with the company, you will...
Your new job offers a savings plan that pays 1.00 percent in interest each month. You...
Your new job offers a savings plan that pays 1.00 percent in interest each month. You can't participate in the plan, however, until you have 8 years with the company. At that time you will start saving $550 a month for the next 28 years. How much will you have in this savings account in 36 years? Round your answer to two decimals. Another perk of your new job is that, after 8 years with the company, you will also...
Suppose you currently have $5,000 in your savings account, and your bank pays interest at a...
Suppose you currently have $5,000 in your savings account, and your bank pays interest at a rate of 0.5% per month. If you n how much will you have in the account in 5 years? In 5 years' time, you will have $ in the account. (Round to the nearest cent.)
Suppose you currently have $5,000 in your savings account, and your bank pays interest at a...
Suppose you currently have $5,000 in your savings account, and your bank pays interest at a rate of 0.5% per month. If you n how much will you have in the account in 5 years? In 5 years' time, you will have $ in the account. (Round to the nearest cent.)
A savings account quotes you a 2% interest rate (effective) per year. How many basis points...
A savings account quotes you a 2% interest rate (effective) per year. How many basis points would you earn per week on a balance in this account (assume 52.15 weeks per year)?
You placed $6,011 in a savings account today that earns an annual interest rate of 12.46...
You placed $6,011 in a savings account today that earns an annual interest rate of 12.46 percent, compounded semiannually. How much will you have in this account at the end of 11 years? Assume that all interest received at the end of the period is reinvested the next period. Round the answer to two decimal places. nal places. Your Answer:
Show the excel formulas used
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years and you can earn...
a. Supposed you have savings in your bank account earning 5% interest per year. You are thinking about buying a stock with an expected price of AED 150 in one year and with an expected earning per share of AED 10 in one year. If you offer to pay maximum AED 150 for that share of stock today, other things equal, will you be at least earning your opportunity cost? Enter your calculations and explain your result in no more...
1.
2.
Your bank pays 26% interest per year You put $1,400 in the bank today and $550 more in the bank in one year How much will you have in the bank in two years? In two years, the amount that you will have is S(Round to the nearest cent) Your cousin is currently 11 years old She will be going to college in 7 years. Your aunt and uncle would like to have $95,000 in a savings account...
Your new job offers a savings plan that pays 0.25 percent in interest each month. You can't participate in the plan, however, until you have 9 years with the company. At that time you will start saving $200 a month for the next 22 years. How much will you have in this savings account in 31 years? Round your answer to two decimals SO Another perk of your new job is that, after 9 years with the company, you will...
Your new job offers a savings plan that pays 1.00 percent in interest each month. You can't participate in the plan, however, until you have 8 years with the company. At that time you will start saving $550 a month for the next 28 years. How much will you have in this savings account in 36 years? Round your answer to two decimals. Another perk of your new job is that, after 8 years with the company, you will also...
Suppose you currently have $5,000 in your savings account, and your bank pays interest at a rate of 0.5% per month. If you n how much will you have in the account in 5 years? In 5 years' time, you will have $ in the account. (Round to the nearest cent.)
Suppose you currently have $5,000 in your savings account, and your bank pays interest at a rate of 0.5% per month. If you n how much will you have in the account in 5 years? In 5 years' time, you will have $ in the account. (Round to the nearest cent.)
You placed $6,011 in a savings account today that earns an annual interest rate of 12.46 percent, compounded semiannually. How much will you have in this account at the end of 11 years? Assume that all interest received at the end of the period is reinvested the next period. Round the answer to two decimal places. nal places. Your Answer:
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