How many years will be required for a given sum of money too quadruple, if deposited...

Question

Question

How many years will be required for a given sum of money too quadruple, if deposited in a bank account that pays 2.81% per year, compounded annually?

business economics

Answer 1

Answer #1

Answer 2

Similar Homework Help Questions

What sum deposited today at 5% compounded annually for 8 years will provide the same amount...

What sum deposited today at 5% compounded annually for 8 years will provide the same amount as $2400 deposited at the end of each year for 8 years at 8% compounded annually? What sum would have to be deposited today at 5% interest compounded annually? (Round to the nearest cent.)
How much money should be deposited today in an account that earns 5% compounded semiannually so...

How much money should be deposited today in an account that earns 5% compounded semiannually so that it will accumulate to $8000 in three years? The amount of money that should be deposited is $ (Round up to the nearest cent.) You deposit $14,000 in an account that pays 5% interest compounded quarterly A. Find the future value after one year B. Use the future value formula for simple interest to determine the effective annual yield. A. The future value...
You want to withdraw a single sum amount of $6,000 from an account at the end...

You want to withdraw a single sum amount of $6,000 from an account at the end of 7 years. This withdrawal will zero out the account. What single sum of money deposited today is required if the account earns 6% per year compounded annually

What lump sum of money must be deposited into a bank account at the present time...

What lump sum of money must be deposited into a bank account at the present time so that $600 per month can be withdrawn for five years, with the first withdrawal scheduled for six years from today? The interest rate is 1/4% per month (Hint: Monthly withdrawals begin at the end of the month 72.) The lump sum of money should be s (Round to the nearest dollar.)
The Simple Bank offers a 8 percent simple interest on deposited money. The Not-So-Simple Bank pays...

The Simple Bank offers a 8 percent simple interest on deposited money. The Not-So-Simple Bank pays 8 percent interest on deposited money, compounded annually. You can deposit your money in either one of these two banks. If your deposit equals $65,000, by how much more will your money grow if you deposit it into The Not-So-Simple Bank, rather than The Simple Bank, for a total of 8 years? (Do not round intermediate calculations and round your answer to 2...
How much money must initially be deposited in a savings account paying 5% per year, compounded...

How much money must initially be deposited in a savings account paying 5% per year, compounded annually, to provide for ten annual withdrawals that start at $6000 and decrease by $500 each year?(Ans.$30504.19)

What lump sum of money must be deposited into a bank account at the present time...

What lump sum of money must be deposited into a bank account at the present time so that $400 per month can be withdrawn for four years, with the first withdrawal scheduled for five years from today? The interest rate is 3/4% per month. (Hint: Monthly withdrawals begin at the end of the month 60.)
How much interest is earned in an account by the end of 5 years if $30,000...

How much interest is earned in an account by the end of 5 years if $30,000 is deposited and interest is 4% per year, compounded semi-annually? What is the balance in an account at the end of 10 years if $6,500 is deposited today and the account earns 3% interest compounded annually? If you wish to accumulate $50,000 in 10 years, how much must you deposit today in an account that pays annual interest rate of 8%, with semi-annual compounding...
Find how much money needs to be deposited now into an account to obtain 1,900 (future...

Find how much money needs to be deposited now into an account to obtain 1,900 (future value) in 8 years if the interest rate is 5.5% per year compounded daily (365 times per year).

nstructor-created question Queston Help What lump sum of money must be deposited into a bank account...

nstructor-created question Queston Help What lump sum of money must be deposited into a bank account at the present time so that $600 per month can be withdrawn for sik years, with the first withdrawal scheduled for seven years from today? The interest rate is 34% per month. (Hint Monthly withdrawals begin at the end of the month 84 The lump sum of money should be $(Round to the nearest dollar.)