If you have $3000 and you want to deposit it into a savings account that offers...
If you have $3000 and you want to deposit it into a savings account that offers .10% apr, how much would the amount be if you leave it there for six years? Assume that it's compounded monthly.
Homework Answers
Answer)
Amount = P*(1+r)^n
P = 3000
r = 10/1200 {as there are 12 months in a year}
n = 6*12 = 72
After substitution
Amount = 5452.78284068
Add Answer to:
If you have $3000 and you want to deposit it into a savings
account that offers...
Suppose you want to deposit a certain amount of money into a savings account and then...
Suppose you want to deposit a certain amount of money into a savings account and then leave it alone to draw interest for the next 10 years. At the end of 10 years you would like to have $10,000 in the account. How much do you need to deposit today make that happen? You can use the following formula, which is known as the present value formula, to find out: P = F / (1+ r)^n The terms in...
You deposit $3000 in an account earning 2% interest compounded monthly. How much will you have...
You deposit $3000 in an account earning 2% interest compounded monthly. How much will you have in the account in 5 years? Enter an integer or decimal number (more..] Submit Question
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next...
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...
0 The Continental Bank advertises capital savings at 5.8% compounded semi-annually while TD Canada Trust offers...
0 The Continental Bank advertises capital savings at 5.8% compounded semi-annually while TD Canada Trust offers premium savings at 5.7% compounded monthly. Suppose you have $3000 to invest for two years. (a) Which deposit will earn more interest? (b) What is the difference in the amount of interest? (a) The savings account will earn more interest (b) The difference is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as...
1. What is the formula to calculate how much a savings account would be worth if...
1. What is the formula to calculate how much a savings account would be worth if the initial balance is $1000 with monthly deposits of $75 for 10 years at 4.3 percent annual interest compounded monthly? What is the formula result? 2. You want a savings account to grow from $1,000 to $5,000 within two years. Assume the bank provides a 3.2 percent annual interest rate compounded monthly. What is the formula to calculate how much you must deposit each month...
1. How much would you need to deposit in an account now in order to have $5000 in the account in 15 years? Assume the ac...
1. How much would you need to deposit in an account now in order to have $5000 in the account in 15 years? Assume the account earns 5% interest compounded monthly. 2. You currently have $7,700 (Present Value) in an account that has an interest rate of 3% per year compounded quarterly (4 times per year). You want to withdraw all your money when it reaches $18,480 (Future Value). In how many years will you be able to withdraw all...
i. You deposit $5000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 ye...
i. You deposit $5000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years? ii. Suppose you want to have $400,000 for retirement in 20 years. Your account earns 8% interest. How much would you need to deposit in the account each month?
If you deposit $1,067 per month into a savings account that pays an annual rate of...
If you deposit $1,067 per month into a savings account that pays an annual rate of 4.7 percent, compounded monthly, how much will you have in the account after 31 years? Show using Excel Functions. Nper Rate PV FV PMT
Suppose you want to have $500,000 by the end of 7 years. You decide to deposit...
Suppose you want to have $500,000 by the end of 7 years. You decide to deposit an equal amount of money each month (starting next month) into a bank account that advertises a nominal rate of 4% compounded monthly. How much should you deposit each month?
You plan to deposit the following amounts in your savings account at the beginning of each...
You plan to deposit the following amounts in your savings account at the beginning of each year. In Year 1, you plan to deposit $3600. In year 2, you plan to deposit $0. In Year 3, you plan to deposit $4000 and in Year 4 you plan to deposit $5000. Assume the savings account earns 2.5% compounded semiannually. If you do as you plan, how much will you have at the end of ten years?
You deposit $3000 in an account earning 2% interest compounded monthly. How much will you have in the account in 5 years? Enter an integer or decimal number (more..] Submit Question
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...
0 The Continental Bank advertises capital savings at 5.8% compounded semi-annually while TD Canada Trust offers premium savings at 5.7% compounded monthly. Suppose you have $3000 to invest for two years. (a) Which deposit will earn more interest? (b) What is the difference in the amount of interest? (a) The savings account will earn more interest (b) The difference is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as...
Most questions answered within 3 hours.
-
1. YouTube sensations like Zoella and PewDiePie who have
millions of followers on their channels are...
asked 28 minutes ago -
Write a program in Python that asks the user to enter their
premier qualifying flights (PQF)...
asked 25 minutes ago -
home / study / business / economics / economics questions and
answers / in a perfectly...
asked 38 minutes ago -
____________________________
Sublimation
of Cu: 55 kJ/mol
First
Ionization Energy of Cu: 840 kJ/mol
Sublimation
of Au:...
asked 50 minutes ago -
1. Describe two similarities between the optical properties of
natural dielectric crystals and optical metamaterials?
asked 1 hour ago -
One mole of an ideal gas is heated slowly so that it goes from
the PV...
asked 1 hour ago -
Write and Summarize the four possible outcomes of horizontal
gene transfer.
asked 1 hour ago -
why would a contractor not want the design team to
completely design an item or system...
asked 1 hour ago -
What is the purpose of private firm in listing of a
major stock exchange such as...
asked 1 hour ago -
A study examined if the length of odontoblasts cells (cells
responsible for tooth growth) are affected...
asked 1 hour ago -
For the reaction
8H2S(g)−⇀↽−8H2(g)+S8(g)8H2S(g)↽−−⇀8H2(g)+S8(g)
the equilibrium concentrations were found to be [H2S]=0.250
M,[H2S]=0.250 M, [H2]=0.460 M,[H2]=0.460...
asked 1 hour ago -
n this problem you will determine the wavelength of the photon
required to excite a conjugated...
asked 1 hour ago