16. Tauriel deposited a certain amount on a savings account that earns compound interest on the last day of each month. If she decided to withdraw her savings when would be best to do it to maximize the savings?
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- On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her checking account at the end of each month, and deposit it into her saving account, where it will earn 5 % annual interest. The account comes to term on December 1. Find the following: a. Find the future value of Nada’s saving account. b. Find Nada’s total contribution to the account. c. Find the total interest earned on the account.On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her checking account at the end of each month, and deposit it into her saving account, where it will earn 5 % annual interest. The account comes to term on December 1. Find the following: a. Find the future value of Nada’s saving account. b. Find Nada’s total contribution to the account. c. Find the total interest earned on the account. a. a.1899 b.1800 c. 99 BD b. a.1949 b.1900 c. 49 BD c. a.1149 b.1100 c. 49 BD d. a.1829 b.1800 c. 29 BD e. a.2839 b.2800 c. 39 BDOn August 19, Siobhan O’Sullivan started an ordinary annuity. She arranged to have $150 deducted from her end-of-month paychecks. The money would earn 6 7/8 % interest compounded monthly. a) Find the future value of the account on December 1.b) Find Siobhan’s total contribution to the account.c) Find the total interest earned.
- Starting on the day Brian was born, his mother has invested $30 at the beginning of every month in a savings account that earns 3.20% compounded monthly. a. How much did Brian have in this account on his 18th birthday? Assume that there was no deposit on that day. Round to the nearest cent b. What was his mother's total investment? Round to the nearest cent c. How much interest did the investment earn?d. Jackline plans to start her small family business in ten years' time. She has decided to deposit Sh.200,000 at the end of each year for 10 years in a savings account earning 10% per annum. 1Starting on the day Thomas was born, his mother has invested $50 at the beginning of every month in a savings account that earns 2.90% compounded monthly. a. How much did Thomas have in this account on his 24th birthday? Assume that there was no deposit on that day. Round to the nearest cent b. What was his mother's total investment? Round to the nearest cent c. How much interest did the investment earn? Round to the nearest cent
- Seven years ago Ruby began depositing $500 at the beginning of each month into an account. The interest rate was 1.48% compounded monthly. Answer the following questions, and round all answers to two decimal places where necessary. Choose BGN or END? Ⓒ 1) What is the present account balance P/Y= PV = $ esc P/Y= PV = $ Submit Question 1 C/Y= 2) If she stops making deposits immediately, how much will be in the account in three and a half years from now, if the interest rate remains the same (1.48% compounded monthly)? F1 PMT= $ C/Y= PMT= $ 2 F2 N= #3 N= FV = $ 80 F3 FV = $ I/Y = Q F4 I/Y = % 9 F5 % % F6 F76. Gracie deposited $20,000 into an account that compounds interest weekly at a rate of 1.56%. Each week her bank withdraws $200 from the account and puts the amount into her mortgage account. How long will it take until the account has a balance of $0?June Peters deposits $6400 in a savings account at her bank. When she withdraws the money 8 months later, she receives a check for $6453.33. Assume simple interest and find the rate of interest paid by the bank.
- Sara calculates that if she makes a deposit of $8 each month at an APR of 3.6%, then at the end of two years she'll have $194. Lee says that the correct amount is $215. The Regular Deposits Rule of Thumb should be helpful here. What was the total amount deposited (ignoring interest earned)? $ What would the balance be if the total amount were deposited at the beginning of the two years? (Assume no additional deposits are made and the money compounds monthly at an APR of 3.6%)17. In January, Joanna deposited $250 into her savings account. In February, she deposited an additional $100. If her account has an APR of 6% compounded monthly, how much interest did Joanna earn in the first two months?Marius opened a savings account. The sequence {200, 208, 216.30, 225, …} describes the amount of interest he earns each year his account is active. If this pattern continues, how much total interest will Marius have earned by the 30th year the account is active? A. S1.04=1.04(1-1.04^n)/1-1.04 B.S30=200(1-1.04^n)/1-1.04 C. S200=200(1-1.04^200 1)/1-1.04 D. S30=1.04(1-200^n-1)/1-200