4. At what rate of simple interest will the sum of money double itself in 6 years. 5. Solve for F, given that P—$1999,99, i=1.43% and n=1 and three-fourths years.
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4. At what rate of simple interest will the sum of money double itself in 6 years.
5. Solve for F, given that P—$1999,99, i=1.43% and n=1 and three-fourths years.
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- Suppose Sally’s current salary is $62,000 per year, and she is planning to retire 25 years from now. She anticipates that her annual salary will increase by $1,800 each year. in the first year she will earn $62, 000 in the second year $63, 800 in the third year $65, 600 and so forth.) At the end of each of the next 25 years, she plans to deposit 10% of her salary from that year into a retirement fund that earns 6% interest compounded daily. How much money will be in her account at the time of her retirement?What uniform annual payment for 30 years is equivalent to spending $10,000 immediately, $10,000 at the end of 10 years, $10,000 at the end of 20 years, and $2,000 a year for 30 years? Assume an interest rate of 8%.1. What is the exact simple interest on $2,800 for the period from February 12 to july 6 of 1996, if the rate of interest is 4%? 2. You owe $120,000 from your ex-girlfriend and promise to pay 6% simple interest. How much will you pay at the end of 1 year and 6 months? 3.You owe $120,000 from your ex-girlfriend and promise to pay 6% simple interest. How much will you pay at the end of 9 months?
- An investment promises to pay into an account that pays you 6 percent annually, $150 per month for the next twenty-two years. Suppose the first deposit into the account is made one month from today what is the value of the amount which will be in the account at the end of thirty years? Rounded to 2 decimal places. (Answer up to 2 decimal places)1. Suppose that $100 is invested for five years at an interest rate of 8% per year, compounded annually. How much will be in the account at the end of five years? 2. Suppose that an investor wishes to deposit an amount now so that in 30 years $1,000,000 will be in an account that pays 10% interest per year, compounded annually. What amount must be deposited now? 3. How many years are required for an investment to double in value at 10% interest? 4. Suppose that an investor wishes to deposit an amount now so that in 20 years there will be $50,000 in an account that pays 7% interest, compounded annually. What amount must be deposited now?Suppose you make an annual contribution of P8,117 each year to a college fund for a niece. He is 5 years now, and you will start next year and make the last deposit when he is 21. The fund is a money market account earning 6.56% per year. What will it be worth immediately after the last deposit? Write your answer in two decimal places.
- 1. How long must a P40,000 note bearing 4% simple interest run to amount P41,350?If you deposit $4,800 at the end of each of the next 15 years into an account paying 11.3 percent interest, how much money will you have in the account in 15 years? How much will you have if you make deposits for 30 years?What is the amount of interest earned on $5,000 for eight years at 10% simple interest per year? If you open a savings account that earns 7.5% simple interest per year, what is the minimum number of years you must wait to double your balance? Suppose you open another account that earns 7% interest compounded yearly. How many years will it take now to double your balance? Compare the interest earned by $10,000 for five years at 10% simple interest with that earned by the same amount for five years at 10% compounded annually.
- First City Bank pays 9 percent simple interest on its savings account balances, whereas Second City Bank pays 9 percent interest compounded annually If you made a deposit of $7,500 in each bank, how much more money would you earn from your Second City Bank account at the end of eight years?Find that how much must be invested at the end of every year at 11% so that $15,000 will be accumulated at the end of five years?A bond pays $1000 in 5 years an earns an annual interest rate of 2.75%. What is the bond's price? Assume annual compounding. Round your answer to two decimal places.
