A bank has decided to set its interest rates to compound monthly on all deposits in order to give customers the same benefits as its current offering of 2.37% compounded quarterly. At what value should the monthly compounded interest rate be set? % Round to four decimal places

Q: What rate of interest compounded quarterly will yield an effective interest rate of 7%?

A: Effective interest rate=1+inn-1

Q: How much would you need to deposit in an account now in order to have $2000 in the account in 15…

A: Given problem Given that   A = $ 2000 T = 15 years Rate of interest = 7% = 0.07 Compounded monthly…

Q: What nominal interest rate compounded monthly is equivalent to 4.50% compounded quarterly?

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Q: If the nominal interest rate is 14.5% per year compounded weekly, the effective annual interest…

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Q: If $11,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

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Q: A year-end bonus of $25,000 will generate how much money at the beginning of each month for the next…

A: Given that the year-end bonus is $25,000 that can be invested at 6.15% compounded monthly.

Q: Mason invested $65,000 in an account paying an interest rate of 4.6% compounded annually. Assuming…

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Q: Grace invested $5,200 in an account paying an interest rate of 4.6% compounded daily. Assuming no…

A: Given; Principal,P=$5200 Time,t=11 years Rate,r=4.6% compounded daily.

Q: Levi invested $5,300 in an account paying an interest rate of 2.4% compounded daily. Assuming no…

A: topic - exponents

Q: If Landon invests $3,000 in a 6-year certificate of deposit at the annual rate of 7.75%, compounded…

A: Let A be the amount of future value of investment,then A can be calculated as follows

Q: If a savings fund pays interest at a rate of 6% per year compounded semiannually, how much money…

A:

Q: An amount of $29,000 is borrowed for 15 years at 8.25% interest, compounded annually. If the loan is…

A:

Q: A man deposits $ 36,200 into a bank, which pays 12% interest that is compounded quarterly. What will…

A:

Q: Ben Franklin's gift of $5,000 to New York City grew to $7,000,000 in 200 years. At what interest…

A: The principal amount, P = $5,000 Future amount, A = $7,000,000 Time, t = 200 years The number of…

Q: A bank has decided to set its interest rates to compound monthly on all deposits in order to give…

A: We know the compound interest formula:A=P1+rnntwhere A=Principal amount +interest Amount…

Q: Ian invested $90,000 in an account paying an interest rate of 2.6% compounded quarterly. Assuming no…

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Q: A loan of $27,000 is made at 8.25% interest, compounded annually. After how many years will the…

A: A=P1+rtP is the initial amountA is the amount after t years.r is the rate of interest

Q: Find the value of a $3,000 certificate in 2 years, if the interest rate is 10% compounded annually.

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Q: If a savings fund pays interest at a rate of 2% per year compounded semiannually, how much money…

A: The amount to be invested is calculated using the formula,

Q: An amount of $43,000 is borrowed for 7 years at 5% interest, compounded annually. If the loan is…

A:

Q: An account is opened with an initial deposit of $4600 and earns 7.3% interest, compounded…

A: NOTE: Refresh your page if you can't see any equations. . here we have P=4600 r=7.3%=0.073 n=2 for…

Q: If $8,000 is invested at 3% compounded quarterly, what is the amount after 5 years? The amount after…

A: Given that, P = $8000 r = 0.03 n= 4 t = 5 years The formula for calculating the compound interest…

Q: Find the effective rate of interest corresponding to a nominal rate of 12%/year compounded in the…

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Q: Jayden invested $65,000 in an account paying an interest rate of 2.1% compounded quarterly. Assuming…

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Q: An amount of $37,000 is borrowed for 10 years at 4.25% interest, compounded annually. If the loan is…

A: Given information:- An amount of $37,000 is borrowed for 10 years at 4.25% interest, compounded…

Q: 3. Find the compound amount and interest on P1, 500 at the end of 35 years and 9 months, if the…

A: Question number 3 has been solved as per the requirement of the student.

Q: If you invest $10,400 at an interest rate of 2.5% compounded monthly, when will your investment be…

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Q: If $15,000 is invested at 6% compounded quarterly, what is the amount after 5 years? The amount…

A:

Q: At the time of her grandson's birth, a grandmother deposits $13,000 in an account that pays 3.5%…

A: a) Grandmother deposits (P) is $13,000. Interest rate is, 3.5%. That is r = 3.5/100 = 0.035. Number…

Q: A couple who borrow $90,000 for 20 years at 8.4%, compounded monthly, must make monthly payments of…

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Q: How much would you need to deposit in an account now in order to have $6000 in the account in 10…

A: The future value of the deposit is $6000. The period is 10 years and the monthly compounded interest…

Q: If a savings fund pays interest at a rate of 3% per year compounded semiannually, how much money…

A: Compound interest is a form increments in the savings where each increment is added regularly to the…

Q: If Jackson deposits $180 at the end of each month in a savings account earning interest at a rate of…

A: Monthly Compounding:

Q: How much can be paid in scholarships at the end of each year if $650,000 is deposited in a trust…

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Q: At the time of her grandson's birth, a grandmother deposits $11,000 in an account that pays 6%…

A: At the child's 21 st  birthday total amount in account will be $

Q: Nathan invested $3,500 in an account paying an interest rate of 3.5% compounded quarterly. Assuming…

A: Initial amount=P= 3500  Final amount=A=? Time= t=19 years  Interest rate=r= 3.5%= 0.035  Number of…

Q: Find the present value of $10,000 if interest is paid at a rate of 9% per year, compounded…

A: A=P1+rnntFor compounded semiannually, n=2

Q: A newborn child receives a $7,000 gift toward a college education from her granparents. How much the…

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Q: An account with a principal amount of $12000, invested at an unknown interest rate, and compounded…

A: An account with a principal amount of $12000, invested at an unknown interest rate, and compounded…

Q: If an annual interest rate is 12% and is compounded monthly, then what is the interest rate per…

A: NOTE: Refresh your page if you can't see any equations. . the annual rate is 12% and is compounded…

Q: A deposit of $1000 is made into an account that earns interest at an annual rate of 5%. If allowed…

A: what would be the resulting total account balance if the interestcompounded monthly?

Q: The managers of a pension fund have invested $1,500,000 in U.S. government certificates of deposit…

A:

Q: If Jackson deposits $80 at the end of each month in a savings account earning interest at a rate of…

A: Given,  P = $80 R = 3% = 0.03 n= 12 t=4

Q: How much must you deposit in an account that pays 8% interest, compounded monthly, to have a balance…

A:

Q: A year-end bonus of $22,000 will generate how much money at the beginning of each month for the next…

A: The payment that has to be done at the beginning of each period is Annuity. In this problem, the…

Q: What interest rate, compounded quarterly, is equivalent to a 9.31% effective interest rate?

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Q: find the value of a $3000 certificate in 2 years, if the interest rate is 10% compounded annually…

A: Formula used;-          Amount = Principal(1+rate/100) n(no.of years)

Q: If saving account awards interest of 3 percent per year compounded semiannually, what amount must…

A: In case of interest compoundedly semiannual Rate = annual rate/2 Time = 2* annual time Hence rate=…

Q: If $5,000 is invested at 4% compounded quarterly, what is the amount after 9 years? The amount after…

A: According to the given information:The amount invested (P) = $5,000Rate of interest (r) = 4% =…

Q: A couple who borrow $60,000 for 20 years at 8.4%, compounded monthly, must make monthly payments of…

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