A $50,000 GIC will earn $70,000 of interest over its 10-year term. What is the monthly compounded nominal rate of interest?

Q: An amount of $43,000 is borrowed for 6 years at 6.5% interest, compounded annually. If the loan is…

A: Interest is compounded annually, therefore n=1

Q: The cost of a four-year private college education (after financial aid) has been estimated to be…

A: Given data,   Here p is amount invested. This quantity is to be found. t is number of years. Here…

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: According to the Federal Reserve, from 1971 until 2014, the U.S. benchmark interest rate averaged…

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Q: You invested $9,000 at the end of each quarter for 8 years in an investment fund. If the balance in…

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Q: If $12000 had been invested in a certain investment fund on September 30,2008, it would have been…

A: compounded interest formula A=P(1+rn)nt A=53625.75 P=12000 r=? t=10 years n=1 (compounded annually)…

Q: The Get Rich Investment Group had a $25,000 investment grow to $40,000 over a ten- year period. The…

A: To find the interest rate

Q: A $5000 investment is made in a savings account that pays 10%/a compounded quarterly. How long will…

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Q: An account is compounded monthly for 5 years with an APR of 9%. For the principle amount of $15,000.…

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

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Q: You deposit $2000 each year into an account earning 2% interest compounded annually. How much will…

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Q: A newborn child receives a $5,000 gift toward a college education from her grandparents. How much…

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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: Beck would like to be a millionaire in 35 years. How much would she need to invest quarterly in a…

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Q: A credit card has a compound interest rate of 22.5% per year on overdue balances. How much interest…

A: According to question given thatCredit card interest rate= 22.5% per yearBalance= $485.00

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: brittany made equal deposits at the beginning of every 3 months into an RRSP. At the end of 7 years,…

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Q: If you placed $1 into an account that paid interest at a rate of 6% and compounded the interest…

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

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Q: If $1300 is deposited in a savings account paying 9% interest, compounded quarterly, how long will…

A: Use the formula for compound interest A=P((1+(r/n))^(nt)) A=the amount in the account after t years…

Q: Springfield Florist plans to replace its delivery vehicle in three years. If they set aside $16,000…

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Q: An investment of 10,000 yields 8% interest compounded quarterly. What will be the accumulated…

A: Given    present value= 10000 interest rate=8% compounded quarterly

Q: You put $8,000 into an account that earns 4% interest compounded annually. How much money will be in…

A: We have to apply the compound interest formula for the given problem.

Q: You deposit $4000 each year into an account earning 8% interest compounded annually. How much will…

A: To determine the cumulative amount accrued by the investment under the given terms.

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

A: The amount accumulated for an amount P deposited for t years at an interest rate of r% compounded n…

Q: You deposit $4,000.00 each year into an account earning 2% interest compounded annually. How much…

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Q: An investment of $5,650 is made in an account compounded quarterly at 5.1%. How much will the…

A: The term per cent means for every hundred. A fraction whose denominator is 100 is called a…

Q: Find the amount we would need to deposit today as a lump sum to achieve $420,000 in 30 years at 6%…

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Q: John deposits $2,000 into a CD that guarantees a 5.8% annual interest rate, compounded yearly. How…

A: Initial deposite= P= 2000 Final amount=A=? Time=t= 4 years  Interest rate = 5.8%=0.058  Number of…

Q: A year-end bonus of $27,000 will generate how much money at the beginning of each month for the next…

A: An annuity is an investment put in a certain amount of money each year or each month. there are two…

Q: You deposit $3200 in a bank with annual interest rate of 3.5% compounded annually. What would you…

A: The deposit is $3200, interest rate is 3.5% compounded annually. The balance amount be 5 years later…

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

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Q: At the birth of their child, how much should a couple invest to have $20,000 on the child's 18-th…

A: The principal investment required to get a total amount of $20,000.00 from compound interest at a…

Q: A year-end bonus of $20,000 will generate how much money at the beginning of each month for the next…

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Q: For an interest rate of 9% per year, compounded monthly, the effective monthly rate is closest to:

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Q: A newborn child receives a $8000 gift toward a college education from her grandparents. How much…

A: Topic = Algebra

Q: An investment fund pays 3.25% per year, compounded monthly, on all money invested. How much interest…

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Q: A loan of $42,000 is made at 8.75% interest, compounded annually. After how many years will the…

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Q: You deposit $1000 each year into an account earning 3% interest compounded annually. How much will…

A: Given, every year $1000 is deposited with 3% compound interest annually. here we shall use the…

Q: You deposit $4000 each year into an account earning 8% interest compounded annually. How much will…

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Q: A loan of $47,000 is made at 6.75% interest, compounded annually. After how many years will the…

A: The principal amount of loan is $47000. The rate of interest per year is 6.75%. The amount with…

Q: A year-end bonus of $24,000 will generate how much money at the beginning of each month for the next…

A: The present value of an annuity is given by  Present Value=PMT1−1+i−ni1+i For a year, n = 12. Since…

Q: The Get Rich Investment Group had a $25,000 investment grow to $40,000 over a ten-year period. The…

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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: How much would you need to deposit in an account now in order to have $4000 in the account in 10…

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Q: If we invest $4,000.00 in an investment accoint with a 3% APR interest rate, compounded monthly, how…

A: here we have  P=4000 r=3%=0.03 n=12 for monthly compound  t=6 years

Q: You deposit $2000 each year into an account earning 7% interest compounded annually. How much will…

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