A speed boat bought for $13,000 depreciates at 10% per annum compounded continuously. What is its value after 7 years? Round the answer to nearest dollar. Select the correct answer below: 6,456 6,356 6,256 6,156 6,056

Q: What lump sum do parents need to deposit in an account earning 13%, compounded monthly, so that it…

A: If an amount P is invested for a duration of t years at a rate of r% per compounded monthly, then…

Q: How much money should be invested in an account that earns 9% interest compounded quarterly to yield…

A: Given: FV=$10,000 t=4 yearsr=9%n=4 compounded quarterly Let the money invested is P…

Q: Nancy wants to invest $4000 in saving certificates that bear an interest rate of 9.75% per year,…

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Q: Evelyn placed $1,500 in a savings account which earns 5.2% interest, compounded annually

A: The formula one need to use here is A=P1+rt P is the principal or the amount invested r is the rate…

Q: You have decided to set aside a fixed amount every quarter in order to have $28,000 available for a…

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Q: How long will it take for an investment to double in value if it earns 56​% compounded​…

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Q: If you leave $5400 in an account earning 4% interest, compounded daily, how much money will be in…

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Q: Find the time required for an investment of 5000 dollars to grow to 6400 dollars at an interest rate…

A: Initial Amount  P=$5000final Amount  A=6400                         n=4 r=7.5 % per year ⇒  r=0.075

Q: Find the final amount of money in an account if $7,600 is deposited at 3% interest compounded weekly…

A: Use compound interest formula

Q: $25,600 at an interest rate of 10.4% if the interest is compounded quarterly? Round the number

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Q: Nadav invests $6,000 in an account that earns 5% interest compounded continuously. What is the total…

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Q: You choose to invest your $3,310 income tax refu d check (rather than spend it). In an account…

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Q: A 20% compounded quarterly has an equivalent rate of 3.9804%, how many times does it pay every year?…

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Q: How much should be invested today at 5.95% compounded quarterly to have $11,000 in 15 years?…

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Q: If you have $40,000 in a bank account that is paying an interest rate of 6 percent that is being…

A: Given:- If you have $40,000 in a bank account that is paying an interest rate of 6 percent that is…

Q: Suppose that the purchase price of Manhattan in 1626 was recently re-estimated by historians to be…

A: time period t = 2020-1626 t = 394 years p = $40 compounded quarterly n= 4 Formula of CI: A=P(1+rn)nt

Q: a women invest in $6200 in an account that pays 6% intrest per year, compounded continuosly. what…

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Q: Find the final amount of money in an account if $9,400 is deposited at 8% interest compounded…

A: Initial amount=P= 9400 Interest rate= r= 8%=0.08 Time=t= 6 years Number of times compounded in a…

Q: Marcus buys a $1250 certificate of deposit (CD) that earns 6.6% interest that compounds monthly. How…

A: See the handwritten solution

Q: How many years does an investment take to double if it is invested at 4.5% interest, compounded…

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Q: Your parents invested $3,000 into a savings account for you in 2008. If the account earns 4.5%…

A: Compound interest Formulae A= P1+rnnt, Where p = principal , r =rate of interest , n=4compound…

Q: is

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Q: Abby and George are setting up a college fund for their newborn daughter and want to have $150,000…

A: Use compound interest formula

Q: A promissory note will pay $61000 at maturity 6 years from now. If you pay $38125 for the note, what…

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Q: To save for a new car, Trafton invested $3,000 in a savings account that earns 1.5% interest,…

A: Given that Trafton invested $3000 into saving account at the compound interest of 1.5% for 4 years.…

Q: At age 20, you start an IRA to save for retirement. You deposit $65 at the end of each month. If you…

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Q: Owen invested $81,000 in an account paying an interest rate of 3 % compounded continuously. Zoe…

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Q: David invests $800 into an account with a 2.3% interest rate that is compounded semiannually. How…

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Q: Find the final amount of money in an account if $8, 400 is deposited at 3 % interest compounded…

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Q: Find the final amount of money in an account if $1, 000 is deposited at 4 % interest compounded…

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Q: To save for a new car, Trafton invested $3,000 in a savings account that earns 5.5% interest,…

A:

Q: Rowan invests $600 into an account with a 2.9% interest rate that is compounded quarterly. How much…

A: Given p=$600, r=2.9% (r=0.029), t=5 years  for compounded quarterly n=4

Q: Tessa invests $5700 in a new savings account which earns 3.7% annual interest, compounded…

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Q: Find the final amount of money in an account if $4, 600 is deposited at 8% interest compounded…

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Q: Assume your goal is to cover the entire cost of your child’s college education; estimated to be…

A: This is a compound intrest problem

Q: How long will it take an investment of $2000 to double if the investment earns interest at the rate…

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Q: If you want to earn 2% annual simple interest on an investment, how much should you pay for a note…

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Q: You invested $7,500 in a stock whose value is depreciating by 9% per year, compounded annually.…

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Q: Find the value of $15,000 at the end of one year if it is invested in an account that has an…

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Q: How long will it take an investment of $9000 to double if the investment earns interest at the rate…

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Q: A principal of $1700 is invested at 5.5% interest compounded annually. How much will the investment…

A: Please see the answer in Step 2

Q: Tessa invests $9100 in a new savings account which earns 4.1% annual interest, compounded quarterly.…

A: Given, Investment amount = $ 9100 annual interest rate = 4.1%  time duration = 4 years the amount is…

Q: A 3% compounded bi-monthly has an equivalent rate of 1.508%,how many times does it pay every year? O…

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Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 7% interest…

A: From the given information, Consider,  Total deposit at life long Trust Saving and loan =$1000…

Q: If you want to earn 2% annual simple interest on an investment, how much should you pay for a note…

A: Given: Future value, A=$14,500 Annual simple interest, r=2% Time, t=10 months To find: Present…

Q: If you leave $1400 in an account earning 7% interest, compounded daily, how much money will be in…

A: To find the money  in the account after 4 years.

Q: Greg invests $13,000 in an account that pays 5.5% interest per year, compounded quarterly. How much…

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Q: You invest $2000 in an account that pays an APR of 6%. a. What is the value of the investment after…

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Q: What rate of interest (as a percent), compounded monthly, is needed for $1000 to grow to $11500…

A: P: the principal, amount invested A: the new balance t: the time r: the rate

Q: Find the final amount of money in an account if $1,600 is deposited at 4.5%interest compounded…

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