Autumn is making quarterly contributions of of $450 to her savings account which pays interest at the APR of 8.2%, compounded quarterly. Right after Autumn makes her 32nd contribution, the bank changes the APR to 6.2% and Autumn makes 59 more $450 contributions. What is Autumn's balance right after her last contribution?

Q: Mai Lee has contributed $250 at the end of each month into her company's employee retirement account…

A: answer and calculations are given below

Q: Frank is making quarterly contributions of $240 to his savings account which pays interest 7.5%,…

A: The time value of money is used to calculate the present values and future values of any stream of…

Q: Mai Lee has contributed $175 at the end of each month into her company's employee retirement account…

A: Future value of Annuity is the value of stream of recurring cashflow at regular interval compounded…

Q: On June​ 1, Mia deposited $3,800 in an MMDA that pays 4​% interest. On October​ 31, Mia invested…

A: The amount earned on any deposits is the sum total of interest earned taking into consideration the…

Q: Lyndsay puts $1,000.00 into a savings account that pays 3% interest, compounded annually. As the…

A: When the interest is deposited after a year, interest is also received on the interest component…

Q: Kyler deposits $225 each month into an annuity at 6.2% annual interest for 25 years . At the end of…

A: Solution:- When an amount is invested somewhere, it earns interest on it. The amount initially…

Q: Starting three months after her grandson​ Robin's birth, Mrs. Devine made deposits of ​$100 into a…

A: Given the information in question Quarterly deposit=$100 The time period of deposit =21 year The…

Q: At age 18, Marcia started depositing $2000 per year at the end of each year into an account earning…

A: Annuity, A = $ 2,000Rate of interest = r = 12%number of annuities, n = 8

Q: On January 1, 2009, Karina owed $11,981 to her friend Gregory, who was kind enough not to charge…

A: The question relates to a loan with 0% interest rate. In this case it is only the principal amount…

Q: Sally deposited $250 a month in her savings account for 36 months. For the next 6 years she made no…

A: A savings account is a type of depository account offered by the bank for the purpose of customer…

Q: Eight years after opening her savings account, Macy had $7,880 in the account which earns annual…

A: Simple interest is based on the principal balance of the loan or the initial deposit in a bank…

Q: Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer…

A: Monthly payment can be calculated using the formula of the present value of annuity. Present value…

Q: Carol has joined an employees’ savings plan. She has $200 withheld monthly from her paycheck and…

A: Annuity refers to series of annual payment which is paid or received at start or ending of specific…

Q: Shelley Katz deposited $30,000 in a savings account at 5% interest compounded semiannually. At the…

A: Present value is the current worth of the future expected cash flows that an investor obtain from…

Q: Ivana deposits $2000 annually into a Roth IRA that earns 6.85% compounded annually. Due to a…

A: Annual deposit for 10 years = $ 2000 Annual interest rate = 6.85% Period of future value = 25+10 =…

Q: Starting on his 25th birthday, Jason makes 20 semi-annual payments of P15,000 each in a savings…

A: Compound interest refers to the interest that is calculated on a deposit or loan on the basis of an…

Q: After retiring, Gabriella wants to be able to withdraw $7,000.00 every quarter from her account for…

A: Future Value: It is  the worth of a resource at a particular date.  It estimates the ostensible…

Q: Starting three months after her grandson​ Robin's birth, Mrs. Devine made deposits of ​$95 into a…

A: Present value is computed by discounting the future cash flows by using an appropriate discount…

Q: Jasmine is making monthly contributions of of $340 to her savings account which pays Interest at the…

A: Given:

Q: Jeremy and Bill each have $57,043 to invest in a retirement account whose annual rate is 2.9% with…

A: As the compounding is monthly the effective rate = [1+(apr/12)]^12 - 1 = [1+(2.9%/12)]^12 - 1 =…

Q: On the first day of the year, a woman deposits P50,000 in a bank at 10% per year, compounded…

A: Given, Principal amount (P) = P50,000 Rate of interest (r) = 10% Compounded = Annually Withdrawn…

Q: Isabelle makes deposits of $365 monthly (at the end of each month) into an account that pays 1.5%…

A: Annuity refers to series of equalized payments that are either made at start or end of specific…

Q: Mrs. Kimberly deposited P 300, 000 in an account earning 8% compounded every 6 months. On the 2th…

A: Compound interest: Compound interest denotes an interest computed on the total initial deposits and…

Q: At the end of each quarter, a 52-year-old individual puts $1600 in a retirement account that pays…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: On January 1, a woman deposits $5000 in a credit union that pays 8% nominal annual interest,…

A: Computation:

Q: Jasmine is making quarterly contributions of of $440 to her savings account which pays interest at…

A:

Q: Amy has accumulated a credit card debt of $7,100 and she has decided to pay it off over the next 3…

A: The question is based on the concept of repayment of loans on reducing balance method.  The loan…

Q: Derek currently has $10,579.00 in an account that pays 6.00%. He will withdraw $5,474.00 every other…

A: Future value represents the future worth of existing cash flows. It is determined by compounding…

Q: How much should the parents place at the end of each year into a savings account that earns an…

A: This problem expects the present value of 45,000.  interest = 4.8% period = 16 years   We also need…

Q: On Juan’s 26th birthday, he invested $7,500 in a retirement account. Each year thereafter he…

A: A concept through which it is studied that the current worth of money is higher than its future…

Q: For 30 years, lilly contributed $180 every month to savings accountthat earns 1.6%…

A: Balance at the end of 45 years will be future value of monthly savings

Q: Jason makes six end-of-year deposits of $2,000 each in a savings account paying 5% compounded…

A: Annual deposits = $2,000 Rate = 5%   First calculate the future value of annuity at the and of 6…

Q: Linda has joined a Christmas Fund Club at her bank. At the end of every month, december through…

A: Computation:

Q: Juanita has $100 deducted from her paycheck at the end of each month and put into a savings account…

A: Monthly Payment (pmt) = $100Interest Rate (rate) = 11%Type of Interest Compounded = MonthlyTime…

Q: Mrs. Santos deposits P5,500 at the end of every six months in a savings account for her daughter's…

A: Deposit = 5500 every 6 months End of month deposits Interest rate = 4% semi annual period N = 21…

Q: For 12 years, at the beginning of every month, Elsa deposits $200 into a savings account. Once the…

A: The cumulative value of an investment is the entire amount it now possesses, including the money…

Q: Helena deposited P3,000 every beginning of 6 months for 10 years at Metro Bank at 9% compounded semi…

A: FV is the future worth of cash flows that have occurred in the past or present.

Q: How much will be in the account when the individual retires at age 65 if the savings program starts…

A: Future Value of Annuity: It represents the future worth of the present stream of annuity cash…

Q: Jason makes six EOY deposits of $2,000 each in a savings account paying 5% compounded annually. If…

A: The compound interest is calculated on the principal amount annually. It considers the present value…

Q: Jack made monthly contributions of $200 to his son's RESP for a total of 12 years. The contributions…

A: Future Value: Using an expected rate of growth, future value (FV) is defined as the worth of a…

Q: ica deposits her annual business profit into a savings account that pays 7% interest compounded…

A: Future Value refers to the value of the current asset or investment or cash flows at a specified…

Q: Starting three months after her grandson​ Robin's birth, Mrs. Devine made deposits of ​$105 into a…

A: Given information in question Quarterly deposit=$105 Time period of deposit =21 year Total period of…

Q: On October 1, Lorelai made a single deposit of $12,000 into an investment account which earns…

A: In this question future value of the initial deposit is to be find out. Future value is the value of…

Q: On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year  compounded annually.…

A: future value = present value *(1+ rate) value at the end of 1st year = 1000 * 1.08 = 1080 amount…

Q: If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest…

A: Given information: Payment made at each year amounted to $100 Number of years is 6, Interest rate is…

Q: Carol has joined an employees’ savings plan.  She has $200 withheld monthly from her paycheck and…

A: Money in account after 3 years. Since the company contribution will not become available till at…

Q: arie deposits 1,000 into an account that pays interest at an annual nominal rate of interest of ?,…

A: Money is deposited into account that earn the interest on the account and that interest is being…

Q: An individual deposited P35,000 and earns 3% interest compounded quarterly. After six years, how…

A:

Q: From age 20 to 35, Susan deposits $350 semi-annually in a savings account paying 6.12% compounded…

A: Time value of money concept is used to determine the worth of money today is different from that in…

Q: Irene makes six annual deposits of $2,000 in a savings account that pays interest at a rate of 4%…

A: Annual deposit (PMT) = $2,000 Interest rate = 4% Number of periods = 6