Create an interest calculator that takes input of initial balance and calculates the account balance after the first, second, third and fourth year. The account earns 5 per cent interest per year.
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5. Create an interest calculator that takes input of initial balance and calculates the account balance after the first, second, third and fourth year. The account earns 5 per cent interest per year.
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- Use Future Value and Present Value Tables to Apply Compound Interest to Accounting Transactions Kristen Quinn makes equal deposits of $500 semiannually for 4 years. Required: What is the future value at 8%? (Note: Round answers to two decimal places.)Find the amount invested in a saving account so that the balance at 7% interest compounded annually is $6,710 after 11 months.Use the formula for continuous compounding to compute the balance in the account after 1,5, and 20 years. Also, find the APY for the account. A $17,000 deposit in an account with an APR of 3.5% The balance in the account after 1 year The balance in the account after 5 years The balance in the account after 5 years
- Suppose that $4500 is invested in an account that pays 2% annually and is left for 4 years. 1) How much will be in the account if interest is compunded quarterly? 2) How much will be in the account if interest is compouded continuously?Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account. A $13,000 deposit in an account with an APR of 4.5%. The balance in the account after 1 year is approximately $nothing. find the APY for the account.A customer has a balance of $4,000 to be invested in a savings account with 5% interest per year. A. Calculate the Future Value in the account in the 2nd year, 6th year and 10th year? B. From the results found in question A, calculate the amount of interest earned on: first two years (years 1 to 2)the next four years (years 3 to 6)past four years (years 7 to 10) C. From the results obtained in question B, why does the amount of interest earned increase in each subsequent period?
- Suppose you invest $1,250 in an account paying 8% interest per year. a. What is the balance in the account after 3years? How much of this balance corresponds to "interest on interest"? b. What is the balance in the account after 31 years? How much of this balance corresponds to "interest on interest"?Suppose you invest $1,200 in an account paying 4% interest per year. a. What is the balance in the account after 2 years? How much of this balance corresponds to "interest on interest"? b. What is the balance in the account after 25 years? How much of this balance corresponds to "interest on interest"?Suppose that you deposit $7000 in a savings account that pays 4% annual interest, with interest credited to the account at the end of each year. Assuming that no withdrawals are made, complete the following: a. Find the balance in the account after 5 years. b. Find the balance of the account after 9 years and 10 months.
- 1.Calculate the compound amount when $4000 is deposited in an account earning 6% interest, compounded monthly, for 2 years.3. You deposited $250 in the bank for 5 years at 12%. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the compounded amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. Year Year Beginning Balance Interest Year End Balance 1 $250.00 ? ? 2 ? ? ? 3 ? ? ? 4 ? ? ? 5 ? ? ? PLEASE NOTE #1: All dollar amounts will be with "$" and commas as needed and rounded to two decimal places (i.e. $12,345.67). Use the future value of $1 table in the Appendix B PV FV Tables Appendix B PV FV Tablesand verify that your answer above is correct. Present Value (PV) PV FV Factor Future Value (FV) ? ? ? PLEASE NOTE #2: All factors from the PV FV Tables are rounded to three decimal places (i.e. 1.234).An amount of $1800 is deposited for 7 years in an account that earns 7% interest. (Round your answers to two decimal places.) (a) Calculate the simple interest earned. (b) Calculate the interest earned if interest is compounded daily. (c) How much more interest is earned on the account when the interest is compounded daily?
