Eugene invests a sum of money in a savings account with a fixed annual interest rate of 6.13% compounded 4 times per year. After 8 years, the balance reaches $9,434.43. What was the amount of the initial investment

Q: Six and a half years ago Chris invested $9000 in a retirement fund that grew at the rate of 10.44%…

A: Use the formula for compound interest and put the given values .

Q: Robin, who is self-employed, contributes $5,500/year into a Keogh account. How much will he have in…

A:

Q: 12. Leslie deposited $3000 into a CD and is earning 5% interest, compounded quarterly. What will be…

A: Given deposited amount =$3000 , rate =5% and time 10 year We have to find value of CD after 10 year

Q: You have decided to open a savings account and put $5000 in your local bank. If you had an interest…

A: Let t months would take you to earn at least $800 in interest. Given: interest rate: 1.3%…

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

A: Given that  A newborn child receives a $5,000 gift towards a college education from her…

Q: You would like to have $550,000 when you retire in 35 years. How much should you invest each quarter…

A:

Q: Budjanga, a business man wants to have P500, 000.00 four (4) years from now. What amount should he…

A: assume he invest amount = P after four years Amount A = 50000

Q: Mary's saving account has a balance of $7254. After 12 years at a rate of 4.2% compounded…

A: Note -  Acc. to Bartleby guidelines, we are supposed to do only one question. If you want more to be…

Q: When Abram was born, his parents put $2,000 into an account that yielded 1.2% interest, compounded…

A:

Q: Susan invested $2,500.00 per year in an IRA each year for 10 years. The interest rate was 7%…

A:

Q: Jon Deposits $4,500 into an account paying 7% annual interest compounded quarterly and Sara deposits…

A:

Q: Eugene began to save for his retirement at age 32, and for 10 years he put $ 275 per month into an…

A:

Q: You have $10,000 in a bank. If you get 4% compounded monthly and withdraw $400 at the end of each…

A: You have $10,000 in a bank. If you get 4% compounded monthly and withdraw $400 at the end of each…

Q: Rick deposited $1500 into his saving account every month for 8 years. How much money does Rick have…

A:

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: Charley’s credit card APR is 28.95% compounded daily. What is her actual interest rate per year?

A:

Q: You deposit $5,000 in a savings account that earns 6% simple interest per year. How many years will…

A:

Q: You want to have $100,000 when you retire in 10 years. If you can earn 3% interest compounded…

A:

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

A:

Q: Monique invested $46,900 in a mutual fund at 4% compounded annually. After 4 years, the interest…

A: Here we have to find out the value after 4 and additional 7 years

Q: The adult children of a college professor are endowing a scholarship fund in their father’s name.…

A: Given that, Present value = P = $1000 Interest rate = r = 6% = 0.06 Time = n = 3years

Q: Pamela invests $16,300 in a savings account for which interest is compounded monthly, and if the…

A:

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

A:

Q: If you have ​$50,000 in a bank account that is paying an interest rate of 9 percent that is being…

A: Given information P=$50,000 Rate of interest r=9% ⇒r=9100=0.09 A=2P=$100,000 n=compounded annually=1…

Q: Atticus College predicts that in 14 years it will take $250,000 to attend the college for four years…

A:

Q: You want to have $500,000 when you retire in 30 years. If you can earn 4% interest compounded…

A: We have to set up the compound formula first.

Q: Noah invested $8,600 in an account paying an interest rate of 2.4% compounded monthly. Assuming no…

A: Use the directly formula for compound interest.

Q: Olivia invested $1000 in an account that pays 2.5% interest compounded annually. Assuming no…

A: Olivia invested $1000 in an account that pays 2.5% interest compounded annually. Assuming no…

Q: Sally makes deposits into a retirement account every year from the age of 30 until she retires at…

A:

Q: A company needs $6,500,000 in 7 years in order to expand their factory. How much should the company…

A: We will find out the required weekly payment.

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: Approximately how much money would Manny have if he invested $1,200 at an interest rate of 5% for 7…

A:

Q: For her first birthday, Ruth's grandparents invested $800 in an 18 year certificate for her that…

A:

Q: David deposited P2,500 for 2 years at 10% compounded annually and earned a compound interest of…

A: Given that the principle amount=2500And compound interest=525So the future value= 2500+525=3025

Q: How much should you invest each month in order to have $300,000 if your rate of return is 5.5%…

A: Given Data: Future Value =$300,000 Rate of interest =5.5%=0.055 Time t=40 years n=12 Formula: future…

Q: Mikayla invested $70,400 in a mutual fund at 2.6% compounded annually. After 4 years, the interest…

A: Given,  Principal = p =$ 70,400  Rate of interest = r= 2.6 % compounded annually  Time period = t =…

Q: Jane Roznowski wants to invest some money now to buy a tractor in the future. If she wants to have…

A:

Q: A 55-year-old man deposits $50,000 to fund an annuity with an insurance company. The money will be…

A:

Q: Lydia is going to invest $210 and leave it in an account for 17 years. Assuming the interest is…

A:

Q: ack invested $7,100 in an account paying an interest rate of 3% compounded ontinuously. Henry…

A:

Q: Jane Roznowski wants to invest some money now to buy a new tractor in the future. If she wants to…

A: Here we need to apply the concept of compound interest compounded monthly

Q: Ahmed invested $1,542 in a savings account, and three and a half years later his investment amounted…

A: This question is related to compound interest, We will solve it using given information.

Q: when you retire in 15 years. If you can earn 3%

A:

Q: If you put $900 in the bank at 5% annual interest for 10 years compounded semiannually, how much…

A: Determine the accumulated amount if $900 is deposited in the bank at 5% annual interest for 10 years…

Q: You deposit $3000 in an account that pays 7% interest compounded semiannually. After 3 years. The…

A:

Q: you want to retire with $1,500,000 in 40 years and can earn a rate of 10.8% with monthly…

A: We can find pmt using Excel .

Q: Maryam is planning to invest P150,000. Bank A is offering 7.5% compounded semi- annually while Bank…

A: The principal will be equal to 1,50,000 . From bank A , The rate = r               =7.5%…

Q: You just sold a house for $200,000. You can invest the money at 5%/a compounded semiannually How…

A: Given: Principle amount P0 = $ 200,000 Annual Interest Rate r = 5% = 5100= 0.05 Number of…

Q: Tamira invests $5,000 in an account that pays 4% annual interest. How much will there be in the…

A: Given: Principal amountP=$5000, timet=5 years, rate of interest semi-annuallyr=4% We know that if…