How long in years will a certain sum of money to triples its amount when deposited at a rate of 7% compounded monthly? 15.74 yrs 16.74 yrs 17.74 yrs 18.74 yrs
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A: Present value is the value of the future expected/calculated amount as of today.
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A: Total dollar amount available upon the deposit of the 7th payment = P{[(1 + r)^n - 1] / r}
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Q: How long in years will a certain sum of money to triples its amount when deposited at a rate of 5%…
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A: For solving this we need to calculate the present value of future using discount rate and period.
Q: How long in years will a certain sum of money to doubles its amount when deposited at a rate of 6%…
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Q: How long in years will a certain sum of money to doubles its amount when deposited at a rate of 8%…
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A: Effective Annual Rate = 1+Nominal RateNumber of PeriodsNumber of Periods-1
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A: Formula: Future value = Present value x ( 1 + r )N R = Rate of interest N = Number of years
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- How long in years will a certain sum of money to triples its amount when deposited at a rate of 5% compounded monthly? Choices: - 24.02 yrs - 23.02 yrs - 21.02 yrs - 22.02 yrs with full solutions pls thanksHow long in years will a certain sum of money to doubles its amount when deposited at a rate of 6% compounded bi-monthly?For a sum of money to double itself in 10 years, what must be the rate of interest compounded annually? a. 7.18% b. 6.18% c. 71.8% d. 8.18%
- What sum of money will grow to $6475.75 in 6.4 years at 2.03% compounded semi-annually?If $1000 is invested annually at 6% continuous compounding for each of 10 years, how much is in the account after the last deposit? (a) $1822 (b) $10,000 (c) $13,181 (d) $13,295You wish to have $20,000 in an account 8 years from now. How much moneymust be deposited in the account now in order to have this amount if theaccount pays 12% compounded annually?(a) $8,490(b) $8,871(c) $7,632(d)$8,078
- 9. A 6% compounded monthly has an equivalent rate of 1.2042%, how many times does it pay every year?Group of answer choices 5 2 3 4 11. How long in years will a certain sum of money to doubles its amount when deposited at a rate of 1% compounded bi-monthly?Group of answer choices 69.37 yrs 68.37 yrs 70.37 yrs 71.37 yrsA 20% compounded quarterly has an equivalent rate of 10.25%, how many times does it pay every year?Group of answer choices 3 4 2 1 How long in years will a certain sum of money to doubles its amount when deposited at a rate of 7% compounded bi-monthly?Group of answer choices 8.96 yrs 10.96yrs 9.96 yrs 11.96yrsIf K40, 000 is deposited at the end of each half year in an account that earns 6.2% compounded semiannually, how long will it be before the account contains k1, 200, 000? b. When you establish a sinking fund, which interest rate is better? Explain.i. (a) 10% (b) 6% ii. (a) 12% compounded monthly (b) 12% compounded annuallyc. If k2500 is deposited at the end of each quarter in an account that earns 5% compounded quarterly, after how many quarters will the account contain k80, 000?d. A lottery prize worth k 2,400,000 is awarded in payments of k 20,000 at the beginning of each month for 20 years. Suppose money is worth 7.8%, compounded monthly. What is the real value of the prize?e. A couple who borrow K90, 000 for 30 years at 7.2%, compounded monthly, must make monthly payments of K610.91. (a) Find their unpaid balance after 1 year.(b) During that first year, how much interest do they pay?f. The first term of a GP represents the number of tins of beans sold in Food Lovers the week before…
- Suppose that $17,000$17,000 is deposited for six years at 4%4% APR. Calculate the interest earned if interest is compounded monthly. Round your answer to the nearest cent.What amount of money must be deposited today at 3% compounded quarterly for 3 years to be equivalent to depositing $1000 compounded monthly at an interest rate of 6% for 3 years?How much money deposited at the end of each year in a savings account that pays 9 % per year , compounded continuously to have a total of P10,000 at the end of 14 yrs ?
