How long will it take for a CD to double, if money earns a simple interest rate of 4.8%? Round up nearest year.
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How long will it take for a CD to double, if money earns a simple interest rate of 4.8%? Round up nearest year.
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- Define the stated (quoted) or nominal rate INOM as well as the periodic rate IPER. Will the future value be larger or smaller if we compound an initial amount more often than annually—for example, every 6 months, or semiannually—holding the stated interest rate constant? Why? What is the future value of $100 after 5 years under 12% annual compounding? Semiannual compounding? Quarterly compounding? Monthly compounding? Daily compounding? What is the effective annual rate (EAR or EFF%)? What is the EFF% for a nominal rate of 12%, compounded semiannually? Compounded quarterly? Compounded monthly? Compounded daily?Calculating interest earned and future value of savings account. If you put 6,000 in a savings account that pays interest at the rate of 3 percent, compounded annually, how much will you have in five years? (Hint: Use the future value formula.) How much interest will you earn during the five years? If you put 6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after five years?You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the 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. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.
- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityHow long does it take (to the nearest whole year) for $1,000 to quadruple in value when the interest rate is 15% per year?If a person saves $62 a month by using coupons and doing comparison shopping, (a) what is the amount for a year? (b) What would be the future value of this annual amount over 10 years, assuming an interest rate of 4 percent?
- If interest is compounded at 6.5% per year, how long will it take for $50,000 to accumulate to $88,600?If you invest $3.000 today, how much would you have in your account in 35 years from now if the interest rates are 7.0256% per year? Assume interest is compounded semiannually. Answer with formulas in Excel will be appreciated.How many months does it take for a present sum of money to double if the nominal interest rate is 12% per year and compounding is monthly?
- You deposit $4,000 today, $5,000 one year from now, and $7,000 three years from now. How much money will you have at the end of year three if there are different annual compound-interest rates per period, according to the accompanying diagram?You deposit $100 today, $200 one year from now, and $300 three years from now. How much money will you have at the end of year three if there are different annual interest rates per period according to the following diagram?
