If $280 is deposited in a savings account at the beginning of each year for 14 years and the account draws interest at 6.6% per year, compounded annually, the value of the account at the end of 14 years will be most nearly Express your answer in whole number.
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- 24 If $210 is deposited in a savings account at the beginning of each year for 3 years and the account draws interest at 4.2% per year, compounded annually, the value of the account at the end of 3 years will be most nearly Express your answer in whole number.A certain sum of money will be deposited in a savings account that pays interest at the rate of 6% per year compounded annually. If all the money is allowed to accumulate, how much must be deposited initially so that $5000 will have accumulated after 10 years?A man will deposit 200 with a savings bank at the beginning of each 3 months for 9 years. If the bank pays interest at the rate of 5.5% quarterly, find the sum to his credit just after the last deposit. *written solution please
- Deposits of 35 000.00, 48 000.00, and 25 000.00 were made in a savings account eight years, five years, and two years respectively. Determine the accumulate amount in the account today if a withdrawal of 55 000.00 was made four years ago. The applied interest rate is 12% compounded continuously.If $197 is deposited in a savings account at the beginning of each year for 12 years and the account draws interest at 7% per year, compounded annually, the value of the account at the end of 12 years will be most nearly. Express your answer in whole number. Correct Answer: 3,771 ± 1If P35, 000 is deposited now into a savings account that earns 6% per year, what uniform annual amount could be withdrawn at the end of each year for ten years so that nothing would be left in the account after the 10th withdrawal?With cashflow diagram .Please
- 2. How much money must be deposited in a savings account so that $5500 can be withdrawn 12 years hence, if the interest rate is 9% per year, compounded annually, and if all the interest is allowed to accumulate?10. Mr. Jones is planning a 20-year retirement; he wants to withdraw $6000 at the end of the first year, and then to increase the withdrawals by $800 each year to offset inflation. How much money should he have in his savings account at the start of his retirement, if the bank pays 9% per year, compounded annually, on his savings?An engineer who is planning his retirement has decided that he will have to withdraw $10 000 from his savings account at the end of each year. How much money must theengineer have in the bank at the start of his retirement, if his money earns 6% per year,compounded annually, and he is planning a 12-year retirement (say 12 annual withdrawals)? eng econ
- 21 Determine the interest rate in % compounded annually if the compound amount factor is 1.569 for a period of 6 years. Express your answer in 3 decimal places.You have just moved to a new country to take up a two-year assignment. You need to buy a car and are deciding between a new one that costs $20,000 and a three year-old one that costs $9,000. The used car has an odometer reading of 25,000 miles. You have $10,000 in savings, and can borrow the rest from your company, repaying them 110% after two years. The value of the new car will depreciate by 50% in two years, while that of the used car will depreciate by one-third. What should you do? Use the seven-step procedure to analyze your situation. Attached is the photo of the seven step procedure.What will be the effective annual interest rate if the nominal interest is 9.53102%?