Kerry invests $234 in a savings account that earns 2.1% compounded annually. Andy invests $234 in a savings account that earns 4% compounded annually. How much is in each of their accounts after 10 years and after 20 years?

Q: Carol Jones, a single person, has an annual income of $32,200. The principal and interest payment on…

A: SolutionGiven thatAnnual income of carlo jones=$32,000Loan amount =$25000 30 year at 8%Annual…

Q: Alex invested $10,500 in an account that pays 6 percent simple interest. How much money will he have…

A: Simple interest is the method of calculating interest on the amount of investment. A fixed amount is…

Q: Lyndsay puts $1,000.00 into a savings account that pays 3% interest, compounded annually. As the…

A: When the interest is deposited after a year, interest is also received on the interest component…

Q: Ali contributed $1,000 per year for the past 9 years into an RRSP account, earning 3.8% compounded…

A: a) Ali leaves this amount ($10,496.48) for additional 5 years therefore, the worth after 5 years…

Q: Three years ago, Kyline put her savings worth P5,000 in an account providing a compound interest…

A: Lets understand the basics. In compound interest basis, interest is calculated on cumulative basis.…

Q: At age 18, Marcia started depositing $2000 per year at the end of each year into an account earning…

A: Annuity, A = $ 2,000Rate of interest = r = 12%number of annuities, n = 8

Q: Jolene invests her savings in two bank accounts, one paying 3 percent and the other paying 11…

A: Interest refers to the amount charged by the lender on the lent amount. The borrower of the loan is…

Q: Jill invested $1,000 each year into an account that earns 10% interest compounded annually to have…

A: The future value is the future worth of the amount that will be paid or received in the future.

Q: Peter makes a deposit at the end of every three months into a savings account that earns interest at…

A: Annuity means no. of finite payments which are the same in size and made in equal intervals. Person…

Q: ack and Carlie each deposit $17,250 into accounts that earn 6% interest for 6.5 years. Jack's…

A: Interest is received on the deposit made for a time period. It involves the concept of the time…

Q: If Bob and Judy combine their savings of $1,260 and $975, respectively, and deposit this amount into…

A: To know the account balance after four years we have to calculate the future value. In the question,…

Q: Steve invests $1,800 in an account that earns 3.7% annual interest, compounded continuously. What is…

A: Present Value = $1,800 Interest rate = 3.7% Time Period = 10 Years

Q: Bob has saved a total of ₱2,550,000.00 for retirement. He put the money in a mutual fund which pays…

A: We need to use annuity formula given below to calculate size of monthly withdrawal PMT…

Q: sandra and cindy both invest $14,000 into savings accounts that earn simple interest if sandras…

A: Simple interest formula = A = P (1+rt) Where, A = Final amount i.e. Principal + Interest P =…

Q: Rapi Tulpo invests Php1,000 in a Bank that doubles his money in five years. To what annual interest…

A: Investment means an asset(financial assets or fixed assets) that is purchased to generate additional…

Q: Mr. Chua invest 45,000 into two different accounts which pay 7% and 8% annual interest. If he earned…

A: solution  the rate of interest = 7% and 8% total amount invested =45000 we need to find out the…

Q: Christina invested $3000 five years ago and earns 2 percent annual interest. By leaving her interest…

A: Invested 3000 N = 5  Interest rate = 2%   She is earning interest in her account and the amount of…

Q: Mark and John started investing at the same time. Mark makes payments of $20 at the end of each week…

A: Future value refers to the value of the investment at a future date. This includes the principal…

Q: Frank invests $ 4500 dollars into an account earning interest compounded quarterly. After 10 years…

A: given, pv = $4500 fv = $5600 n =10 years m =4 (quarterly compounding)

Q: Heidi deposits $8,000 in a savings account that earns 4.5% interest, compounded quarterly. How much…

A: Amount she will have is future value of deposit

Q: Cristina invests $140.00 a quarter for 9 years into an account earning 9% compounded quarterly.…

A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…

Q: Tina deposited $20 in a savings account earning 5% interest, compounded annually. To the nearest…

A: Interest is the amount charged or received for loan taken or investment made. There can be simple…

Q: Andy invested a certain amount of money which he saves in account that earns 4% per year, compounded…

A: Present value of annuity payments of $3500 for 10 years at 4% is calculated as below:

Q: Ryan invests $4400 in two different accounts, the first account paid 8%, the second account paid…

A: The simple interest is calculated by multiplying interest rate by principal amount for a certain…

Q: Matthew has $40,000 invested in a checking account paying 3.7% per year and a savings account paying…

A: The actual interest earned by Matthew during the year is equal to $ 40,000 X 5.5 % = $ 2,200. The…

Q: Frank invests $ 2500 dollars into an account earning interest compounded quarterly. After 13 years…

A: Future Value = Present Value * (1+r)^n Where, r =rate per period n = no. of compounding period i.e.…

Q: Your grandmother deposited $100 in a savings account for you 25 years ago. The money has been…

A: Formula: Future value=Present value×1+r44n

Q: Heidi deposits $8,000 in a savings account that earns 4.5% compound interest. What is the estimated…

A: Given data; deposit amount = $8000 rate of interest = 4.5% future value = 2 * deposit amount…

Q: Phyllis invested $7,500, a portion earning a simple interest rate of 4 1/5 % per year and the rest…

A: Simple Interest = Investment * Rate * Period

Q: nd invests P20,000 for 40 years in an account earning 9% interest per year. How much will she…

A: Future value = Present value (1 + rate)^periods Future value = 20,000 (1 + 0.09)^40 Future value =…

Q: Meagan invests $1,200 each year in an IRA for 12 years in an account that earned 5% compounded…

A: The amount deposited each year = $1200 Interest Rate = 5% Compounded annually Years = 12 1st We need…

Q: Janice has $5,000 invested in a bank that pays 2.8% annually. How long will it take for her funds to…

A: The time period or the number of years (NPER) refers to the time it would require for the investment…

Q: Smith invests usd 10.000 in an account that pays interest. After the first year he receives 4.200…

A: Future value is the accumulated sum of money that is invested with the motive to earn a certain…

Q: Wasim invests $220,000 in an annuity that earns 8.50% interest compounded quarterly. It makes…

A: An annuity is referred to lump-sum payment made by you in return for regular disbursements,…

Q: Peter makes a deposit at the end of every three months into a savings account that earns interest at…

A: Interest earned on savings - 3.2% quarterly Period for which it is saved - 9 years Conversion of…

Q: Taylor invests part of her $2 000 savings into a savings account at 6% and part into a GIC at 8%…

A: In this we have to calculate interest in both cases and than calculate the amount invested in each.

Q: Sam invests $ 3500 into an account earning 9% interest compounded quarterly. How long will it take…

A: We need to use NPER formula in excel to solve this problem.

Q: Andrew and Emma Garfield invested $7,700 in a savings account paying 8% annual interest when their…

A: Future value is the value of the present investment in the future stated point of time.

Q: avings of $1,600 and $800​,respectively, and deposit this amount into an account that pays 9%…

A: The given problem can be solved using FV function in excel. FV function computes amount required in…

Q: Mrs. Pores invested P150,000 in a bank that pays an 13% interest converted monthly. If her account…

A:

Q: Johnny deposits ₱45,000 in the Trust Savings Bank which pays 6% compounded monthly. How much will he…

A: Amount of money at the end of stipulated period can be calculated using the given formula: =…

Q: Last year, Charlie had $30,000 to invest. He invested some of it in an account that paid 10% simple…

A: Simple interest is one of the methods of calculating interest in which interest is calculated only…

Q: Caitlyn has 50,000 in a bank which he invests at 8% compounded semi-annually. What semi-annual…

A: Answer: Calculation of the amount of semi-annual withdrawals for 3 years (Let "P") Formula, we will…

Q: From age 20 to 35, Susan deposits $350 semi-annually in a savings account paying 6.12% compounded…

A: Time value of money concept is used to determine the worth of money today is different from that in…

Q: Tyler invested the profit of her business in an investment fund that was earning 3.75% compounded…

A: Present Value:  The present value is the present sum of a series of fixed payments. The series of…

Q: Cathy borrowed $24,000 to buy a new car and expects to pay $400 per month for the next 3 years to…

A: Compound interest is also interest on interest that is the interest which is accumulated on the…