Suppose a family is depositing money into a bank account continuously, and the account earns interest of 4% annually (compounded continuously). The family began their first year with $23, 000 in the account. Assuming they don't make any withdrawals, how much money is in the account after 4 years?

Q: When you were born, your family started to deposit 1,000 USD each month in the bank. The bank offers…

A: Amount deposited each month in the bank = 1,000 USD  Annual deposited amount (PV) = 1,000 USD × 12…

Q: A young man saved his money every quarter for 5 years into his bank account. He deposits P2.000 per…

A: Quarterly deposit first 2 years = P 2000 Quarterly deposit next 3 years = P 4000 Annual interest…

Q: how much money was invested in the CD​ account?

A: Solution:- Lets assume that the amount of money invested in CD account is x which makes the amount…

Q: You have just remembered that four years ago you placed $1,000 in a bank account. If the bank was…

A: PV x (1+r)n=FV

Q: Suppose Emma had deposited another $500 into a savings account at a second bank at the same time.…

A: Formula: Future value = Present value of bank balance x ( 1 + Interest rate ) compounding periods.

Q: You put $280 in the bank for 5 years at 8%. A. If interest is added at the end of the year, how…

A: Future value is directly proportional to the interest rate. If the interest rate is higher the…

Q: You have just deposited $3,000 in an unusual bank account that pays interest biannually (ance every…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: Based on Baumol (1952). Money in your savingsaccount earns interest at a 3% annual rate. Each…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: A young man saved his money every quarter for 5 years into his bank account. He deposits P2,000 per…

A: Here,

Q: A person invested two amounts in a bank for a full year. From the first, the rate is 6% annually,…

A: Let the 1st amount be x and 2nd amount be y

Q: Patrick and Brooklyn are making decisions about their bank accounts. Patrick wants to deposit $300…

A: Solution:- When an amount is invested in bank, it earns some interest. The amount invested initially…

Q: If you deposit $2,000 in a bank account that pays 6% interest annually, how much will be in your…

A: Solution- Given-The present value of deposit is=$2,000The rate of interest is=6%Time is…

Q: In this example, Daniel & Claire each deposited $10,000 in high interest savings accounts and each…

A: Interest Rate is the rate that is earned by the investor on deposits or paid by the borrower on…

Q: nifer deposited $54,000 at Bank of America at 20% interest compounded quarterly. a) What is the…

A: In this we need to find out the effective annual rate.

Q: my Jolly deposited $2 000 in a savings account.  The annual rate is 10 per cent   compounded…

A: The future value of money includes the money deposited and interest accumulated over the period of…

Q: A young man saved his money every quarter for 5 years into his bank account. He deposits P2,000 per…

A: i=(1+(r/m))^(m/q)-1 m= original compounding per period=12/2=6 q=new compounding per period=12/3=4

Q: a. How much interest will you earn in the first year? b. How much interest will you earn in the…

A: Given, Deposit Amount (P)= $1,000 Interest Rate (r) = 8.25%   Interest Amount = P(1+r)n-P Where,  P…

Q: How much must a man 35 years of age deposit in a savings account today in a bank paying 9 1⁄2 %…

A: Future  value (FV) = P75,000 Interest rate = 9 1/2% = 9.50% Quarterly interest rate (r) = 9.50%/4 =…

Q: You want to be able to withdraw $45,000 each year for 25 years. Your account earns 6% interest. a)…

A: Given: Withdraw amount =$45000Interest rate annually =6%Time=25 years

Q: How much will be her savings after 8 years?

A: PMT is $6,000 semi annually, n= 12 compounding monthly, t=1/2 , 1, 3/2 , 2, 5/2, 3, .....8 which is…

Q: On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year compounded annually. He…

A: Total Deposits = ₱1,000 1st withdrawal =₱80 2nd Withdrawal = ₱90 3rd Withdrawal = Remaining Value…

Q: Edna deposits $2,000 in her bank account which is earning 2% in interest per year.  How much will…

A: Final Amount = Principal Amount ( 1 + Rate of Interest )time period

Q: Suppose you have $8,675,309 to deposit into a savings account for one year. The bank lets you choose…

A: Here Investor has $8,675,309 to deposit for 1 year @ 12% in two options: Compounded annually…

Q: 1. If you deposit $28,688 annually at the end of every year in a bank account paying 5% annually,…

A:

Q: Assuming no withdrawals are made, how much money is in the Thompsons' account after 3 years? 2. How…

A: Time value of money (TVM) means that the amount of money received in the present period will have…

Q: c) Joana has $12,800 in her bank account today. She makes the following withdrawals: $2,200 in 2…

A: We need to use compound interest formula to solve this problem A =P(1+i)n Where A=Compound amount…

Q: An individual makes five annual deposits of $2,000 in a savings account that pays interest at a rate…

A: Interest is the amount which is calculated on the amount of borrowings or finance. The amount of…

Q: Ed wants to have $10, 000 in 5 years. He opens a savings account in a bank which pays 7.2% interest…

A: Amount Required after 5 years = $10,000 Interest rate = 7.2% Interest Rate Monthly (r) = 7.2%/12 =…

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: John and Susan just opened savings accounts at two different banks. Each deposited $1,000. John's…

A: Given information: Deposit amount $1,000 John bank pays 10% annual rate Susan bank pays 9.5% annual…

Q: A man deposits 43,799 each year into his savings account that pays 2% nominal interest compounded…

A: The future value of the annuity is the future worth of a cash flow series at a certain rate of…

Q: You want to be able to withdraw $50,000 each year for 15 years. Your account earns 7% interest. a)…

A: Here, Annual Withdrawals (PMT) is $50,000 Time Duration is 15 years Interest Rate is 7%

Q: How much monthly deposit must be made for 8 years in order to accumulate ₱125,000 at 7% compounded…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: If you deposit $20,000 in a bank account that pays 5% interest annually, how much will be in your…

A: The provided information are: Present value (PV) = $20,000 Rate of interest (r) = 5% = 0.05 Time…

Q: April has $500 in the bank. The account will earn 4% in simple interest for the next 3 years. How…

A: Here, Amount in Bank $500 Simple Interest Rate is 4% Time Period is 3 years

Q: The Garcias have $12,000 in a savings account. The bank pays 3.5% interest on savings accounts,…

A: Investment = 12,000 Interest Rate = 3.5% N = 4 years

Q: On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year  compounded annually.…

A: Future value at the end of one year = 1000 * 1.08 = 1080 amount remaining after he withdraws = 1080…

Q: You have $20,000 that you put on deposit on your 30th birthday at 5% compounded annually. On your…

A: The future value of a cash flow is the future worth of a cash flow at a certain rate of interest and…

Q: Steven just deposited $10,000 in a bank account that has a 12 percent nominal interest rate, and…

A: Just deposit amount = $ 10,000 Deposit after 12 months = $ 10,000 Deposit after 24 months = $ 20,000…

Q: You deposited $250 in the bank for 5 years at 12%. If interest is added at the end of the year, how…

A: Interest is the addition in the value deposited in the bank. It can be simple or compound for the…

Q: The Martin family recently deposited $1,000 in a bank account that pays a 6 percent nominal interest…

A: Deposit amount (P) = $ 1000 Interest rate = 6% Monthly interest rate (r) = 6%/365 =…

Q: Old-time savings bank pays 4% interest on its savings accounts. If you deposit $2200 in the bank and…

A: Interest is the amount received for the deposited amount in the savings A/C. Interest is mainly…

Q: You want to be able to withdraw $45,000 each year for 25 years. Your account earns 10% interest. a)…

A: Annual withdraw each year(P) = $45,000 Interest Rate(r) =10% Years(n) = 25

Q: s money hc holdingr

A: She will withdraw 4 x 100 = $ 400

Q: A rural bank pays interest at the rate of 2% compounded quarterly. If Neil deposits P3,000 every…

A: Interest rate = 2% quarterly compounded Monthly deposit (M) = P 3000 n = 5 years = 60 months