Suppose a savings account pays 7% annual interest with interest compounded daily (assume there are 365 days in a year). If $2,578 is deposited into the account, what is the balance in the account after 9 years? Round your answer to two places after the decimal point. Do not put $ or dollars with the answer.

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A: FV=PV×1+Rmm×n where, FV = FUTURE VALUE PV= PRESENT VALUE R = RATE/ APR m= NO OF COUMPOUNDING IN A…

Q: A person deposits an annual amount into a savings account that decreases at a constant rate of $ 500…

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A: Excel Spreadsheet:

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A: Formula: A = P [ 1 + ( r / N )NT ] Interest : Interest is a fee charged on the borrowed amount.

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A: Computation:

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Q: First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City…

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A: Deposit = $1,000 Annual interest rate = 18% Compounding = monthly

Q: Suppose a certain manufacturer deposits $3,000 at the beginning of each 3 month period for 6 years…

A: a) The question gives the following information:

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Q: If $1,000 is deposited each quarter in an account that earns 2% compounded quarterly, how many full…

A: The question is based on the concept of Annuity

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A: Future value can be referred to as the value of an underlying asset or security at a future date.…

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A: Interest earned is 1796.26 No of years =9 Annual interest is = 1796.26/9 = 199.58

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Q: How much money should be invested in an account that earns 6% interest, compounded monthly, in order…

A: COMPOUNDING MONTHLY INTEREST RATE (6%/12) 0.50% YEARS OR PERIOD (5*12) 60 PMT 0 FUTURE VALUE…

Q: Suppose you deposit $22.000 in an account today that pays 6% interest, compounded annually. How long…

A: Information Provided: Initial deposit = $22,000 Future value = $76,000 Interest rate = 6% compounded…

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Q: Suppose that you deposit $7000 in a savings account that pays 4% annual interest, with interest…

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Q: Five years ago, $12, 000 was deposited into a savings account that provides an interest of 6.5%…

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Q: How much must be deposited at the beginning of each quarter in an account that pays 5% compounded…

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Q: Suppose that you deposit $10 at the end of each day into a savings account that pays 2% interest…

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Q: Suppose an investor plans to make monthly deposits into an account that pays 9% interest, compounded…

A: Here we will use the formula to calculate the amount to be paid monthly. We will take the period as…

Q: Suppose an investor plans to make monthly deposits into an account that pays 9% interest, compounded…

A: We will first calculate the amount needed to pay on a monthly basis so we will take the period as…

Q: Suppose you invest S11.570.00 Into an account 3.417% compounded weekly. How much money is in the…

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A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: If you put $259 into a bank account that pays 3.5% interest, compounded 9 times per year, how much…

A: Workings:

Q: Suppose that you deposit $15 at the end of each month into a savings account that pays 2% interest…

A: Following informations are given in the question:

Q: Sixty monthly deposits are made into an account paying 6% nominal interest compounded monthly. What…

A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the…

Q: Suppose you deposit $10 every week into an account that earns 4% interest compounded weekly.  How…

A: The future value is the amount that will be received at the end of a certain period. In simple…

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Q: First City Bank pays 8 percent simple interest on its savings account balances, whereas Second City…

A: a) simple interest on first city bank Simple interest = Amount * rate * time

Q: Suppose you deposit D dollars at the beginning of each month into an account that pays a monthly…

A: Given: B = $2,600 D = $160 r = 0.005 B = D(1+r)[ (1+r)t -1]/r.

Q: Suppose that $30,000 is invested at 9% interest. Find the amount of money in the account after 7…

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Q: How much money would be in an account if $6,200 is deposited at 2% interest compounded semi-annually…

A: Time value tells the amount received by an individual today is of more worth than the same amount…

Q: You have $2,000 invested in a bank account that pays a 4 percent nominal annual interest with daily…

A: Invested amount (P) = $ 2000 Annual interest rate = 4% Daily interest rate (r) = 4%/365 =…