When he was 12, Brian put $250 into a savings account with a 2.5% annual interest rate. Now that he is 18, he can take the money out to use for whatever he wants. If his account has compounded quarterly, how much money does he have? What is his money was compounded monthly? What if his money was compounded daily?

Q: A man needed P250, 000 at the end of 3 years, how much money must he deposit quarterly in an…

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Q: Jackson invested $81,000 in an account paying an interest rate of 6,% compounded monthly. Angel…

A: for both Jackson and Angel , P is $81,000. now Time is 16 years. for Jackson Rate, r is 6.5% which…

Q: When Abram was born, his parents put $2,000 into an account that yielded 1.2% interest, compounded…

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Q: f you $15,000 in an account with a 4.5% interest rate, compounded quarterly, how much money will you…

A: The formula for final Amount if compound interest calculated. A=P(1+rn)nt…

Q: Bentley invested $750 in an account paying an interest rate of 1% compounded daily. Julia invested…

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Q: How much more will an investment of $10,000 be worth after 25 years if it earns 6% compounded…

A: To find- How much more will an investment of $10,000 be worth after 25 years if it earns 6%…

Q: Nolan invested $5,300 in an account paying an interest rate of 3.8% compounded annually. Assuming no…

A: The formula for the compound interest is: A=Pert Given that P=5300, A=6880 and r=3.8%  =3.8100…

Q: Charley’s credit card APR is 28.95% compounded daily. What is her actual interest rate per year?

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Q: Rochelle invested $100 at the end of every month into an RRSP for 11 years. If the RRSP was growing…

A: Given information Initial principal balance P=$100 Rate of interest r=4.60% ⇒r=4.60100=0.046 Period…

Q: If you save $270 per quarter for retirement in an account that earns 8% interest per year compounded…

A: Given; Saving $270 per quater Rate of interest = 8% Compounded quaterly, n=4 Number of years=…

Q: After several years of working, Katy has savings of $100,000. If she invests that $100,000 in a…

A: Consider the provided question, Given Principal = $100,000 Time = 20 years Rate of interest = 5%

Q: Pamela invests $16,300 in a savings account for which interest is compounded monthly, and if the…

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Q: How much more would you earn in the first investment than in the se $47,000 invested for 40 years at…

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Q: If you invest $150 each month into an account earning 3% compounded monthly, how long will it take…

A: Here the required formula is given by,                                 A=d1+rnnt-1rn           ...…

Q: If you have ​$50,000 in a bank account that is paying an interest rate of 9 percent that is being…

A: Given information P=$50,000 Rate of interest r=9% ⇒r=9100=0.09 A=2P=$100,000 n=compounded annually=1…

Q: If you need $8000 to travel to Europe after you graduate in 4 years.  How much would your monthly…

A: The compound interest formula is,

Q: If you invest $2000 at 6% compounded monthly, how long will it take the account to double in value?

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Q: How long will it take for ₱65,000 to Amount to ₱98,400 if compounded quarterly at 10.24% interest?

A: Compound interest formula A=P1+rnnt where A is accumulated amount P is principal amount r is rate of…

Q: At age twenty six , Dick shoemaker desposited 2,000 into an IRA , where it earns 3% compounded…

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Q: If I invest $25,000 in a savings account which has a 5.75% interest rate and is compounded…

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Q: If you invested $2,300 at 12% interest, compounded daily, then how much would this investment be…

A: Given : $2300 is invested at 12% interest, compounded daily

Q: Mr. Gordon plans to invest $600 at the end of each month in an account that pays 6%, compounded…

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Q: If you invested $10,000 at 9% interest, compounded quarterly, then how much would this investment be…

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Q: Jeremiah invested $70,000 in an account paying an interest rate of 6.8% compounded daily. Assuming…

A: A=$99000  P=$ 70000 r=6.8%=0.068 n=365 ( compounded daily)

Q: A principal of $1500 is invested at 3% interest, compounded annually. How much will the investment…

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Q: A newborn child receives a $20,000 gift toward a college education from her grandparents. How much…

A: Given that  A baby recives 20000 Interest rate is 7% for 17 years  To find the amount will receive…

Q: Adrian invested $7,200 in an account paying an interest rate of 3.1% compounded monthly. Assuming no…

A: P=$7,200,  r=3.1%=0.031,  A=$12,110,  n=12

Q: A company needs $4,000,000 in 6 years in order to expand their factory. How much should the company…

A: Given: a company needs $4,000,000 in 6 years to expand their factory.

Q: venture promises a 7% annual interest rate compounded once a year. For how many years should Roger…

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Q: If Frank invests $11,400 at 3.7% interest compounded quarterly, how much will his investment be…

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Q: Approximately how much money would Manny have if he invested $1,200 at an interest rate of 5% for 7…

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Q: Ms. Roberts decided to invest some money in an insurance company with an interest rate of 9%…

A: Given that interest rate is 9%. The formula for calculating compound interest is given by, A= P(1+…

Q: If you invest $1,000,000 in an account paying 12%, how much will you have after 20 years if the…

A: Given: Principle amount (P)= $1,000,000 Rate of interest r=12% Time period= 20 years

Q: Nathan invested $3,500 in an account paying an interest rate of 3.5% compounded quarterly. Assuming…

A: Initial amount=P= 3500  Final amount=A=? Time= t=19 years  Interest rate=r= 3.5%= 0.035  Number of…

Q: Jason thinks he can save enough to deposit P1,200 in the bank at the end of each year for the next…

A: The future value of an annuity is given by FV=PMT×1+in-1iWhereFV=future value of annuityPMT=cash…

Q: If you invest $1,000,000 in an account paying 12%, how much will you have after 20 years if the…

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Q: Kayla invested $88,000 in an account paying an interest rate of 8% compounded daily. Sadie invested…

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Q: Mr. Gordon plans to invest $300 at the end of each month in an account that pays 6%, compounded…

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Q: If the bank advertises its rate as 6.2% compounded monthly, and another bank advertises its rate as…

A: Given: One bank advertises its rate as 6.2% compounded monthly and another bank advertises its rate…

Q: A principal of  $4300  is invested at  4.5%  interest, compounded annually. How much will the…

A: In Compound Interest Amount of principal (P) after 'n' years @ 'r' rate of interest will be A =…

Q: Erin has $250,000 saved for retirement in an account earning 3.4% interest, compounded quarterly.…

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Q: John wants to have $40,000 in cash four years from now in order to pay for part of his mortgage on…

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Q: Find how much Sally would have to invest now at 6.25% compounded quarterly in order to have $15,000…

A: This question is based on compound interest.

Q: How long would it take to double your money in an account paying 6% compounded quarterly?…

A: Use the following formula to calculate amount, as follows: A=P1+r100n

Q: Sarah invested $3,800 in an account paying an interest rate of 3.6% compounded daily. Assuming no…

A: Given:  Sarah invested $3800 in an account paying an interest rate of 3.6% compounded daily.  To…

Q: Suppose your savings account pays 8% interest compounded quarterly. If you deposit $15,000 for two…

A: Given: Interest rate r = 8% r = 0.08 Deposit amount or principal amount P = 15000 Time period t = 2…

Q: Farid placed RM5,000 in a bank account for six years. The bank offered an interest rate of 6%…

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Q: A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 12%…

A: THE COMPOUND INTEREST FORMULA Compound interest can be calculated using the formula…

Q: A company needs $4,400,000 in 13 years in order to expand their factory. How much should the company…

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Q: If $18,000 is invested at 6% compounded monthly, what is the amount after 5 years?

A: Answer to question 1. The principal amount is, P = $18,000. The interest rate is r = 6%. The number…