You currently have $30,000 in your savings account. At what nominal interest rate compounded monthly would your savings grow to $78,225.91 in 24 years? Round to two decimalplaces

Q: An amount of $23,000 is borrowed for 14 years at 6.75% Interest, compounded annually. If the loan is…

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Q: Parents wish to have $80,000 available for a child's education. If the child is now 5 years old, how…

A: The formula for the compound interest is given by, A=P1+rnnt where, A is the final amount, P is the…

Q: Tommy has $4,000 in a savings account that earns 13% interest, compounded annually. To the nearest…

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Q: You invested $9,000 at the end of each quarter for 8 years in an investment fund. If the balance in…

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Q: Find the balance on an account if you invest $ 759 at 3.9 % for 2 years compounded monthly.

A: Given: Amount of money invested is $759. Rate of interest is 3.9%. Time is 2 years. Rate is…

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: If $11,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

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Q: If $12000 had been invested in a certain investment fund on September 30,2008, it would have been…

A: compounded interest formula A=P(1+rn)nt A=53625.75 P=12000 r=? t=10 years n=1 (compounded annually)…

Q: A year-end bonus of $25,000 will generate how much money at the beginning of each month for the next…

A: Given that the year-end bonus is $25,000 that can be invested at 6.15% compounded monthly.

Q: Six and a half years ago, Jenna invested $2,500 in a retirement fund that grew at a rate of 6.5% a…

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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: How much money will be in your account three years after the previous deposit? If you make six…

A: The given data is: P=$2000 r=10%t=3 years Given that compounded semi-annually, therefore Interest…

Q: Ben Franklin's gift of $5,000 to New York City grew to $7,000,000 in 200 years. At what interest…

A: The principal amount, P = $5,000 Future amount, A = $7,000,000 Time, t = 200 years The number of…

Q: Find the value of a $3,000 certificate in 2 years, if the interest rate is 10% compounded annually.

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Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 7% interest…

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Q: A year-end bonus of $24,000 will generate how much money at the beginning of each month for the next…

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Q: If you placed $1 into an account that paid interest at a rate of 6% and compounded the interest…

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Q: Sumi Kato's savings account has a balance of $1,596. After 21 years what will the amount of interest…

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Q: Parents wish to have $80,000 available for a child’s education. If the child is now 5 years old, how…

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Q: In how many years will the amount of P10,000 triple if invested at an interest rate of 10%…

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Q: In order to pay for college, the parents of a child invest $30,000 in a bond that pays 9% interest…

A: Given : P = 30,000 r = 9% = 9/100 = 0.09  t = 19 Semi-annually means  n = 2

Q: The cost of a four-year private college education (after financial aid) has been estimated to be…

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Q: Find the present value that will generate the future value of $2,000 at 7% compounded yearly for 8…

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Q: If you want to have a million dollars 31 years from today, how much should you invest in your…

A: The formula for compound interest :   A = P(1+r/n )nt   Where A = Total amount , P = initial…

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: A homeowner planning a kitchen remodeling can afford a $200 monthly payment. How much can the…

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Q: You deposit $4,000.00 each year into an account earning 2% interest compounded annually. How much…

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Q: If $8,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

A: If $8,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 2% interest…

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Q: An account is opened with an initial deposit of $100 and earns 3.0% interest compounded monthly.…

A: From the given data

Q: After how many months will the account be worth $60,000

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Q: A recent graduate's student loans total $16,000. If these loans are at 5%, compounded quarterly, for…

A: FORMULA A=final amount P=initial principal balance r=interest rate t= number of time period…

Q: If a savings fund pays interest at a rate of 3% per year compounded semiannually, how much money…

A: Compound interest is a form increments in the savings where each increment is added regularly to the…

Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 7% interest…

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Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 4% interest…

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Q: A principal of $12,000 is invested in an account paying an annual interest rate of 7%. Find the…

A: Compounded quarterly , n=4

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 $7,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: At the birth of their child, how much should a couple invest to have $20,000 on the child's 18-th…

A: The principal investment required to get a total amount of $20,000.00 from compound interest at a…

Q: Melanie invests $7600$⁢7600 in a new savings account which earns 4.0%4.0% annual interest,…

A: Melanie invests $7600 in a new savings account which earns 4.0% annual interest, compounded…

Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 8% interest…

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Q: An investment fund pays 3.25% per year, compounded monthly, on all money invested. How much interest…

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Q: A homeowner planning a kitchen remodeling can afford a $100 monthly payment. How much can the…

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Q: At the age of 24, you start depositing $200 each month into an IRA that pays 3.75% interest,…

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Q: You invest $4000 in an account with an APR of 3% and daily compounding. How much will you have after…

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Q: You deposit $1,500 in an account at the Lifelong Trust Savings and Loan that pays 6% per year…

A: We have PV=$1500         , Present Valuer    =6                , Rate of interestm  =4…

Q: You deposit $4000 in a bank with annual interest rate of 3.5% compounded monthly. What would your…

A: Here, P=$4000, n=1, r=0.035, and t=20.

Q: find the value of a $3000 certificate in 2 years, if the interest rate is 10% compounded annually…

A: Formula used;-          Amount = Principal(1+rate/100) n(no.of years)

Q: Parents wish to have $150,000 available for a child's education. If the child is now 3 years old,…

A: Total years when child is of 18 =18-3 =15 yearrate =7% compounded semi annuallyLet they set  aside…

Q: An amount of $28,000 is borrowed for 15 years at 7.5% interest, compounded annually. If the loan is…

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