Determine the value of an account at the end of 10 years of a principle amount of $16000 is deposited in an account at an annual interest rate of 6% and the interest is compounded monthly. the amount in 10 years will be what?

Q: You deposit $3,000 into a savings plan at the end of each year for three years. The interest rate is…

A: We have deposit amount is P=$3,000 Rate of interest = 5% = 0.05 Time = 3 years. Now, the value of…

Q: A couple invests $1000 in a trust fund each year on their childs birthday. They started the fund on…

A: Given: A couple invests $1000 in a trust fund each year on their Childs birthdayp0. The fund pays…

Q: Pearson sets up a fund to pay​ $1000 at the end of each month for 9.5 years. Interest on the fund…

A: Pearson sets up a fund to pay​ $1000 at the end of each month for 9.5 years. Interest on the fund…

Q: You have decided to buy a new plasma TV. To do so, you must use your credit card to pay $1500 of the…

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Q: Ned deposits $15,000 in a certificate of deposit. The annual rate is 10% and will be compounded…

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Q: At the age of 29, to save for retirement, you decide to deposit $50 at the end of each month in an…

A: Given:  P=$50 , R=5% =0.05 N=12 , T=65-29=36 a we will use the  formula: A=P 1+rnnt-1rn

Q: - Brad has a government bond that will be worth $10,588.13 in seven years. The bond has an interest…

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Q: E-Loan, an online lending service, recently offered 48-month auto loans at 4.8% compounded monthly…

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Q: Use the present value formula to determine the amount to be invested now, or the present value…

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Q: When your first child is born, you begin to save for college by depositing $125 per month in an…

A: Here we find future value.

Q: A bank offers an interest rate of 5.2% per annum for saving in a fixed deposit account. If Puan…

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Q: Finance. Suppose that $5,300 is invested at 3.7% annual interest rate, compounded monthly. How much…

A: Here is the solution of the given problem. Compound interest:

Q: You deposit $10,000 in an account that pays 2.88% annual interest. Find the balance after 2 years…

A: The objective is to find the balance after 2 years.

Q: You are currently investing your money in a bank account which has a nominal annual rate of 7…

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Q: Use the present value formula to determine the amount to be invested​ now, or the present value…

A: It is given that, the accumulated amount is $150,000 after 3 years invested in an account with 8%…

Q: You begin saving for your retirement by investing $620 per month in an annuity with a guaranteed…

A: Here we find how much he will have accumulated in the annuity by the time you retire in 40 years.

Q: Use the present value formula to determine the amount to be invested now, or the present value…

A: Solution :-

Q: A corporation creates a sinking fund in order to have $580,000 to replace some machinery in 11…

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Q: Use the formula for computing future values using compound interest to determine the value of an…

A: future value = P(1+r/n)nt Here P=7000  r=0.03 t=10 Monthly then n = 12

Q: you deposit  $15000 in a bank that its interest rate is 3%  annual interest compounded annually (…

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Q: The interest amount on a $45,500 loan was $168,263.58. The interest rate charged on loan was 9.60%…

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Q: A 529 Plan is a college-savings plan that allows relatives to invest money to pay for a child's…

A: The account to grow to $36,000 over 19 years.earn 2% compounded quartely

Q: A community outreach program wants to set up a scholarship fund for students who demonstrate…

A: Formula for compound interest is,Intererst=invested amount1+interest ratenumber of times interest…

Q: Wade invests $10,000 in an account that earns an annual interest rate of 1.1% compounded every three…

A: This question is related to Compound Interest, we will solve it using given information.

Q: You begin saving for your retirement by investing $680 per month in an annuity with a guaranteed…

A: First we find the revenue stream then we will find the final value or final amount

Q: E-Loan, an online lending​ service, recently offered 60-month auto loans at 4.5% compounded monthly…

A:

Q: When your first child is born, you begin to save for college by depositing $275 per month in an…

A: Given data Total money depositing per month is $275. Rate of interest is r=12%=0.12 per year.…

Q: 3. Doubling time is the amount of time it takes to double an initial deposit. You deposit $20,000 in…

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Q: You deposit $2000 in an account earning 4% interest compounded quarterly. How much will you have in…

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Q: Finance Suppose that $2,000 is invested at 4.6% annual interest rate, compounded monthly. How much…

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Q: Finance. Suppose that $4,800 is invested at 5.2% annual interest rate, compounded monthly. How much…

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Q: An elite private college receives large donations from successful alumni. The account that holds…

A: Disclaimer: Since you have posted a question with multiple sub-parts, we will solve first three…

Q: 5) $5.000 is invested at 6% for 10 years. Find the amount of interest earned if interest is…

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Q: Compounding - Solve for Time Noah invested $8,600 in an account paying an interest rate of 2.4%…

A: Given Noah invested $8,600 in an account paying an interest rate of 2.4% compounded monthly.…

Q: Use the present value formula to determine the amount to be invested now or the present value…

A: The present value formula to determine the  amount to be invested now or the present value needed…

Q: You begin saving for your retirement by investing $680 per month in an annuity with a guaranteed…

A: Let the rate of receipt of the income be r(t). Calculate r(t) for monthly investment. P=$ 680 per…

Q: Use the present value formula to determine the amount to be invested​ now, or the present value…

A: Recall the following fact.

Q: Use the present value formula to determine the amount to be invested​ now, or the present value…

A: Given information:Accumulated amount (A)= $120,000Rate of interest (r) = 4% = 0.04Number of years…

Q: Use the present value formula to determine the amount to be invested now, or the present value…

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Q: Starting at age 30 and at the end of each month, you invest $540 into a retirement IRA. The IRA…

A: Given : Starting at age 30 and at the end of each month, you invest $540 into a retirement IRA. The…

Q: Finance: Suppose that $6,400 is invested at 3.7% annual interest rate, compounded monthly. How much…

A: $6,400 is invested at 3.7% annual interest rate, compounded monthly.

Q: invest $15,000 at 5.5% interest compounded monthly for 12 years. How much will you have accumulated…

A: Given that there is a investment $15,000 at 5.5% interest compounded monthly for 12 years.

Q: James is investing $15,000 in the bank. The investment has an interest rate of 6% compounded…

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Q: 7. Your savings account has a balance of $2513.45. You opened the account 3 years ago. Interest on…

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Q: A person donated $110,000 to a university to establish a scholarship fund. What is unusual is that…

A: Given: a person donated $110,000 to a university to establish a scholarship fund. What is unusual is…

Q: the yearly 2. How much will be in an account after 10 years if it is compounded 4 times per year,…

A: The principal amount is $100, compounded 4 times per year, the yearly interest rate 3%

Q: Jon Deposits $7,050 into an account paying 5% annual interest compounded quarterly and Sara deposits…

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Q: You want to withdraw $600 each month for the next 15 years from an account that earns 5% annual…

A: Intrest formulae for compounding monthly is given below

Q: You de Posit $10,000 in an account earning 4% interest Compounded monthly a How mich will you have…

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