Each day, you deposit $4.79 into a bank account whose annual rate is 1.6% with daily compounding. How much interest will you have earned after 16 years? Round your answer to the nearest dollar
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Each day, you deposit $4.79 into a bank account whose annual rate is 1.6% with daily compounding. How much interest will you have earned after 16 years?
Round your answer to the nearest dollar
Step by step
Solved in 2 steps
- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.
- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityYou deposit $296 today into a bank account that earns 12% annually. How much will be in your account after 25 years? note: show your answer to the nearest dollar (round to nearest dollar).
- You plan to deposit $500 in a bank account now and $600 at the end of the year. If the account earns7% interest per year, what will be the balance in the account right after you make the second deposit?You deposit $650 in a savings account. How long does it take an account with an annual interest rate of 5% to earn $178.25 in interest? Round your answer to the nearest tenth.You deposit 200$ each month into an account earning 8% interest compounded monthly. Round to the nearest vent as needed. How much will you have in the account in 25 years? How much total money will you put into the account? How much total interest will you earn?
- You deposit $320 each month into an account earning 2% interest compounded monthly. Use the TVM Solver on the TI calculator. Round to the nearest cent (two decimal places). a) How much will have accumulated in the account in 20 years? $ b) How much money will you have deposited in the account during this time? $ c) How much of the amount in the account will be interest?Suppose you put $200 into a bank account at the annual interest rate of 7%. *Round your answer to the nearest dollar. How much money will this deposit be worth in one year?If your bank pays you 1.5% interest and you deposit $700 today, what will be your balance in seven years? The bank balance will be $ ______.(Round to the nearest cent.)
