At the beginning of every three months, a college student deposits $3,000 in a fund that gives 2% compounded quarterly. If he intends to use this money for his graduation, how much money does he have in 42 months? Blank 1 Blank 1 Add your answer
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- a. How much will you have in an account after 25 years if you put $2000 per month in the account earns 9% compounded monthly? b. How much will you have after 25 years if you put $2000 per month in the account that instead earns 10% compounded monthly?8. How long will it take the money to triple itself if invested at 8% compounded annually?Jon’s grandfather was planning to give him $11,000 in 14 years. Jon has convinced him to pay him $7,000 now, instead. If Jon invests this $7,000 at 6.5% compounded continuously how much money will he have in 14 years? a) What type of problem is this? Select an answer Future Value -Simple Interest Future Value - Compound Interest Future Value - Continuously Compounded Future Value - Ordinary Annuity Future Value - Annuity Due Present Value - Ordinary Annuity Present Value - Annuity Due b) How much will he have? (round to the nearest cent) $
- Melissa agrees to contribute $500 to the alumni fund at the end of each year for the next 4 years. Shannon wants to match Melissa's gift, but he wants to make a lump-sum contribution. If the current interest rate is 2.5% compounded annually, how much should Shannon cortribute to equal Melissa's gift? (Round your answer to the nearest cent.)a. How much must be placed each month into a retirement account earning 3% compounded monthly if the value of the account is to reach $ 1,000,000 in 30 years? b. If the account continues to earn 3% after retirement, how much per year will the account earn?How much must be deposited at the beginning of each year in an account that pays 5%, compounded annually, so that the account will contain $20,000 at the end of 7 years? (Round your answer to the nearest cent.)
- 9. Accumulate $ 300 for nine years at 6% compounded quarterly. What is the compound interest earned?1. You want to start to save for a major purchase. You can invest P320 every three months for 3 years and 9 months and you can earn 5.34% compounded quarterly. What is the amount of interest that you make during the entire term? 2. Jamie is saving $10,000 at the end of each month. How soon can she retire if she wants to have a retirement fund of F250,000.00 and interest is 4.36% compounded monthly?Lino borrows $600,000 with interest at 14% compounded quarterly. He agrees to settle this obligation by a sequence of equal quarterly installments with the first one due at the end of 4 ½ years and the last at the end of 9 years. Find the installment payment. PBlank 1 Blank 1 Add your answer
- Explain the true effect of more frequent compounding on annual interest amounts?A bank is advertising 9% accounts that yield 9.344% annually. How often is the interest compounded? (daily, monthly, bimonthly, annually, quarterly)How much is accumulated over two years in each of the following savings plans? a.$40at the end of each month for 24 months at 12 percent compounded monthly b. $30 at the end of the first month, $31 the end of the second month, and so forth, increasing by$1per month, at 12 percent compounded monthly