Deposits are made at the end of Years 1 through 7 into an account paying 3%. The first deposit equals $5,000 and each deposit will increase by $1,000 each year thereafter. After the last deposit assume no deposits or withdrawals are made. Determine the amount in the account after 10 years.
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Deposits are made at the end of Years 1 through 7 into an account paying 3%. The first deposit equals $5,000 and each deposit will increase by $1,000 each year thereafter. After the last deposit assume no deposits or withdrawals are made. Determine the amount in the account after 10 years.
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- Suppose that you deposit $7000 in a savings account that pays 4% annual interest, with interest credited to the account at the end of each year. Assuming that no withdrawals are made, complete the following: a. Find the balance in the account after 5 years. b. Find the balance of the account after 9 years and 10 months.A deposit of $800 is planned for the end of each year into an account paying 8%/year compounded annually. The deposits were not made for the 10th and 11th years. All other deposits were made as planned. What amount will be in the account after the deposit at the end of year 25? a. $55,397 b. $55,357 c. $59,537 d. $53,597.Deposits are made at the end of years 1 through 7 into an account paying 6% per year interest. The deposits start at $5,000 and increase by $1,000 each year. How much will be in the account immediately after the last deposit?
- A deposit of $800 is planned for the end of each year into an account paying 8 percent/year compounded annually. The deposits were not made for the tenth and eleventh years. All other deposits were made as planned. What amount will be in the account after the deposit at the end of year 25? Select one: a. $59,537 b. $55,397 c. $53,597 d. $55.397A deposit of $5,000 per year is done starting at year 1 for 5 years. The sum of $60,000 is required to be withdrawn by the end of year 10. How much should be deposited every year for the following 5 years (i.e. years 6-10) for the required amount to be available at the end of year 10? Assume the interest rate to be 10%.A sum of money is deposited at the beginning of each year for 3 years at 12% p.a. compounded monthly. After the last deposit interest for the account is to be 8.24% p.a. compounded semi-annually and the account is to be paid out by payments of $1800.00, made at the beginning of each quarter for nine years. What is the size of the annual deposit?
- A depositor opens a new savings account with 8,000 at 8% compounded semiannually. At the beginning of year 3 an additional 7,000 is deposited.at the end of four years what is the balance in the accountA regular deposit of $120 is made at the beginning of each year for 20 years. Simple interest is calculatedat a rate of i per year for 22 years. At the end of the 22-year period, the total amount in the account is $9600.Suppose that interest at the same rate i compounded annually had been paid instead. How much interest wouldhave been in the account at the end of the 22 years?An individual makes five annual deposits of $2,000 in a savings account that pays interest at a rate of 4% per year. One year after making the last deposit, the interest rate changes to 6% per year. Five years after the last deposit, the accumulated money is withdrawn from the account. How much is withdrawn?
- A deposit of $2,570 is placed into a retirement fund at the beginning of every 6 months for 14 years. The fund earns 3% annual interest, compounded biannually and paid at the end of the 6 months. How much is in the account right after the last deposit? Round your answer to the nearest dollar. Provide your answer below:Assume you deposit $4,400 at the end of each year into an account paying 10.5 percent interest. a. How much money will you have in the account in 24 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much will you have if you make deposits for 48 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)An individual makes 6 annual deposits of P2,000 in a savings account that pays interest rate of 4% compounded annually. Two years after making the last deposit, the interest rate changes to 7% compounded annually. Ten years after the last deposit, the accumulated money is withdrawn from the account. How much is withdrawn?