Find the present value (in dollars) of an annuity that pays $7,000 at the end of each 6-month period for 7 years if the interest rate is 6% compounded semiannually. (Round your answer to two decimal places.) $
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- How much will a bank deposit of $2,000 that pays 10% compound interest be worth at the end of 3 years?You are saving for the down payment on a house, so you put $1,000 in an account every 6 months. If the account has an APR of 14%, compounded monthly, how much do you have at the end of 7 years? (Hint: calculate the effective semiannual interest rate first.) Typed numeric answer will be automatically saved. IRafael invested $2,000 in a business that yields an annual interest rate of 10% compounded continuously. How much would he get. approximately at the end of 5 years from his investment?
- 14. What is the nominal value of the interest compounded continuously for a period of 3years if the value of the uniform series present worth factor is 2.038?Find the future value of an annuity of $1500 paid at the end of each year for 5 years, if interest is earned at a rate of 7%, compounded annually. (Round your answer to the nearest cent.) $Mr. Benedito, a grocery store owner, borrows $50,000.00 from a loan shark, handing him a $77,000.00 promissory note with a maturity of 6 months. What is the annual and monthly simple interest rate charged by the loan shark?
- Chris makes a deposit of $500 into his savings account at the beginning of each year for the next 20 years. If the account earns 5% interest rate per year compounded annually, what will be the future value at the end of 20 years?Need to calculate.A department store has offered you a credit card that charges interest at 1.05% per month, compounded monthly. a. What is the nominal interest (annual percentage) rate for this credit card? b. What is the effective annual interest rate?Assume, you want to get $1,000 after 5 years. How much equal amount of money do you need to deposit in an account that earns 12% annual interest to get that money? Check you answer with interest table.