Ron has made deposits of $80.00 into his savings account at the end of every three months for 10 years. If interest is 12% per annum compounded semi-annually and he leaves the accumulated balance for another 4 years, what would be the balance in his account then?
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- Once per year Ritchie Rich deposits an amount of $800 in an account which pays 10% interest per year, compounded annually, with additional deposits of $800 continually made at the end of the year. If B, is the balance in the account, in dollars, immediately after Ritchie makes the nth deposit, then we can write B₁ = $800. (a) Complete the table to find the following. Report to the nearest $0.01. i) the balance, B, of the account on the day immediately after the second deposit. ii) the balance, B₁, of the account on the day immediately after the third deposit. iii) the balance, B₁, of the account on the day immediately after the fourth deposit 71 (Number of deposits) 1 2 OO B= $321158.22 (b) Suppose Ritchie makes 38 deposits. What is the balance of the account on the day immediately after the 38th deposit? 0 B$29923.47 B$29123.47 B= $264031.59 B, ($) $800 $ Number O B$291234.75 (It is more than $880.) $ Number S Number Q (c) Suppose Ritchie makes 438 deposits. Which is true about the…A person deposits $2750 in an account that yields 3.5% interest compounded annually. Set up a recurrence relation for the amount in the account at the end of n years.b) Find an explicit formula for the amount in the account at the end of n years.c) How much money will be in the account after 25 years?Seamus has made deposits of $97.00 into his savings account at the end of every three months for 10 years. If interest is 8 % per annum compounded monthly and he leaves the accumulated balance for another 2 years, what would be the balance in his account then?
- Kolby has made deposits of $140.00 into his savings account at the end of every three months for 20 years. If interest is 9% per annum compounded semi-annually and he leaves the accumulated balance for another 3 years, what would be the balance in his account then?Trent has opened an RRSP account by making an initial deposit of $900. He intends to make semi-annual deposits for 18 years increasing at a constant rate of 3.1%. How much of the accumulated value just after the last deposit was made is interest if interest is 8.7% compounded semi-annually?Mark Welsch deposits $7,300 in an account that earns interest at an annual rate of 12%, compounded quarterly. The $7,300 plus earned interest must remain in the account 2 years before it can be withdrawn. How much money will be in the account at the end of 2 years? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.)
- You make periodic deposits of $100 at the end of every six months to an account that pays 4.5% interest compounded semiannually. a. Find the value of your account after 25 years. (Round to the nearest dollar).b. Find the interest.Louis is saving for his retirement by making annual end of year deposits for 30 years into a bank account that pays interest at a nominal rate of 8% compounded quarterly. For the first 10 years the deposits are level at $5000 each year. After the 10 th year, each deposit is 3% more than the year before. A) Give an actuarial expression for the account balance after the final deposit is made ? B) What is the account balance after the final deposit is made ?If you deposit $368.00 into an account paying 15.46% annual interest compounded quarterly, how many years until there is $76,431.00 in the account?
- Zahra has made deposits of $1080 at the end of every six months for thirteen years. If interest is 6% compounded quarterly, how much will Zahra have accumulated nine years after the last deposit? Zahra will have accumulated $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)Abe deposited a sum of money at the end of every month for 15 years at 8.5% compounded monthly. After the last deposit, interest for the account is to be 3.5% compounded quarterly and the account is to be paid out by end-of-quarter quarterly payments of $5905.00 over 17 years. What is the size of the monthly deposit? Select one:Starting three years from today, you make equal annual deposits of $5,000 into an account which offers 12 percent compounded semiannually. (a) How many years from today will it take for your balance to reach exactly $220,606.2574? (b) How many years from today will it take for your balance to reach exactly $233,842.6328? (c) How many years from today will it take for your balance to reach exactly $247,873.1908? [Hint: With semiannual compounding, each of these questions has an exact answer.] Step by step please, as if writing on a sheet of paper and taking notea.