Start working with a savings account with a quarter in it and your boss double it each day for 3weeks including weekends
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Start working with a savings account with a quarter in it and your boss double it each day for 3weeks including weekends
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- You have decided to open a savings account and put $5000 in your local bank. If you had an interest rate of 2.8% APR, compounded monthly, how many months would it take you to earn at least $800 in interest? You may use a spreadsheet. __________yearsSuppose you deposit $3600 to open an account that earns 6% interest compounded monthly. You are trying to save money and find that you are able to put away an additional $50 each month. Write a recursive formula to show the amount of money you will have in the account at the end of each month.You decide to save money to buy a car by opening a special account at a bank that offers 8% APR compunded monthly. You deposit $300 each month for 36 months. How much will you have in your account in 36 months?
- PleaseSuppose you deposit $50 at the beginningof every month in a bank account that earns1% interest per month. How many monthwill it take before you have $4175.00 inyour account?Jon plans to start a saving account. His plan is to deposit $59 each month into a money market account that guarantees a 6% interest rate compounded monthly as long as you do to remove any money from the account. How long will it take the account to accumulate to $1000?
- Suppose you want to have $600, 000 for retirement in 15 years. Your account earns 9% interest. Feel free to use the Online Basic Financial Calculator a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $After you do the Try It Now problem in the textbook, do the following. You invest $5 daily into an account earning 6% compounded daily. How much will be in the account after 10 years?Suppose you open a credit card account and charge $150 to the account on the first of each month to pay for your cable and Internet subscription. You plan to pay just the minimum payment each month for the first 6 months (until your summer job starts). The APR is 18.99% and the minimum payment is 6.5% of the balance. Use Excel to fill in the values in the table below and answer the questions that follow. Month — 23 5 6 1 4 7 Starting Balance $0 New Purchases $150 $150 $150 $150 $150 $150 XXX Balance + Purchases $150 XXX Finance New Charge Balance XXX Express your answers rounded to the nearest cent. (a) What is the starting balance at the beginning of the 7th month? $ (b) What is the starting balance at the beginning of the 4th month? $ (c) Your total finance charge is what percent of your total payments? XXX Minimum Payment XXX
- Give typing answer with explanation and conclusion You deposit $1,000 into a bank account that pays interest at j12=12%. How much money will you have in 30 months?You have decided to put $130 in a savings account at the end of each month. The savings account credits interest monthly, at the annual rate of 6%. How much money is in your account after 6 years?The balance (debt) on your credit card is $1000. Your credit card APR is 12%. You are spending $100 each month using your credit card. You are paying $200 to your credit card each month. How many months it takes to pay all your debt (balance)?