Suppose you make quarterly deposits of $1,500.00 into an account that pays an interest at a rate of 6% compounded monthly. Find the balance of the account at the end of year 2.
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Suppose you make quarterly deposits of $1,500.00 into an account that pays an interest at a rate of 6% compounded monthly. Find the balance of the account at the end of year 2.
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- Suppose on January 1st you deposit $100 in an account that pays a nominal interest rate of 11.33463% with interest added (compounded) daily. How much will you have in your account on October 1st or 9 months later?You have a 2-year certificte of deposit in the bank. It is paying 6% annual interest, compounded monthly. At the end of the term, your account value is $880.30. What was the initial balance of the account? Please explain using the equation in the given image, not Excel. Thank you.Your bank is offering a certificate of deposit with an APR of 6.02% compounded monthly. What is the effective annual rate?
- You decide to deposit $103 monthly in a 2.98% annual interest bearing account over the next 8 years. What is the gross amount actually placed in the account?Determine the interest rate earned on a $200 deposit when $208 is paid back in one year.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.
- 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.You deposited P5,000 from the savings of your daily allowance in a time deposit account with your savings bank at a rate of 1.5% per annum. This will mature in 6 months. Compute the annual interest, total interest, and amount to be received or paid at the end of the term for this scenario above using a simple interest assumption and compound interest assumption.Suppose that you deposit $15 at the end of each month into a savings account that pays 2% interest compounded monthly. After a year, ------ is in the account.
- b) If the same two $15,000 deposits are made (at time 0 and end of year 4) into a different account that earns a nominal annual interest rate of 8.4% compounded quarterly, in which account should the money be deposited in order to earn more interest?Suppose you deposit $1,681.00 into an account today that earns 11.00% p.a. It will take years for the account to be worth $2,936.00.Your bank account pays a nominal interest rate of 8%, compounded quarterly. You deposit $500 in the account today, and deposit $1,000 in the account at the end of the first year. How much will you have in the account at the end of the first year?