8. On April 1, you opened a savings account at Main Street Savings Bank with a deposit of $817.25. At the end of October the interest was computed at an annual rate of 6% and added to the balance in your account.. a. How much simple interest did your money earn? b. What was your new balance?

Q: How much would you need to deposit in an account now in order to have $5,000.00 in the account in 13…

A: Simple interest is an interest that is calculated on the initial investment.

Q: 7. On April 1, Michael Reeves deposited a refund check for $240.85 in a savings account at Northern…

A: Simple interest is concept where the interest is never capitalized to the original loan/investment…

Q: involving investments, mortgages, loans, and so on are based on either a fixed or a variable in used…

A: Simple interest is simple in nature that means no interest on interest is there but in compounded…

Q: 7. Assume that today you made an initial deposit in the amount of $16,000 into a savings account…

A: Future value of an initial deposit paying simple interest is calculated using following equation…

Q: How long would you have to wait for a deposit of $1,625 to earn $34 in interest? Assume that the…

A: Interest = Principal * Rate * Time

Q: If you deposited P1,000 a couple of years ago in a bank that pays the interest bimonthly. After…

A: The effective rate implies for percentage figure which shows proportion of increase that will occur…

Q: Assume you deposit $4,200 at the end of each year into an account paying 10 percent interest. a. How…

A: The fixed periodic regular payments/deposits made at each periodic interval are recognized as…

Q: 6. Jasper Brown deposited $743.20 in a savings account at the Suburban Trust Com- pany on May 1. At…

A:

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: It is a case of the future value of an annuity due where the deposit is done at the beginning of the…

Q: Your credit card company charges you 21.3% APR (annual percentage rate). If they calculate interest…

A: 1. Given: APR = 21.3% Interest calcualtion: Monthly   To calculate:  Periodic Interest Rate

Q: Each day, you deposit $4.79 into a bank account whose annual rate is 1.6% with daily compounding.…

A: Daily deposit (P) = $4.79 Interest rate = 1.6% Daily interest rate (r) = 1.60%/365 =…

Q: Keith deposits 10,000 into a bank account at time 0. The bank credits interest at an annual nominal…

A: Given: Principal = 10,000 Interest rate annual = i% Semi-annual rate = i%/2 For simplicity let us…

Q: Gabrielle Patterson deposited $3,600 in a new savings account. She made no other deposits or…

A: Interest is calculated in two ways compound interest and simple interest.

Q: 1. On August 1 you opened a new savings account with a deposit of $1,400. The interest rate paid by…

A: Initial deposit on August 1 is :

Q: 1. Vincent deposited $1,650 in a savings account that earns 3.5% interest compounded daily for 90…

A: Maturity value of Vincent account would be future value of saving account at 3.5% rate compounded…

Q: Winston deposited $3,294 in a bank account with annual interest rate 2.6%. How much interest was…

A: Data given:P=$3294Interest rate=2.6% (annual compounding)n=5 yearsRequired: Interest earned in 5…

Q: How much must you deposit in an account today so that you have a balance of $18,355 at the end of 11…

A: Present value is an estimate of the present value of future cash values ​​that may be received at a…

Q: A person deposits 200.00 riyals at the end of each month for a year in a bank, and it has been found…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: Chandrika deposits $500 in an account paying an effective quarterly interest rate 2.01875%. Muhammad…

A: Present Value:  The present value (PV) is the present sum of the future payments. The future…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Future value = Present value ( 1 + rate of interest )Period Future value = Amount deposited * Future…

Q: You plan to deposit $4,000 today, $2,000 in one year and $4,000 in two years into an account earning…

A: Here, Deposit Amount  today (D0) is $4,000 Deposit Amount in One Year (D1) is $2,000 Deposit Amount…

Q: bank discount and proceeds for these notes. Assume that the notes were discounted on June 10 at a…

A: Notes are issued by the banks on discount and the customer have to pay the face value on the…

Q: How much money do I need to place into a bank account which pays a 6 Percent rate in order to have…

A: The rate of interest (r) is 6%. The future value (FV) at the end of 7 years is $500. The maturity…

Q: An account today is credited with monthly interest thereby bringing the account balance to $6,660.…

A: The future value of money refers to the amount that an invested sum of money will grow to over a…

Q: Your monthly payments are due on the 8th of each month, starting October 8. The lender receives your…

A: Principal amount : It is the initial or the total amount that is being borrowed by an individual…

Q: How much was the check he gave to the bank for payment?

A: Future value can be referred to as the value of an underlying asset or security at a future date.…

Q: 4. Peter Sarnoff deposited $1000 in a new savings account at First National Bank. He made no other…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: 1. Determine the interest rate earned on a $4,444 deposit when $4789 is paid back in one year.…

A: Future value is the estimated current value of an asset at a future date on an assumed discount…

Q: 26 (a). Samuel Norris deposited $450 in a new regular savings account that earns 4% interest…

A: Answer) Calculation of amount accumulated after one year Amount accumulated after one year = Amount…

Q: Suppose that your parents decide tổ make deposits into a savings account, With the first deposit…

A: The concept of the time value of money states that the current worth of money is more than its value…

Q: 1. The average daily balance for Maggie Mae's last credit card statement was $1,634.28, and she had…

A: 1. a. APR = 18%    The monthly interest rate for Maggie Mae is  Monthly Interest…

Q: Susie opens a simple interest checking account. After 6 months, her account grew from P5,000 to…

A: Solution:- Interest rate means the rate at which the amount invested grows to give high return of…

Q: Assume simple interest and find the rate of interest paid by the bank.

A: The amount deposited in the bank is $6,400. The amount received is $6,453.33 The interest paid by…

Q: The local bank is currently offering a new investment product, where deposits earn interest…

A: The FV of an investment refers to the cumulative value of its cash flows assuming that they grow at…

Q: 4. Suppose you earn and spend $2,400 per month. You receive your paycheck on the first day of the…

A: a. To determine the average demand for money over the month, we need to calculate the average…

Q: Suppose you deposit $1,098.00 into an account 5.00 years from today. Exactly 14.00 years from today…

A: Following formula is used to compute account's interest rate account's interest rate = -1where,n =…

Q: A savings account at your local credit union holds a balance of $5,894 for the entire month of…

A: Simple interest is the amount of interest received on a deposit based on a flat rate. Formula:…

Q: Suppose Zoe had deposited another $900 into a savings account at a second bank at the same time. The…

A: To calculate the amount of money Zoe will have in her savings account at the second bank in 13…

Q: On May 1, Cleveland Livingston opened a savings account that paid 3.5% interest at Fulton Savings…

A: Saving account: A savings account is an interest-bearing deposit account with a bank or other…

Q: You borrowed an X amount of money from a local bank to be repaid over N months at an interest rate i…

A: Let us assume that: X= Loan amount = $100,000 N= No. of months = 12 i= Interest rate = 6% p.a.…

Q: whats the answer to number 1?

A: Please see the next step for the solution

Q: The bank statement opposite shows transactions over a one-month period for a savings account that…

A: Interest on savings account is calculated on daily balance in the account.

Q: You want to withdraw $ 54,777 from your account at the end of one year and $ 10,521 at the end of…

A: As per the given information:Withdrawals at the end of the one year = $54,777Withdrawals at the end…