A bank is paying 7.5% APR on a CD. (Note: The convention when there are no periodic payments is to assume annual compounding, unless stated otherwise. Thus this is annual compounding.) If you put $2221 into an account, how much will the account be worth in 6 years? Answer to 2 decimal places.

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A: Formula: Interest amount = Deposit amount x Time period x Interest rate

Q: None

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Q: In the given figure all five deposits were made at the end of each period - the first deposit being…

A: Formula to calculate FV of annuity due is: F = C*(1+i)^n - 1    *(1+i)                i Where F is…

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A: Interest earned refers to the profit over the investment earned by the investors at a specified rate…

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A: Bank A interest = 10% annually compounded Bank B interest = 9% daily compounded (365 days of…

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

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A: A loan refers to a contract between two parties where money is forwarded to one party by the other…

Q: An account pays interest at 1.5% per month. If you deposit $5000 at the beginning of this year, how…

A: Future Value = Present Value * (1+rate)^n Where, Present value =$5000 rate = 1.5% or 0.015 n = no of…

Q: A bank account pays 5.2 % annual interest compounded semiannually. How much money should be…

A: The amount to be deposited today can be calculated with the help of present value function Future…

Q: What is the size of the payments that must be deposited at the beginning of each 6-month period in…

A: Future value (FV) = $150,000 Interest rate = 7.6% Semi annual rate (r) = 7.6%/2 = 3.80% Period = 18…

Q: Spartan Credit Bank is offering 5.8 percent compounded daily on its savings accounts. Assume that…

A: Given Information :Interest rate = 5.8% p.aDeposit amount = $ 5,500

Q: Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20…

A: APR stands for Annual Percentage Rate. It is a measure of the borrowing cost, expressed as a yearly…

Q: Suppose an account pays 12% simple annual interest, and $6,316 is deposited into the account. If the…

A: Simple interest is the interest calculated on the initial deposit amount. Interest is deposited…

Q: What is the APR quote for this account based on semiannual compounding? The APR quote for the…

A: EAR refers to effective annual rate.   APR refers to annual percentage rate.   EAR takes into…

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A: Future value refers to the future date value when all cash flows are compounded at the given…

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A: The formula used as follows: FV=PV1+rnnt

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A: Time value of money refers to the concept that money available at the present time is worth more…

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A: Interest earned is 1796.26 No of years =9 Annual interest is = 1796.26/9 = 199.58

Q: A bank is paying 7.5 % APR on a CD. (Note: The convention when there are no periodic payments is to…

A: Future value refers to the estimated value of an investment or cash flow at a specified point in the…

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A: The objective of this question is to calculate the future value of a deposit in a bank account with…

Q: 2) If you deposit $3 account balance How many yea

A: The question is based on the concept of Financial Management.

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A: Semi-annual interest rate (r) = 5%/2 = 2.5% Number of Semi-annual compounding (n) = 5 years x 2 = 10…

Q: Spartan Credit Bank is offering 6 percent compounded daily on its savings accounts. Assume that you…

A: Future Value (FV) is the value of an investment or cash flow at a specified future date, assuming a…

Q: Spartan Credit Bank is offering 6.2 percent compounded daily on its savings accounts. You deposit…

A: Annual interest rate = 6.2% Number of compounding per year = 365 Deposit amount = $ 4600

Q: You want to withdraw $ 21,769 from your account at the end of one year and $ 34,587 at the end of…

A: As per the given information: Withdrawals at the end of the one year - $21,769 Withdrawals at the…

Q: Suppose $2000 is deposited in a saving account that pays interest at an annual rate d 0.40%,…

A: The concept is of calculation of present value when interest rate is compounded continuously. In the…

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A: Certificate of Deposit (COD) is a definite term deposit facility which provides higher interest than…

Q: When $8,600 is invested in a savings account paying simple interest for the year, the interest, i in…

A: Given information,The equation i = 8,600r represents a simple interest calculation. It states that…

Q: You wish to save $58000 in an account which pays 7% compounded quarterly by making monthly deposits…

A: Given:   Expected value in the account in future  $58,000.00 Interest rate per year 7%…

Q: An amount of $124 is paid at the end of every month into an account. If the nominal interest rate is…

A: Here, Monthly Amount is $124 Interest Rate is 3.02% Compounding Period is Semi Annual Payment Period…