A deposit of Php 1,000/month in a bank giving 6% interest compounded monthly for two years. He stopped making deposits and withdrawals for 5 years. What is the amount of money in the bank after 7 years? Answer: 34,804

The Martin family recently deposited $1,000 in a bank account that pays a 6 percent nominal interest rate. Interest in the account will be compounded daily (365 days = 1 year).How much will they have in the account after 5 years?A. $1,349.82B. $1,524.77

Bank A pays 7% simple interest on its savings account balances. Bank B pays 5.5% interest compounded annually. If you deposit $15,000 in both banks, a. How many years will it take for your balance to double in Bank A? b. What is the amount of interest earned in each bank at the end of 10 years? Which bank would you choose to open the savings account?

you deposit $5,000 in a bank t years ago. Your current account balance is $8,200, and the bank compounded intrest monthly at an intrest rate of 3.5%. how long ago did you deposit the money? that is, find t. round your answer to the nearest tenth of a year.

How much did you initially deposit?

An investor deposits 10,000 into a savings account that sets its interest rate for the year on the first day of the year. For the first five years the investor receives 6% per year. After that, for the next 4 years the investor received 10% per year and after that 8% per year for 6 years. Assuming there were no deposits or withdrawals from the account during this period, how much is in the account at the end of this time? O 31092 O 46951 O 22584 O 50358 O 21577 O 44290

An individual makes five annual deposits of $2,000 in a savings account that pays interest at a rate of 4% per year. One year after making the last deposit, the interest rate changes to 6% per year. Five years after the last deposit, the accumulated money is withdrawn from the account. How much is withdrawn?

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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.

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