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
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- A deposit of Php 1, 000/month in a bank giving 6% interest compoundedmon thly for two years. He stopped making deposits and withdrawals for 5years. What is the amount of money in the bank after 7 years?An individual makes five annual deposits of P 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 Five years after the last deposit the accumulated money is withdrawn from the account. How much is withdrawn? Select one: a. P 16,701 b. P 12,356 c. P 15,824 d. P 14,223**please do not use excelThe 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.1- A person deposits 200.00 riyals at the end of each month for a year in a bank, and it has been found that the total of what he is entitled to at the end of the year is 2510.00 riyals. What is the interest rate? 2- A person deposited 900.00 riyals first every two months for a whole year, then began depositing 400.00 riyals at the beginning of each Two months for another year. If the interest rate is 15%, what is his balance at the end of the period? 3- In the first of every two months, a person deposits a certain amount. If it is found that the total of what he is entitled to at the end of the year is EGP 3,920, and if the annual interest rate is 12%, what is the value of the equal payment ? 4- Find a sentence of a semi-annual payment with a periodic value of 300.00 riyals, and it is paid for two years and with simple interest at a rate of 5% annually if the payments are: (a) regular, (b) immediate 5- A person deposited 500.00 riyals in a bank at the beginning and middle of each…
- 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 44290Need help with this question
- James deposited $150 at the beginning of each month for two years into his savings account. For the next four years he did not make any more deposits, leaving the money in the account. The bank charges 4% interest compounded monthly. What will the balance be after 12 years? ANS: $4,404.70.Hint: first step is to find balance [FV] after 2 years, which will become the Present Value using the FV formula for compound interest since PMT=0 for the last 4 yearsQ1) A man deposited $10,000 in a bank saving account that pays X % / year compounded monthly. He withdraw his money in five equal ends of year withdrawals starting at the end of the first year. Each withdrawal equals $3,000. Determine: 1) Effective Interest Rate per year (i) 2) Nominal Interest Rate per year (X) 3) Effective interest rate per month 4) Effective interest rate per six months1. You deposited PHP1, 500 in a bank with an interest rate of 5% for 1 year. What is the future value of your deposit? 2. FNB pays 6% interest compounded semi-annually. SNB pays 6% compounded monthly. Which bank offers the higher effective annual rate? 3. You deposit PHP1, 000 in your bank account. If the bank pays 4% simple interest, how much interest will you accumulate in your account after 10 years?. a. What if the bank pays compound interest? 4. Mr. Sotto won PHP10 million in the lottery. He was very excited to collect his winnings and had several plans for his PHP10 million. He would buy his dream house, car, and a lot more. However, he was very disappointed when the officers from PCSO said that he will not get his PHP10 million pesos upfront. He, however, has the following options: Get 8.1 million upfront Receive 1 million every year for 10 years Receive 1.8 million every year for 5 years a. The current government bonds have a yield of 5% per annum. Which is the best option?…
