Ben Franklin's gift of $3,000 to New York City grew to $2,000,000 in 200 years. At what interest rate compounded annually would this growth occur? The interest rate would be %. (Round to the nearest hundredth.)
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- How much would you have to deposit now. so that you can withdraw of $10000 starting at the end of year 5 , and subsequent Withdrawals will decrease a rate of of 10% semiannual year over the previous year's until at the end of year 8 , if the interest rate is 676. compounded semi-annually? Note: Draw the cosh flow diagram and use interest rate with five decimal places. Box your final answer and upload the picture of your solution.Steve promises to pay Amanda $2,000 in four years and another $3,000 four years later for a loan of $2,000 from Sandy today. What is the interest rate that Sandy is getting? Assume interest is compounded monthly.You plan to deposit $300 each year into an IRA earning 4% interest annually. How much will you have in your account in 20 years? Your Answer: Answer
- How many years will it take an investment to triple if the interest rate is 6% compounded continuously? (round up your answer to the nearest integer)Suppose you were promised $400 three years from now and $600 at the end of five years. How much is that worth now at 12% interest?Calculate the present value of an annuity with monthly deposits of $2,000 at 5% for 20 years. Discuss how the present value of an annuity will change if the deposit is doubled?
- Find FV: You have $2,000 in a savings account that earns 1.5% interest per year. What will be the balance in your account: in one year? in five years? in ten years?How long will it take any sum to double itself with an 11% interest rate compounded continuously?Suppose that you make a series of annual deposits into a bank account that pays 8% interest. The initial deposit at the end of the first year is $1,200. The deposit amounts decline by $200 in each of the next four years. How much would you have immediately after the fifth deposit?
- Calculate the total interest earned, if you save $68 each month, Starting today, for 11 more years, if the annual interest rate is 9.6 and interest is compounded on a monthly basis?You were entitled to receive $5,000 at the end of six months for the rest of your life. If the interest rate is 10% compounded monthly, what is the present value of perpetuity? can someone explain how come the answer is 97,936.84?Calculate the annual payouts C to be given for 15 years with an interest rate of 8% on an annuity with a present of value of $150,000. Round your answer to the nearest cent. Do not include the dollar sign in your answer.