Finance. Suppose that $4,300 is invested at 3.4% annual interest rate, compounded monthly. How much money will be in the account in (A) 8 months? (B) 13 years? (A) Amount after 8 months: $ (Round to the nearest cent.)

Finance. Suppose that $4,300 is invested at 3.4% annual interest rate, compounded monthly. How much money will be in the account in (A) 8 months? (B) 13 years? (A) Amount after 8 months: $ (Round to the nearest cent.)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Suppose that $ 1,500 is placed into a bank account at the end of each month over the next 8 years. What is the future worth at the end of 8 years when the interest rate is 9% compounded at the given intervals? a) Quarterly, b) Monthly, c) Continuously
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= Calculate the future value of $8,000 in a. Four years at an interest rate of 8% per year. b. Eight years at an interest rate of 8% per year. c. Four years at an interest rate of 16% per year. d. Why is the amount of interest earned in part (a) less than half the amount of interest earned in part (b)? ...
I. Suppose that you start a savings account today with $ 265,000.00, from which you will make a single withdrawal for $ 180,000.00 within 15 months. Determine how much money you will have in the account in 3 years if the account pays interest as follows: In the first 6 months at a rate of 5% quarterly compounded continuously; in the next 9 months at an interest rate of 16% per annum compounded quarterly; and in the remaining months at a simple interest rate of 2% effective monthly. Also determine the total interest the account earns during those 2 years. MAKE A CASH FLOW CHART. II.Consider now that the account referred to in Problem I pays effective monthly compound interest at a constant rate from the opening of the account onwards. Then determine the numerical value of the rate that would produce the same effect on the account as that obtained from the way interest is paid in Problem I.
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