Find the future value of each deposit if the account pays (a) simple interest, and (b) interest compounded annually. $2500 at 9% for 6 years (a) The future value of an account that pays simple interest is? (b) The future value of an account that pays interest compounded annually is?

Find the future value of each deposit if the account pays (a) simple interest, and (b) interest compounded annually. $2500 at 9% for 6 years (a) The future value of an account that pays simple interest is? (b) The future value of an account that pays interest compounded annually is?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...

See similar textbooks

Related questions

Q: e future value of an ordinary annuity of $100 paid at the end of each quarter for 2 years, if…

A: FV=C(1+r)n-1r×(1+r)C=$100 r= 6% = 0.06 n=2 years compounded quarterly r=0.064 n=2×4=8

Q: 30,000 is invested for 3 months at an annual simple interest rate of 3%. (a) How much interest will…

Q: If you lend $3600 to a friend for 15 months at 8% annual simple interest, find the future value of…

Q: What is the future value of a $1000 dollar CD invested at a rate of 4.5% that earned simple interest…

A: Given that: P=initial amount=1000 r=interest rate= 4.5%=0.045 t=number of years= 9 A=annuity=?

Q: P7,500.00 earning 9% interest, compounded daily for 3 years

A: Given: P=7500 r=9%=0.09 Compounded daily, n=365 t=3 years

Q: If you lend $7,000 to a friend for 16 months at 9% annual simple interest, find the future value of…

A: given that lend amount, P=$7000 for 16 months, T=1612years=43 years rate of interest , R=9% annual…

Q: 3. Find the future value if 1000 dollars is invested at interest rate 3% compounded semi-annually…

A: Given that $1000 is invested for a 3% compound interest semi-annually for 2 years.

Q: If $1737 is invested at 5.74% for 4 years, find the future value if the interest is compounded semi-…

Q: Find the future value if $11,000.00 is invested for 7 years at 6% compounded annual. The future…

Q: Find the future value, using the future value formula and a calculator. (Round your answer to the…

Q: Use the formula for computing future value using compound interest to determine the value of an…

A: We have to solve

Q: $25,000 is invested for 6 months at an annual simple interest rate of 3%. (a) How much interest…

A: Given: Principal Amount P=25000 Time N=6 months =6/12 Rate of interest = 3%

Q: Yolanda deposited $1,400 at the end of each six months for 2 years in a savings account. If the…

A: NOTE: Refresh your page if you can't see any equations. . here we have PMT=1400 r=4%=0.04 n=2 for…

Q: Find the future value of an ordinary annuity of $80 paid at the end of each quarter for 7 years, if…

A: Given data: The given price of the annuity is: P=$80. The given time is: n=7 years=28 quarters.…

Q: $10000 is invested for 6 years at an annual simple interest rate of 16% a)How much interest will be…

Q: If $16,000 is invested at 8% for 12 years, find the future value if the interest is compounded…

A: Given that If $16,000 is invested at 8% for 12 years To find the future value if the interest is…

Q: $30,000 is invested for 6 months at an annual simple interest rate of 3%. (a) How much interest…

A: Given Amount invested = $30000 rate = 3% per annum time = 6 months

Q: $20,000 is invested for 6 months at an annual simple interest rate of 2%. (a) How much interest…

A: Given that: Money inveted, P=$20000Time period, t=6 months=12 yearRate of interest, r=2%

Q: Use the formula for computing future value using compound interest to determine the value of an…

A: It is given that, the principal amount P is $2500, interest rate r is 0.08 and n is 365 days.Formula…

Q: A grandparent deposits $3,000 each year into an annuity for a grandchild that pays 8% compounded…

Q: For each deposit, find the future value (that is, the final amount on deposit) when compounding…

Q: Find the simple interest on a $2,000 investment made for 5 years at an interest rate of 5% per year.…

Q: Find the future value of each deposit if the account pays (a) simple interest, and (b) interest…

A: We have to find the future value of each deposit if the account pays: a Simple interest: We can…

Q: What is the future value of $2000 earning 12% interest, compounded monthly, for 8 years? (Round your…

A: We need to find the future value given that present value P = $2000, rate of interest r = 12% =…

Q: Find the future value of an account when $2250 is invested at 3.2% simple annual interest for 5…

A: formula:- simple interest(S.I.)= (P×R×T)/100 Then , future value =S.I.+P

Q: Levi is planning to invest 100,000 php. Bank A is offering 5% compounded semi - annually while Bank…

Q: Find the time necessary, in years and days, to achieve a future value of $1000 when the original…

A: It is given thatOriginal amount=$550Future value=$1000Rate of interest=8%To find:Time period(t)

Q: Find the future value, using the future value formula and a calculator. (Round your answer to the…

A: Future Value: The future value formula is given by FV=P1+rt where P is the principle, r is the…

Q: Use the formula for computing future value using compound interest to determine the value of an…

A: Here we have to find the future value by compound interest.

Q: Find the future value of an account when $2250 is invested at 3.2% interest compounded quarterly for…

Q: $10,000 is invested her sick Siri set an annual simple interest rate of 16% what is the future value…

Q: Man borrowed $30,000 at a simple interest rate of 12% per year to woman, however Man can only paid…

Q: What is the future value if $12,000.00 is invested for 4 years at 7% compounded every 4 months? The…

A: A=p(1+r/n)^nt

Q: Use the formula for computing future value using compound interest to determine the value of an…

A: Monthly interest rate and future value will be calculated using the formula,

Q: Find the Future Value if you invest $835 at 3 1/2 % compounded semiannually for 6 years.

A: From the given data Principal value(PV)=$ 835 Interest =r= 7/2 %= 3.5%=0.035 Compounded semi…

Q: Use the formula for computing future value using compound interest to determine the value of an…

Q: $20,000 is invested for 3 months at an annual simple interest rate of 3%. (a) How much interest…

Q: Use the formula for computing future value using compound interest to determine the value of an…

A: Given , years if a principal amount of $19,000 is deposited in an account at an annual interest…

Q: each month for 9 years and the interest rate is 7.2% compounded monthly. N= FV=

Q: In order to start a small business, a student takes out a simple interest loan for 8000.00 for 3…

A: The objective is to find the interest and future value.

Q: What is the future value of $117,000 invested for 5 years at 10% compounded monthly?

Q: Use the formula for computing future value using compound interest to determine the value of an…

Q: Find the future value if $9000 is invested for 13 years at 13% compounded annually. (Round your…

Q: 25. CORPORATE SAVINGS Dayton Tires has $180,000 to invest for I year. Find the future value if it…

A: a. Given : Rate of interest = 2% =2100 Principal = $ 180000 Time = 1 year Hence, A=P(1+rn)nt =…

Q: Find the future value if $6000 is invested for 10 years at 7% compounded annually. (Round your…

A: The invested amount is $6000 for 10 years at 7% compounded annually.

Q: Find the future value if $3000 is invested for 13 years at 11% compounded annually

A: P=$3000, t=13 , r=11%=0.11 & n=1 compounded annually

Q: Find the future value, using the future value formula and a calculator. (Round your answer to the…

A: Given information Present value = $921 Rate of interest = 5.5% Year = 7% r = quarterly rate

Q: If $16000 is invested at 8% for 12 years, find the future value if the interest is compounded…

A: Note:- Formula for compound interest is A=P1+rnnt → * A= Final…

Question

Find the future value of each deposit if the account pays (a) simple interest, and (b) interest compounded annually.

$2500 at 9% for 6 years

(a) The future value of an account that pays simple interest is?

(b) The future value of an account that pays interest compounded annually is?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

(a)

VIEW

(b)

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will pay interest per year which is compounded monthly. How much will be in the child's account at his twenty-first birthday?
Arturo just got his first full-time job after graduating from college at age 27. He decided to invest $200 per month in an IRA (an annuity). The interest on the annuity is which is compounded monthly. How much will be in the Arturo's account when he retires at his sixty-seventh birthday?
Applications Saving for college In 20 years, a father wants to accumulate 40,000 to pay for his daughters college expenses. If he can get 6% interest, compounded quarterly, how much must he invest now to achieve his goal?
Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest, compounded monthly. If she opened her account when she was 19 years old, how much will she have by the time she is 55? How much of that amount will be interest earned?