Five years ago, you saved $5,000 in account X that pays a compounding interest rate.You also saved $5,000 in account Y that pays a simple interest rate. Both accounts have$10,000 now. How much will you have in the two accounts at the end of year 10?A. $20,000 in account X and $15,000 in account YB. $20,000 in account X and $20,000 in account YC. $40,000 in account X and $20,000 in account Y

Interest means the extra amount which we received because of investment made and will be paid in…

Answered: Five years ago, you saved $5,000 in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Five years ago, you saved $5,000 in bank A that pays a compounding interest rate. You also saved $5,000 in bank B that pays a simple interest rate. Both accounts have $8,000 now. How much will you have in the two accounts at the end of year 5? The account balance in bank A will be $11,000. The account balance in bank B will be $11,000. The account balance in bank A will be $12,800. The account balance in bank B will be $11,000. The account balance in bank A will be $11,000. The account balance in bank B will be $12,800.
Suppose you are starting your savings a little bit late, 42 years old. Before that there was no savings balance. Given 10,000 at 42 years old with the compounding interest rate of 7%. Calculate the savings balance for each year after 42. There is also no additional contributions but you kept the 10,000 until you are 61 years old. *Use excel, and excel calculations to solve*
Ten years ago, you saved $5,000 in account X that pays a compounding interest rate. You also saved $5,000 in account Y that pays a simple interest rate. Both accounts have $10,000 now. How much will you have in the two accounts at the end of year 10? A. $20,000 in account X and $15,000 in account Y B. $20,000 in account X and $20,000 in account Y C. $40,000 in account X and $20,000 in account
24) One of the local banks indicates that it computes the interest it pays on savings accounts by the continuous compounding method. Suppose you deposited $100 in the bank and they pay 4% per annum, compounded continuously. After 5 years, how much money will there be in the account? Select one: a. $ 122.14 b. $ 144.14 c. $ 322.14 d. $ 222.14 25) At 10% per year simple interest, how long will it take for a deposit of $1000 now to accumulate to $100,000? Select one: a. n=99 years b. n=50 years c. n=44 years d. n= 990 years 26) When only one alternative can be selected from two or more, the alternatives are said to be: Select one: a. subjective alternatives b. independent alternatives c. revenue alternatives d. mutually exclusive
Suppose you deposit $4,000 in a savings account paying 10% simple interest. How much money will you have in your account after 4 years?
Please do both question They are easy I will definitely upvote u
You are comparing two banks. One bank is online and offers a savings account interest rate of 1.75% compounded quarterly. One bank is in your hometown and offers a savings account interest rate of 1.72% compounded daily. You have $4500 to keep in a savings account for 2 years, so you need to decide which bank would pay more interest. The online bank has an APY of what percentage? Round your percentage to three decimal places) 1.762 The hometown bank has an APY of what percentage? Round your percentage to three decimal places) 1.735 %. ✔ %. Therefore if you invest the same amount of money for the same amount of time, the bank that pays more interest is O Online bank O Hometown bank Enter a number. How much more interest would you earn at the bank you just selected compared to the other bank? State your result rounded to two decimal places. Hint: You will need to use the original investment information to calculate the interest earned on each account.
You want to withdraw $30,000 a year for 30 years. Your account earns 12% interest. How much do you need in the account to be able to do this? A) $241,655.52 B) $231,647.39 C) $245,723.12 D) $198,789.56
You invest $ 4,060 in an account today. You make no additional deposits into the account. One year from today there is $ 5,140 in the account. What is the nominal interest rate that you earned on your money? (Record your answer as a percent rounded to 1 decimal place; for example, record .527945 = 52.8% as 52.8). Your Answer:

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