Angela deposits $⁢5500 into an account with an APR of 2.4% for 7 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary

Angela deposits $⁢5500 into an account with an APR of 2.4% for 7 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Related questions

Q: Cody borrowed $9100.00 from his credit union. He agreed to repay the loan by making equal monthly…

A: Solution:

Q: A $2200 bond earns 9.3% compounded monthly for 9 years. Determine the amount of the investment at…

A: A $2200 bond earns 9.3% compounded monthly for 9 years.

Q: Sandeep borrows $20,000 for a new car. The bank offers him an annual interest rate of 9% compounded…

A: Given that the borrows amount PV= $ 20,000 Interest rate r=9%=9100=0.09compounded monthly…

Q: To save for her high school graduation, Jenny decided to save P1,250.00 at the end of each month. If…

A: We need to choose correct option.

Q: ys has a balance of $532 on his credit card. the account has a 19% annual interest rate , compounded…

Q: you deposit $5000 in an account earning 3% interest compounded monthly. how much will you have in…

A: We have given,

Q: $10,000 is deposited for 2 years in an account that earns 5% interest. calculate the simple…

Q: Yoy deposit $200 each month in an account earning 3% interest compounded monthly. How much total…

A: Given that $200 deposited each month in an account and earning 3% interest compounded monthly.

Q: Find the interest earned for $2,300 which is invested at 18% compounded monthly for 48 months?…

A: Find the interest earned for $2300 which is invested at 18% compounded monthly for 48 months?

Q: You deposit $5000 each year into an account earning 4.1% interest. How much will you have in the…

A: Please find the answer in next step.

Q: Sam deposits $600 at the end of every 6 months in an account that pays 8%, compounded semiannually.…

Q: You deposit $3000 in an account earning 8% interest compounded quarterly. How much will you have in…

A: P=Principle=$3000t=time=15 yearsr=interest rate=8%=0.08A=final amount=?n=number of times compounded…

Q: Dylan takes out a bank loan of $11,500 at 3.8% interest compounded annually. How much interest, in…

A: Given data is : Loan P=$11500 Interest rate r=3.8%, compounded annually. Time t=3 years To find the…

Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000 interest rate (R)=2%= 2/100 =0.02 (for compounded monthly…

Q: Grandparents deposited P6,000 into a grandchild's account. How mUch money (to the nearest peso) will…

Q: Find the simple interest and total amount if you borrow $8000 at 12% for 3 years.

Q: Annie's cafe borrows $9,400 at 5% for 240 days. Find the total amount that must be repaid after…

Q: You take a loan from your local bank. Determine the interest that is accrued on $7000 for five years…

Q: Kelly paid off his student loan in 3 years by making payments of $650 at the beginning of every…

Q: Calculate the simple interest rate when P=$3,600, I=$160 and t=4 months. Round to the nearest…

A: The simple interest, I is calculated using the formula: I=Prt, where P is the principal amount, r is…

Q: Suppose that you borrow $13,000 for four years at 6% toward the purchase of a car. Find the monthly…

Q: Johnson placed $15,000 into his credit union account paying 7% compounded semiannullay. How much…

Q: Manjot Singh bought a new car for $14 888 and financed it at 8% compounded seni-annually. He wants…

A: Given price of new car is P=$14,888 Interest rate r=8% compounded semi annually ⇒r=8100=0.08 Pay…

Q: Mitchell invested $4583 at 5.61% compounded quarterly. Calculate the accumulated value of the…

Q: Find the interest for a principal of $8883, rate 9.3% and 5 years.

A: According to the question, We have: Principal = P = $8883 Rate of Interest = R= 9.3% Time period =…

Q: Find the simple interest of $1,000 borrowed at 6% for 4 years.

A: Given: The principal amount = $1000. The rate of interest = 6%. The time =4 years.

Q: BANKING Malik deposits $5000 in an account that pays 3.9% interest compounded weekly. What will be…

Question

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

how did you get the 1.18

Solution

by Bartleby Expert

SEE SOLUTION

Similar questions

Adrienne is going to deposit $8500.00 in an account that earns 2.5% interest for 360 months. How much more interest will she earn if the account earns annual compound interest rather than annual simple interest? $6375.00 $17829.30 $2954.32 $9329.32
Angela deposits $⁢5500 into an account with an APR of 2.4% for 7 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.
Richard invests $205.42 every month into his retirement. At the end of 30 years, he has a balance of $137,090.97. What interest has accrued over 30 years?
You have $400,000 saved for retirement. Your account earns 8% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years? Round to the nearest cent, do not include the dollar sign.
find simple interest on $1250 for 10 months at 12%
$1600 is deposited into an account for which interest is compounded annually. The value of the account 5 years after the deposit is $1993.89. Find the value of the account 11 years after the initial deposit.
You want to save $20,000 for a down payment on a home by making regular monthly deposits over five years. Take the APR to be 4%. How much money do you need to deposit each month?
Cathy makes a single deposit into an account earning 2.5% compounded monthly. After five years the account contains $3057.46.how much did she deposit?
At the beginning of every three months, a college student deposits #3,000 in a fund that gives 2% compounded quarterly. If he intends to use this money for his graduation, how much money does he have in 42 months? #Blank 1
Lydia's aunt Rose left her P5,000. Lydia spent P1,000 on her wardrobe and deposited the rest in an account that pays 6.9% compounded semi-annually. How much money will she have in 5 years?
Find the amount of interest earned by deposit. $12,345 if interest is 6% compounded monthly for 7 years
You deposit $400 in an account earning 3% interest compounded annually. How much will you have in the account in 30 years? Round to the nearest penny.