If 8000 dollars is invested in a bank account at an interest rate of 7 per cent per year, Find the amount in the bank after 15 years if interest is compounded annually: Find the amount in the bank after 15 years if interest is compounded quarterly: Find the amount in the bank after 15 years if interest is compounded monthly: Finally, find the amount in the bank after 15 years if interest is compounded continuously: Check Answer

Q: Your bank pays 2.3% interest per year. You put $1.100 in the bank today and $500 more in the bank in…

A: Year 0 Deposit = $1,100 Year 1 Deposit = $500 Interest rate = 0.023 Amount in the bank in 2 years =…

Q: Use the appropriate formula to find the future value in dollars of $700 deposited at the beginning…

A: The answer is in the explanation section.Explanation:The interest is compounded annually, but the…

Q: How much money will be in a bank account at the end of 15 years if $100 is deposi ted today and the…

A: Following details are given in the question : Deposit today (Present value) = $100 Time period = 15…

Q: A bank offers to pay you a stated annual rate of 5%, compounded daily. How many years will it take…

A: Future value refers to the value of a current asset at some future date affected due to inflation,…

Q: What lump sum of money must be deposited into a bank account at the present time so that ​$6000 per…

A: Here,Annual Withdrawal Amount is $6,000Time Period of Withdrawal is 9 yearsStarting of withdrawal…

Q: Suppose you decide to deposit $24,000 in a savings account that pays a nominal rate of 12%, but…

A: The objective of this question is to calculate the future value of a deposit in a savings account…

Q: Each day, you deposit $4.79 into a bank account whose annual rate is 1.6% with daily compounding.…

A: Daily deposit (P) = $4.79 Interest rate = 1.6% Daily interest rate (r) = 1.60%/365 =…

Q: What equal sums of money should you invest in a bank at the end of the year for the next 20 years in…

A: Future Value = $200,000 Time Period = 20 Years Interest Rate = 24% per year compounded monthly.

Q: You have a bank account that is currently worth 10,000. How long will it take the bank account to be…

A: The declared or promoted interest rate on a financial instrument, like a savings account or loan, is…

Q: You invest money into an account that earns interest at an unknown annual rate compounded…

A: Interest is an additional payment which is received on amount deposited by the depositor. At…

Q: You deposit $10,000 in a bank that pays an annual interest rate of 6% compounded quarterly how much…

A: We need to use compound interest formula for calculation of amount after 5 years A=P(1+r)n Where…

Q: To payoff a loan of $1000 you need to make 40 payment of $36.56 per month. What rate of interest are…

A: Annual percentage rate refers to the interest rate paid by the borrower to the lender on a yearly…

Q: If you deposit $300 at the end of every month in a savings account that pays a nominal APR of 5% per…

A: Compounding refers to phenomenon of calculating interest where interest is added to the principal…

Q: You put $859 in the bank for 5 years at 10%. If interest is added at the end of the year, how much…

A: Lets understand the basics. Interest can be of two types which are, (1) Simple interest  (2)…

Q: Suppose your bank account will be worth $4,200.00 in one year. The interest rate (discount rate)…

A: Present value is the present worth of any sum of money to be received in the future at a specified…

Q: Suppose that you borrow $10,000 from a bank to purchase a car. You agree with the bank to repay the…

A: Given: Particulars Amount Loan $10,000 Interest rate 16% Years 1

Q: If you deposited sum of 200 JOD at the beginning of each month for 20 Years at an annual interest…

A: There are three number of questions which has been asked by the student but as due to guideline we…

Q: you want to withdraw $100 from an account in year one. Also, you want to withdraw $200, $250 and $70…

A: Present value is the equivalent value today of the future money based on time value of money and…

Q: use the appropriate formula to find the future value (in $) of $500 dollars deposited at the…

A: A study that proves that the 1value of money today is higher than the future value of money is term…

Q: You put $6,150 in the bank for 15 years at 5%. Using the Future Value of 1 Table, what factor would…

A: Future Value is known as Terminal Value. The accrued amount of FVn  on principal amount after n…

Q: If you deposit $287.50 into an interest-bearing savings account today, what rate of interest must be…

A: Deposit amount = $287.5Amount after 14 years = $650.01A = P ( 1+r)nP = principal   = $287.5r = rate…

Q: Suppose I secure a simple interest note for $4500.  The length of the note is 102 months and the…

A: Interest = Principal * rate * time  Interest = $4500 * 6.20% * 102 /12 Interest = $2,371.50

Q: Suppose you have decided to put $200 at the end of every month in a savings account that credits…

A: Future value of annuities includes the amount being deposited and amount of compounding interest…

Q: Compute the future value of a $1500 deposit, after eight years, in an account that pays an interest…

A: Future value can be determined by compounding the present value.

Q: Use the appropriate formula to find the future value (in $) of $900 deposited at the beginning of…

A: The present value method is used to evaluate the different levels of investment projects. With the…

Q: An investment promises to pay into an account that pays you 6 percent annually, $150 per month for…

A: The question is based on the concept of Annuity

Q: A local bank is advertising that you can double your money in eleven years if you invest with them.…

A: In Simple rate of interest there is no effect of compounded Amount= principal * (1+rate*time)

Q: If you put $259 into a bank account that pays 3.5% interest, compounded 9 times per year, how much…

A: Workings:

Q: Suppose that you deposit $15 at the end of each month into a savings account that pays 2% interest…

A: Following informations are given in the question:

Q: The interest on a particular savings account is compounded continuously. The account initially had…

A: Investment refers to the allocation of money or resources with the expectation of generating income…

Q: Suppose you have decided to put $500 at the beginning of every month in a savings account that…

A: Monthly deposit (m) = $500 Monthly interest rate (r) = 0.00416666666666667 (i.e. 0.05 / 12) Number…

Q: You plan to invest an amount of money in a five-year certificate of deposit (CD) at your bank. The…

A: future value formula: future value=present value×1+rmm×n given, r=12% n=5 years fv=$7500 m=4…

Q: If you deposit $13,.224 annually at the end of every year in a bank account paying 8% annually. how…

A: Annual deposit (D) = $13,224 Period (n) = 5 Years Interest rate (i) = 8% (or 0.08) Amount saved at…

Q: (a) To what sum will the investment grow at the time of the 10th deposit? (b) How much interest will…

A: Time value of money means the amount of money received today will be worth more than the amount of…

Q: You borrow 112000 for 10 years from a bank in order to renovate your flat. The effective interest…

A: Whenever a loan is taken or some amount is borrowed by a person he wants to calculate the repayments…

Q: If you borrowed P250,000 from a bank payable for two years and 6 months at simple discount rate, how…

A: Data given: Borrowed money=P 250,000 n=two years and 6 months = 30 months   Let the simple discount…