Jason makes six EOY deposits of $2,000 each in savings account paying 5% compounded annually. If the accumulated account balance is withdrawn four years after the last deposit, how much money will be redrawn?
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Jason makes six EOY deposits of $2,000 each in savings account paying 5% compounded annually. If the accumulated account balance is withdrawn four years after the last deposit, how much money will be redrawn?
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- Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264Jason makes six EOY deposits of $2,000 each in a savings account paying 5% compounded annually. If the accumulated account balance is withdrawn 4 years after the last deposit, how much money will be withdrawn?An individual makes five annual deposits of $2,000 in a savings account that pays interest at a rate of 4% per year. One year after making the last deposit, the interest rate changes to 6% per year. Five years after the last deposit, the accumulated money is withdrawn from the account. How much is withdrawn?
- If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest at the rate of 8%/year compounded monthly, how much will he have on deposit in his savings account at the end of 6 yr, assuming that he makes no withdraws during that period?Whitney deposited $200,000 into a savings account that has an annual interest rate of 8% compunded daily. How much will be in the account after 4 years?Roger just deposited $12,000 into his account at Market Place Bank. The bank will pay 3.2 percent interest, compounded annually, on this account. How much interest on interest will he earn over the next 11 years?
- Charlotte wishes to accumulate $100,000 in a savings account in 10 years. If she wishes to make a single deposit today and the bank pays 4% compounded annually on deposits of this size, how much should Charlotte deposit in the account?Jason makes six EOY deposits of $2,000 each in a savings account paying 5% compounded annually. If the accumulated account balance is withdrawn 4 years after the last deposit, how much money will be withdrawn? Click the icon to view the interest and annuity table for discrete compounding when i = 5% per year. The amount withdrawn 4 years after the last deposit is $ (Round to the nearest cent.)Louis is saving for his retirement by making annual end of year deposits for 30 years into a bank account that pays interest at a nominal rate of 8% compounded quarterly. For the first 10 years the deposits are level at $5000 each year. After the 10 th year, each deposit is 3% more than the year before. A) Give an actuarial expression for the account balance after the final deposit is made ? B) What is the account balance after the final deposit is made ?
- Kim deposits $1,000 in a savings account. Four years after the deposit, half the account balance is withdrawn. Then, $2,000 is deposited annually for an 8-year period, with the first deposit occurring 2 years after the withdrawal. The total balance is withdrawn 15 years after the initial deposit. If the account earned interest of 8% compounded annually over the 15-year period, how much was withdrawn at each withdrawal point?Tika has $10 000 that he can deposit into a savings account for 5 years. ANZ pays compounds interest annually, Bankwest twice a year, and Bendigo quarterly. Each bank has a stated interest rate of 6 percent. What amount would Tika have at the end of the fifth year if he left all the interest paid on the deposit in each bank?Ed wants to have $10, 000 in 5 years. He opens a savings account in a bank which pays 7.2% interest compounded monthly. He can either deposit a single lump sum or schedule monthly deposits. Find the amount Ed has to deposit as a single lump sum and the total interest earned. Find the amount of each monthly deposit Ed has to make and the total interest earned.
