Marcus deposits $2600 into an account that has an annual interest rate of 5% compounded monthly. If he leaves it there for 7 years without making any withdrawals, what is the account's balance at the end of 7 years?
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Marcus deposits $2600 into an account that has an annual interest rate of 5% compounded monthly. If he leaves it there for 7 years without making any withdrawals, what is the account's balance at the end of 7 years?
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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. 2,0000.9264An investor deposits $100 into his credit union account that pays interest at the rate of 3.25% per year (payable at the end of each year). He leaves the money and all accrued interest in the account for 7 years. How much will he have at the end of the 7 years?Bob wants to deposit $5000 into a bank account at the beginning of the next month and $200 per month into that same account at the end of that month and each subsequent month for the next 5 years. If the bank pays interest at the rate of 3% per year compounded monthly, how much will Bod have in his account at the end of 5 years? Assume that he makes no withdrawals during the 5 year period.
- 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?Alan makes deposits to an account at the end of every year for 12 years. His first deposit is $300 and each subsequent deposit increases by $50. If the account earns an annual effective interest rate of 4%, what is the accumulated value of the account after 12 years? 1,850 3,700 6,590 7,340 8,290If Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of 3%/year compounded monthly, how much will he have on deposit in his savings account at the end of 6 years, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.)
- Derek currently has $10, 865.00 in an account that pays 4.00 %. He will withdraw $5,192.00 every other year beginning next year until he has taken 7.00 withdrawals. He will deposit $10865.0 every other year beginning two years from today until he has made 7.0 deposits. How much will be in the account 29.00 years from today?Joe plans to deposit $300 at the end of each month into a bank account for a period of 3 yr, after which he plans to deposit $400 at the end of each month into the same account for another 4 yr. If the bank pays interest at the rate of 8%/year compounded monthly, how much will Joe have in his account by the end of 7 yr? (Assume no withdrawals are made during the 7-yr period.)An investor deposits $100 into his credit union account that pays interest at the rate of 3.25% per year (payable at the end of each year). He leaves the money and all accrued interest in the account for 7 years. How much will he have at the end of the 7 years? What is the future value in SEVEN years if you receive $300 in two years and $500 at the end of five years? Assume an annual compound rate of 8.5%. What is the value of $2000after one year, if bank compounding half yearly and offered rate is 10%? What is the value of $2000 after one year if bank compounding quarterly and offered rate is 10%? What is the value of $2000after one year if bank compounding monthly and offered rate is 10%?
- 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 ?Suppose that you deposit $7000 in a savings account that pays 4% annual interest, with interest credited to the account at the end of each year. Assuming that no withdrawals are made, complete the following: a. Find the balance in the account after 5 years. b. Find the balance of the account after 9 years and 10 months.4) Bill plans to deposit $200 into a bank account at the end of every month. The bank account has a nominal interest rate of 8 percent and interest is compounded monthly. How much will Bill have in the account at the end of 2½ years (30 months)?
