Melisandre deposits $508.76 in a bank account paying i(12) = 1.500%. 8 months later, she withdraws $335.78. How much money does she have in her bank account exactly1 year after opening it? (No dates or daycount convention are given, so use theoretical time; i.e. 1 year = 365 days = 52 weeks = 12 months etc. and count time in periods.e.g. 3 weeks = 3/52 years; 3 months = 0.25 years, etc.)a. $182.56b. $191.51c. $196.88d. $186.14e. $178.98

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Answered: Melisandre deposits $508.76 in a bank…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The parents of a child decided to make annual deposits into a saving account, with the first deposit being made on the child’s sixth birthday and the last deposit on the 14th birthday. Then, starting on the child’s 16th to the 19th birthday the withdrawals are $3,000, $3,400, $3,800, and $4,200 respectively. If the effective annual interest rate is 6% during this period of time. What are the annual deposits in years 6 through 14? Use a uniform gradient amount (G) in your solution
4. Richard makes payments of $400 into a savings account each month. The account gains interest at a rate of 4.2% compounded monthly. 20 years later, he takes his money out of this account and places it in an account that gains continuously compounded interest at a rate of 4.0%. At this point, he is no longer making additional payments. (a) How much money is in his account at the end of the first 20 year period? (b) How much money is in his account 15 years after moving his money to the second account? (c) Use Desmos to draw a graph showing how his money growth over the full 35 year period.
A person deposited an amount of 1000 dinars in a savings account, what is the accumulated amount in that account after 6 years if the interest rate is 16%, paid once every six months, and four times annually???
what is the future worth of the deposit
2. On April 1 Kendrick opened a savings account at a bank that paid 3.55 $1,000. On April 20 he withdrew $500. On April 30 the bank calculated the daily percent interest. His initial deposit was $3,200. On April 9 he deposited another interest. a) How much simple interest did his money earn? b) How much was in the account after the bank calculated the daily interest on April 30?
Suppose a family is depositing money into a bank account continuously, and the account earns interest of 4% annually (compounded continuously). The family began their first year with $23, 000 in the account. Assuming they don't make any withdrawals, how much money is in the account after 4 years? Answer should be $26,990.75
can you please explain how they got this question?
Five years ago, you deposited $1,000 in a bank account. One year ago, you deposited $2,000 in the same bank account. Assuming no other deposits and no withdrawals, what will be in the account 7 years from now? Assume an interest rate of 4%. Use the $ symbol and round to the nearest dollar...no decimal places...use a comma.
A man wants to get from her bank account ¥26,265.58, 8 years from now. How much should he invest for three consecutive years (annually) starting this year if the interest rate is 0.243 (24.3%)?
Morgana deposits £1000 into her bank account on the 1st of January every year with the first deposit being on 1st January 2016. The bank adds 3% interest to her deposit every 31st December. (a) Show that, after interest has been paid on 31st of December 2018, the balance in her account (assuming no withdrawals and no other deposits during this time) is 1000 × 1.033 + 1000 × 1.032 + 1000 × 1.03 (b) During which year (assuming that she continues in this fashion and her bank continues to pay 3%) will her balance exceed £50,000?
Ten years ago, when Franco was still a college student, he deposited 10,000 in a bank. The bank's rate of interest on deposit is 2% compounded quarterly, what is the balance of Nigel's account today? No peso sign, with comma, no decimal point.
Suppose that before ATMs and credit cards, a person goes to the bank once at the beginning of each four-day period and withdraws from her savings account all the money she needs for four days. Assume that she spends $100 per day. Calculate the amount of money this person withdraws each time she goes to the bank.

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