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- K If your bank pays you 1.4% interest and you deposit $800 today, what will be your balance in five years? The bank balance will be S[ .... (Round to the nearest cent.)#2Effective rate of interest Engr. Roxas plans to deposit P20,000 in the bank now and P20,000 after 2 months. If he plans to withdraw P40,000 after 6 months from the day of first deposit, what will be the remaining balance in his account after 1 year from his second deposit? Interest rate is 10% compounded semi-annually.Q: Assume that you will be opening a savings account today by depositing $125,000. The savings account will pay you 7.5% annual interest compounded quarterly, and this rate is assumed to remain in effect for all future periods. Five years from now you will withdraw R dollars. You will continue to make additional withdrawals of R dollars for a while longer –making your last withdrawal at the end of year 12 – to achieve the required pattern of withdrawals. How large must R be to leave you with exactly a zero balance after your final withdrawal is made at the end of year 12?
- Suppose you deposit $50 at the beginningof every month in a bank account that earns1% interest per month. How many monthwill it take before you have $4175.00 inyour account?Use Table 12-1 to solve. Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $150 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 18 months? (Round your answer to the nearest cent.) $ Submit AnsworIf you wish to withdraw $200 at the end of EACH of the next 3 years earning 3.5% per year, what one-time deposit would you need to make today to be able to make your planned withdrawals? O A. $593 O B. $560 O c. $1000 O D. $22
- Q4…It is now January 1, 2018. You plan to make 5 deposits of $200 each, one every 6 months, with the first payment being made today. If the bank pays a nominal interest rate of 10%, but uses semi-annual compounding, how much will be in your account after 8 years?1. It is now January 1, 2018. You will deposit $1,000 today into a savings account that pays 8 percent.a. If the bank compounds interest annually, how much will you have in your account on January 1, 2021?b. What would your January 1, 2021, balance be if the bank used quarterly compounding? c. Suppose you deposit $1,000 in 3 payments of $333.333 each on January 1 of 2019, 2020, and 2021. How much would you have in your account on January 1, 2021, based on 8 percent annual compounding?d. How much would be in your account if the 3 payments began on January 1, 2018? e. Suppose you deposit 3 equal payments in your account on January 1 of 2019, 2020, and 2021. Assuming an 8 percent interest rate, how large must your payments be to have the same ending balance as in part a? 2. A $25,000 loan is to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 10 percent, compounded annually. Calculate the loan repayment being made each year.Suppose on January 1st you deposit $100 in an account that pays a nominal interest rate of 11.33463% with interest added (compounded) daily. How much will you have in your account on October 1st or 9 months later?
- K You plan to deposit $700 in a bank account now and $100 at the end of the year. If the account earns 7% interest per year, what will be the balance in the account right after you make the second deposit? ... The balance in the account right after you make the second deposit will be $ (Round to the nearest dollar.)What will be the final balance at the end of year 23 if you make a deposit of 88,000 at the end of year 4, 35,000 at the end year 8 and 11,000 at year 14 if the savings account pays 6.4 % per period?a) You have a bank account that earns 6.8% interest rate. How much must you deposit (prinicipal) in order to have $4279 in your bank in 11 months? b) What is the interest rate?