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?

Q: decided to deposit ISK 200, 000. deposit into a bank account, annually, for the next 5 years, which…

A: Annual deposit=ISK 200000Interest rate for 2 years=8%Interest rate for 3 years=6%

Q: Stephen has $11,200 in the bank. The account will earn 2.8% in simple interest for the next 5 years.…

A: Simple interest is the method used to charge the interest on the principal amount for a given period…

Q: Jason makes six EOY deposits of $2,000 each in a savings account paying 5% compounded annually. If…

A: The compound interest is calculated on the principal amount annually. It considers the present value…

Q: John already has $50,429 in his savings account. He plans to make contributions of $1,658 at the end…

A: The banks generally offer compounding interest, The interest is earned on interest and the interest…

Q: Joe invests $5550 in an account earning 8.1% interest, compounded monthly. How long will it take for…

A: Initial investment (I) = $5550 Future value (FV) = $20345 Monthly interest rate (r) = 0.00675 (i.e.…

Q: Your aunt promises to gift you $1,500 now, $1,700 one year from now, $1,900 two years from now, and…

A: The future value is reflective of the value of cash flows in the future after compounding them using…

Q: Jesse invested her savings in a bank at 5.00% compounded quarterly. How much money did she invest to…

A: > Given data:> Annual interest rate = 5%> Effective annual interest rate =…

Q: Pascal has recently opened an RRSP. He plans to deposit $ 965 at the end of every month for 20…

A: Here,Monthly Deposit $         965.00Time Period in Years20Nominal Rate5.90%Compounding Period (Semi…

Q: Four years ago, XZY deposited $2,920 in an account that has earned and will earn 8.70 percent per…

A: Under the compounded interest rate, the base amount on which the interest is earned increases every…

Q: Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with…

A: Effective interest rate is 7.9% Future Value is $11,000 Time period is 5 years or 60 months To Find:…

Q: A man deposits her annual bonus into a savings account that pays 8% interest compoundedannually. The…

A: In this question we need to calculate the amount in the saving account immediately after the fifth…

Q: Whitney deposited $200,000 into a savings account that has an annual interest rate of 8% compunded…

A: Interest is an extra amount which is received or paid on deposited or borrowed amount for the…

Q: David deposits RM60,000 today into his account that pays 8 percent per year. He continues deposit…

A: Deposit now = RM 60,000 Annual growth in deposit amount = 20% Period of deposit = 4 Years Number of…

Q: Christine invested her savings in a bank at 4.00% compounded quarterly. How much money did she…

A: See belowExplanation:

Q: Tom deposits $100 to his investment account at the end of each month for the first n month, and $200…

A: We have a series of annuity running for first n months and then another one running over next 2n…

Q: Gigi saves $1,000 per month and increases by $20 per month with the first deposit being made today,…

A: We have to find the present value of all the future payments. Future payments increase by a fixed…

Q: John wants to accumulate an amount of $100,000 in today’s money in his bank account at end of year…

A: Required Balance = $100,000 in Today's Money  Required Balance = $100,000 * (1.04)^10 Required…

Q: Susan Myer had invested $2500 in an ABC bank Certificate of Deposit when she inherited trust funds…

A: Calculation of Compound Interest Rate per monthly   Formula  r = n[(A/P)1/nt-1] Where r = Annual…

Q: I am investing $4100.00 in a bank account that pays 1.5% per year. If my interest is paid weekly,…

A: Present value, PV = $4,100 Interest rate = 1.5% per year Period = 15 yearsThe future value can be…

Q: Nick invested $2,000 in a bank savings account today and another $2000 a year from now. If the bank…

A: Future value is that amount which will be require to paid at some specified period of time. It…

Q: Adriana Grandioso has made beginning-of-year deposits into an investment account for the past 21…

A: FV is the future worth of cash flows that have occurred in the past or present.

Q: Derek will deposit $7,502.00 per year for 23.00 years into an account that earns 8.00%, The first…

A: The future value is the amount that will be received at the end of a certain period. In simple…

Q: Jacob has 5000 dollars and wants to earn 6500 dollars from the bank. If the bank gives a compound…

A: It will take 6.69 years for Jacob to reach 6500 dollars

Q: Skippy wants to have $16,000.00 in 7 years. His bank is offering an account that earns 2% compounded…

A: Compound = Monthly = 12Future Value = fv = $16,000Time = t = 7 * 12 = 84Interest Rate = r = 2 / 12 %

Q: Heidi deposits $8,000 in a savings account that earns 4.5% interest, compounded quarterly. How much…

A: Amount she will have is future value of deposit

Q: Anthony plans to deposit $500,000 now and $10,000 every 6 months for 5 years into an account.…

A: Deposit now (D) = $500000 Semiannual deposit (A) = $10000 n = 5 years = 10 semiannual deposits…

Q: John contributes $5,000 per month into an account. How much will he have in the account after 25…

A: In the given question we require to calculate the future value of account after 25 years is john…

Q: Danny wants to save some money using the following schedule. Starting today, he will make $100…

A: Future value of annuity ( FVA) is stream of recurring cashflow compounded at specified rate to…

Q: Ali deposits BD 2,500 in a savings account that pays interest at the rate of 5.5% per year,…

A: Amount is the sum of the initial principal amount and interest accumulated on it during the time…

Q: Steven just deposited $10,000 in a bank account that has a 12% interest rate.  Steven also plans to…

A: Future value is a concept in finance that refers to the amount of money an investment or a series of…

Q: John already has $19,598 in his savings account. He plans to make contributions of $753.35 at the…

A: The banks generally offer compounding interest, The interest is earned on interest and the interest…

Q: Chris deposits $15,000 at the end of each month in a savings account that grants an annual 14%…

A: It is a case of future value of annuity. Here, future value of the monthly annuity is given, but the…

Q: annuity.he plans to deposit $500 into this account each month at 2.4 % annual interest compounded…

A: in this problem we have to find out future value FACTOR and from that we get future value.