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: Derek currently has S12, 511.00 in an account that pays 6.00%. He will withdraw S5, 050.00 every…

A: Future value (FV) is a financial concept that projects the anticipated value of an investment or…

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: Jahan deposits $9,000 into an account today that promises to earn 17.3% annually for the foreseeable…

A: To calculate the future value of Jahan's deposit after 9 years with an annual interest rate of…

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: Derek currently has $13,229.00 in an account that pays 6.00% He will withdraw $5,251.00 every other…

A: Savings account:A savings account is a financial tool offered by banks and credit unions that…

Q: Nick saves $175 per month, deposited directly into his credit union account on payday, the last day…

A: In order to calculate the amount at the end of a specific period of time, the future value of the…

Q: Derek currently has $12,962.00 in an account that pays 5.00%. He will withdraw $5,837.00 every other…

A: Cash Flow at year 0=$12,962.00Cash Flow at for year 1,3,5,7,9,11,13,15= $5,837.00 Cash Flow at year…

Q: Derek will deposit $2,713.00 per year for 16.00 years into an account that earns 10.00 %, The first…

A: The concept of time value of money will be used here. As per the concept of time value of money the…

Q: At the end of every 6 months, Tomas deposits $20,000 into a savings account, which pays an annual…

A: Compound = Semiannual = 2Saving Deposits = d = $20,000Interest rate = r = 12.3 / 2 = 6.15%Time = t =…

Q: Shayla deposited $4,000 into an account earning 5% interest per year, compounded every 6 months.…

A: A study that proves that the 1value of money today is higher than the future value of money is term…

Q: Shiraz deposited $500 at the end of each year for 18 years in a savings account. If the account paid…

A: Using the Future value function in excel

Q: Kolby has made deposits of $140.00 into his savings account at the end of every three months for 20…

A: Given that,    Interest Rate  per annum = 9%   Number of years             = 20   Number of Payments…

Q: Ron has made deposits of $80.00 into his savings account at the end of every three months for 10…

A: The compound interest is when the interest earned in a period is reinvested thereby earning more…

Q: 2) If Bob deposits $5000 at the end of each year for 14 years in an account paying 6% inter…

A: C=$5000i=0.06n=14

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: Peter makes a deposit at the end of every three months into a savings account that earns interest at…

A: Annuity means no. of finite payments which are the same in size and made in equal intervals. Person…

Q: Derek currently has $13, 229.00 in an account that pays 6.00%. He will withdra 5, 251.00 every other…

A: Value of money changes with time and not same again.The concept of time value of money will be used…

Q: On the first day of the year, a man deposits $4,000 in a bank at 8% per year, compounded annually.…

A: Deposit at the begining of the year is $4,000 Interest rate is 8% per year Withdrawal at the end of…

Q: Derek will deposit $2,713.00 per year for 16.00 years into an account that earns 10.00 %, The first…

A: Annual deposit=PMT=2713NPER=n=16yearsRate=r=10%PV=today value=$14955How much at the end of 50 years.

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: 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: Anya deposited $241 at the end of every month for 8 years into her bank account that earned 3.02%…

A: The future value of the deposit is calculated using following equation Future value =…

Q: Rapi Tulpo invests Php1,000 in a Bank that doubles his money in five years. To what annual interest…

A: Investment means an asset(financial assets or fixed assets) that is purchased to generate additional…

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: Derek currently has $10,579.00 in an account that pays 6.00%. He will withdraw $5,474.00 every other…

A: Future value represents the future worth of existing cash flows. It is determined by compounding…

Q: Tika has $10 000 that he can deposit into a savings account for 5 years. ANZ pays compounds interest…

A: Time value of money- It is based on the concept that money earned today is worth more than similar…

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: Peter makes a deposit at the end of every month into a savings account that earns interest at 3.0%…

A: There is need of financial planning needed for needs of tomorrow so we should prepare systematically…

Q: Solomon has accumulated $11,000 in his savings account. In addition, he plans to deposit $460 at the…

A: Step 1: Given DataInitial amount in savings account (P) : $11000Regular deposit amount (R) : $460…

Q: Derek currently has $11, 936.00 in an account that pays 5.00%. He will withdraw $5,341.00 every…

A: Savings Accounts is a deposit facility offered by commercial banks and it allows accountholder to…

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…