Spartan Credit Bank is offering 5.8 percent compounded daily on its savings accounts. Assume that you deposit $5,500 today. a. How much will you have in the account in 6 years? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year. b. How much will you have in the account in 12 years? year. Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a c. How much will you have in the account in 24 years? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year. a. Future value in 6 years b. Future value in 12 years c. Future value in 24 years

Spartan Credit Bank is offering 5.8 percent compounded daily on its savings accounts. Assume that you deposit $5,500 today. a. How much will you have in the account in 6 years? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year. b. How much will you have in the account in 12 years? year. Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a c. How much will you have in the account in 24 years? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year. a. Future value in 6 years b. Future value in 12 years c. Future value in 24 years

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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Do the relevant calculations so you can indicate which you prefer: a bank account that pays 5.7% per year (EAR) for 3 years or a. an account that pays 2.3% every 6 months for 3 years? b. an account that pays 7.1% every 18 months for 3 years? c. an account that pays 0.29% per month for 3 years? (Note: Compare your current bank EAR with each of the three alternative accounts. Be careful not to round any intermediate steps less than six decimal places.) ..... If you deposit $1 into a bank account that pays 5.7% per year for three years, the amount you will receive after three years is $ (Round to five decimal places.)
Suppose you deposit $1,681.00 into an account today that earns 11.00% p.a. It will take years for the account to be worth $2,936.00.
You wish to make 4 equal annual deposits into a savings account such that at the time of your last deposit there is $108,581 in the savings account. If the interest rate on the account is an annual nominal interest rate of 3.9% compounded daily, how much must the equal annual deposits be? Provide an exact answer to two decimal places. -Be sure to use the correct annual interest rate when determining the required annual deposit (i.e. you must use the effective annual interest rate) -Use 365 days for the number of days in a year
You deposit $ 70,565 in your account today. You make another deposit at t = 1 of $ 51,167 . How much will there be in your account at the end of year 2 if the interest rate is 19 percent p.a.? (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85). Your Answer:
Suppose you borrow from a bank $1,756.06 today (t=0). You agree to pay back $3,637.64 in 4 years (t=4). The interest rate (%) that the bank charge you is closest to ________%. Input your answer without the % sign and round your answer to two decimal places.
You can earn .53 percent per month at your bank. If you deposit $3,600, how long must you wait until your account has grown to $6,600? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Number of months
If you deposit $700 in a bank account that earns 5 percent per year, how much total interest will you have earned after the third year? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Total Interest =
If you want to have $3,172 in 37 months, how much money must you put in a savings account today? Assume that the savings account pays 11% and it is compounded monthly. Round to two decimal places (Ex. $000.00)
Ten Thousand dollars is deposited into a savings account at 1.8% interest compounded monthly. How many months are required for the balance to reach $10,665.74? After how many months will the balance exceed $11,000? Do not solve by formula ONLY TVM SOLVER. I need to know which numbers to plug into the TVM solver and where.
If you earn 5% per year on your bank account, how long will it take an account with $110 to double to $220? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
You can earn .53 percent per month at your bank. If you deposit $3,600, how long must you wait until your account has grown to $6,600? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Number of months
How much would be in your savings account in 9 years after depositing $190 today if the bank pays 9 percent per year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) whats the future value

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