Suppose $8,000 is invested in an account with an annual interest rate of 4.7% per year, compounded monthly. How much money will be in the account after 35 years? Round your answer to the nearest penny. How long will take for the investment to double? years. Round to two decimal place.

Suppose $8,000 is invested in an account with an annual interest rate of 4.7% per year, compounded monthly. How much money will be in the account after 35 years? Round your answer to the nearest penny. How long will take for the investment to double? years. Round to two decimal place.

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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Similar questions

Suppose you invest $19,640.00 into an account earning an interest rate of 2.399% compounded continuously for 3 year(s) and thereafter earning an interest rate of 3.935% compounded weekly. How much money is in the account after 10 years? The amount in the account is $ Hint:
Suppose that $850,000 is invested in a savings account paying 5.25% interest per year. (Round answers to nearest hundredths or two decimal places.) a) Find the amount in the account after 11 years if interest is compounded monthly. 1 b) Find the amount in the account after 11 years if interest at continuous compound interest. c) How much interest was earned from continuous compounding in the 11 years? d) How long will it take for the amount in the account to grow to $2,000,000 if interest is compounded quarterly?
Currently, you have $29,000 that you would like to grow to $91,500 within the next 7 years. Assuming interest rate compounds annually, what annual rate of return do you have to earn? (Round your answer to the nearest hundredth; two decimal places. Also, if your answer is an even number, enter it with two decimal places; e.g., 34.00)
Suppose you have $30000 to invest. The interest rate is 8% compounded continuously. How much can you withdraw your after 20 years? Round your answer to the nearest one-hundredth decimal point. For example, write 234.45 for $234.45.
If 8000 dollars is invested in a bank account at an interest rate of 7 per cent per year, Find the amount in the bank after 15 years if interest is compounded annually: Find the amount in the bank after 15 years if interest is compounded quarterly: Find the amount in the bank after 15 years if interest is compounded monthly: Finally, find the amount in the bank after 15 years if interest is compounded continuously: Check Answer
Suppose you invest $120 a month for 5 years into an account earning 9% compounded monthly. After 5 years, you leave the money, without making additional deposits, in the account for another 30 years. How much will you have in the end? %24
Double your money-Rule of 72. Approximately how long will it take to double your money if you get an annual return of 4.6%, 7.1%, or 10 4% on your investment? Approximately how long will it take to double your money if you get a 4.6% annual return on your investment? years (Round to two decimal places.)
How much should be invested each year for 10 years to provide you with $8000 per year for the next 15 years? Assume a 5.4% interest rate. (Round your final answer to two decimal places.) $
A person invests $2000 in an account at 10% interest compounded annually. When will the value of the investment be doubled? Explain why it will take less than 10 years, even though the rate is 10%. For the value of the investment to be doubled it will take about t= (Round to two decimal places as needed.) years.
Suppose you make 40 annual deposits of $3,000 in an account with an APR of 10% and daily compounding. Assuming the first deposit will occur immediately and the remaining deposits occur exactly one year apart, how much money will be in the account at the end of the 40 years?
Suppose you invest $385 at the end of each of the next eight years. (a) If your opportunity cost rate is 7 % compounded annually, how much will your investment be worth after the last $385 payment is made? (b) What will be the ending amount if the payments are made at the beginning of each year?
Assume you put $400 per month into a retirement account for 14 years, and the account has an APR of 3.01% compounded monthly. What is the account balance at the end of the 14 years? Round your answer to the nearest cent. How much of the money in the account at the end of the 14 years is your personal investment, meaning that the money came directly from you? How much of the money in the account at the end of the 14 years is interest? What percentage of the account balance after 14 years is interest? Hint: The percentage of interest in the account is equal to the amount of the account ballance that is interest divided by the base account balance. Multiply that result by 100 to get a percentage. Round your percentage to one decimal place.

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