Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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- 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?arrow_forwardCurrently, 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)arrow_forwardSuppose 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.arrow_forward
- 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 Answerarrow_forwardSuppose 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? %24arrow_forwardDouble 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.)arrow_forward
- 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.) $arrow_forwardSuppose 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?arrow_forwardSuppose 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?arrow_forward
- 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.arrow_forwardSuppose that $30,000 is invested at 9% interest. Find the amount of money in the account after 7 years if the interest is compounded annually. If interest is compounded annually, what is the amount of money after t = 7 years? $ (Do not round until the final answer. Then round to the nearest cent as needed.)arrow_forwardSuppose that $70,000 is invested at 7% interest. Find the amount of money in the account after 7 years if the interest is compounded annually. If interest is compounded annually, what is the amount of money after t = 7 years? $ (Do not round until the final answer. Then round to the nearest cent as needed.)arrow_forward
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