Under certain conditions, Swiss banks pay negative interest-they charge you. (You didn't think all that secrecy was free?) Suppose a bank "pays" - 3.7% interest compounded annually. Find the compound amountfor a deposit of $170,000 after 5 years.The compound amount after 5 years is $(Do not round until the final answer. Then round to the nearest cent as needed.)

Answered: Image /qna-images/answer/014d4d00-5f10-4a19-a2dd-104e3fe3e9e6.jpg

Answered: Under certain conditions, Swiss banks…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Similar questions

Your electric bill is $128. You are charged 12% simple interest for late payments. How much do you owe if you pay the bill 1 month past the due date? (Round your answer to two decimal places.)
Suppose that the monthly payment on a loan is $700: The loan amount is to be paid in 8 years and the interest rate on the loan is 8.50% per year. What is the unpaid balance after making 16 payments? (answer in whole number)
You borrow $48,000 at 7.6% compounded monthly. If you make monthly payments for 10 years, how much interest will you end up paying? Round your answer to two decimal places if rounding is necessary. There is a $ sign written next to the answer box, so do not type a $ sign in your answer.
Suppose you want to have $700,000 for retirement in 25 years. Your account earns 9% interest. How much would you need to deposit in the account each month?Round to the nearest cent, do not include the dollar sign.
A 43-year-old man puts $2000 in a retirement account at the end of each quarter until he reaches the age of 66, then makes no further deposits. If the account pays 7% interest compounded quarterly, how much will be in the account when the man retires at age 71? There will be S in the account. (Round to the nearest cent as needed.)
Suppose you want to have $800,000 for retirement in 30 years. Your account earns 9% interest. How much would you need to deposit in the account each month? S
A man deposits $18,000 at the beginning of each year for 8 years in an account paying 6% compounded annually. He then puts the total amount on deposit in another account paying 7% compounded semiannually for another 7 years. Find the final amount on deposit after the entire 15-year period. after the entire 15-year period. He will have a final amount of $ (Simplify your answer. Round to the nearest cent as needed.)
You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 8% interest compounded quarterly. By how much will your deposit have grown after 5 years (in dollars)? (Round your answer to the nearest cent.) $
At the time of her grandson's birth, a grandmother deposits $11,000 in an account that pays 9.5% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period? Click the icon to view some finance formulas. The value of the account will be $ (Round to the nearest dollar as needed.) I
A worker deposits $500 at the beginning of each quarter into an account that earns 5% compounded quarterly. The total interest earned at the end of 30 years is . (Round answer to the nearest whole number. No comma or space. Do not write the $ sign.)
Suppose you want to have $500,000 for retirement in 35 years. Your account earns 8% interest. How much would you need to deposit in the account each month?
At graduation, you have a student loan of $18,000. The loan has a fixed annual interest rate of 6.8%, compounded monthly, for 10 years. What will your monthly payments be? (Enter numeric answers to 2 decimal places.)

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