You currently have $50,000 in a bank account that pays interest at 6% p.a. compounding  monthly. You wish to withdraw an equal amount at the beginning of each month from  this account, starting immediately, for the next 5 years. The most these monthly

Once per year Ritchie Rich deposits an amount of $800 in an account which pays 10% interest per year, compounded annually, with additional deposits of $800 continually made at the end of the year. If B, is the balance in the account, in dollars, immediately after Ritchie makes the nth deposit, then we can write B₁ = $800. (a) Complete the table to find the following. Report to the nearest $0.01. i) the balance, B, of the account on the day immediately after the second deposit. ii) the balance, B₁, of the account on the day immediately after the third deposit. iii) the balance, B₁, of the account on the day immediately after the fourth deposit 71 (Number of deposits) 1 2 OO B= $321158.22 (b) Suppose Ritchie makes 38 deposits. What is the balance of the account on the day immediately after the 38th deposit? 0 B$29923.47 B$29123.47 B= $264031.59 B, ($) $800 $ Number O B$291234.75 (It is more than $880.) $ Number S Number Q (c) Suppose Ritchie makes 438 deposits. Which is true about the…

Best Bank pays 6% interest rate compounded monthly. However, your deposit will be annually. Your first deposit of $8000 will be made immediately (Year 0). Additionally you will make the following deposit end of each years for 5 years Years 1 & 2: $7000 each year Years 3 & 4: $6000 each year Years 5: $5000 How much will be in the account at the end of five years? $46.095.54 $46,194.01 $39,538.74 $46.154.20 $52.190.80 $45.981.86

You wish to save $51000 in an account which pays 4% compounded monthly by making semiannual deposits for 10 years. What is the amount of the deposits? $ (Round to 2 decimal places.) Submit Question