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- If an applicable interest rate is 7.3% per year, compounded monthly, what is its effective annual rate? Calculate to at least 4 significant figures and omit the percentage sign. For example, if your answer is 10.333333% you should then enter 10.33. If your answer is 3.777777% you should then enter 3.777.A bank account pays 4.5% annual interest, compounded monthly. How much must be deposited now so that the account contains exactly $11,000 at the end of one year? $must be deposited now so that the account contains exactly $11,000 at the end of one year (Do not round until the final answer. Then round to the nearest cent as needed)Addy plans to deposit her annual bonus into a savings account that pays 4% interest compounded annually. The size of her bonus increases by $1000 each year, and the initial bonus amount she will deposit at the end of year 1 is $2500 a) Determine how much will be in the account immediately after the 6th deposit. b) What's the future value if she only plans to deposit her annual bonus for 8 years C) What's the future value if she only plans to deposit her annual bonus for 8 years (the last deposit is at the end of year 8 but also plans to skip the deposits at the end of vears 3 and 6?
- On Juan's twenty-sixth birthday, he invested $7,500 in a retirement account. Each year thereafter, he deposited 8 percent more than the previous deposit. The account paid annual compound interest of 5 percent. If Juan decided to wait 8 years before investing for retirement, how much would he have to invest at Round entry that time to have the same account balance on his sixtieth birthday? $ to the nearest dollar.ro coupon bond will be worth $11,000 when it matures and is redeemed after 11 years. How much would an investor be willing to pay now for this bond if a 3% per year yield is desired? Click the icon to view the interest and annuity table for discrete compounding when i= 3% per year. current worth of the bond is $ (Round to the nearest dollar.)A store is expected to generate $10,000 in earnings next month. How much earnings will be accumulated by the end of the year if the earnings are projected to grow by 30 basis points (0.3%) each month, and if the interest rate is 3.72% APR compounded monthly?
- Frasier is 33 years old and just received an inheritance from his parents' estate. He wants to invest an amount of money today such that he can receive $5,000 at the end of every month for 15 years when he retires at age 65. If he can earn 9% compounded annually until age 65 and then 5% compounded annually when the fund is paying out, how much money must he invest today? show solutionSuppose you were given a one time gift of $10,000 to put into a savings account. The account earns 3% per year. You are unable to withdraw any money from the account until you retire (assume 35 years). How much will the account be worth when you retire?Some time ago, you put £500 into a bank account for a "rainy day." Since then, the bank has been paying you 1 percent per month, compounded monthly. Today, you checked the balance, and found it to be £708.31. How long ago did you deposit the £500? (Ctrl)-
- You invest $10,000 in a fund that pays 7% per year for 5 years. How much is in the fund at the end of 5 years if (forgetting leap years and making “convenient” assumptions): a. Compounding is annual? b. Compounding is quarterly? c. Compounding is monthly? d. Compounding is daily?You will deposit 11,922 at 10% compound interest for 6 years, and then move the amount you would receive to an investment account at 14% simple interest for another 3 years. How much money would you have at the end of the entire period?You receive a loan for $5,348 where the APR is 5.5%, compounded monthly. You make a payment of $328.28 on this loan every 6 months (i.e., 2 payments per year), which will enable you pay off the loan in eactly 11 years. Immediately after making your regular payment at the end of 8 years, you desire to pay the remainder of the loan in a single payment. Compute the amount you must pay for the remainder of the loan."