You have $5,000 invested in a bank that pays 4.8% interest, compounded weekly. How many weeks will it take for your funds to triple? (please solve using Microsoft excel)

Q: Can you solve using excel formulas please. If you have 7% APR loan for 25, 000, your monthly…

A: Time, value of money refers to a concept used for evaluating the present value of an asset that will…

Q: A bank account earns 6% simple interest. If you deposit $1,000 and then do not make any additional…

A: We need to calculate future value of $1,000 deposited today at 6% simple interest after 5 years.…

Q: You have $480 to put into a savings account, and a bank offers you two options: Account A pays 3.1%…

A: Simple Interest is the method in which we calculate the interest on a specific principal amount at a…

Q: You have just remembered that four years ago you placed $1,000 in a bank account. If the bank was…

A: PV x (1+r)n=FV

Q: Suppose you decide to deposit $24,000 in a savings account that pays a nominal rate of 12%, but…

A: The objective of this question is to calculate the future value of a deposit in a savings account…

Q: Your bank pays 5% interest annually. You have $4,500 invested in the bank. How long will it take for…

A: Future Value = Present Value * (1+rate)^n Where rate = 5% n = years Future value = 4500*2 =9000

Q: You are saving for a new car. You place $15,400 into an investment account today. How much will you…

A: Present Value (PV) of amount invested = $15,400Interest rate (r) = 2%, 4%, 6% or 0.02, 0.04,…

Q: I now have $23,000 in the bank earning interest of 0.50% per month. I need $33,000 to make a down…

A: Future value of the amount is the amount being deposited and amount of interest accumulated on…

Q: You currently have $5,300. First United Bank will pay you an annual interest rate of 8.8, while…

A: As per the given information: Future value - $13,000 Present value - $5,300 Rate of interest - 8.8…

Q: You made a deposit of $200 in your bank account today and you plan to make a further deposit of $20…

A: The objective of the question is to calculate the final amount in the bank account at the end of the…

Q: If you want to have $875 in 36 months, how much money must you put in a savings account today?…

A: Present value:Present value is a financial concept that refers to the current worth of a future cash…

Q: A person today deposits in a bank account the sum of $ 125,000 with a monthly interest rate of 0.75%…

A: The question is based on the concept of Financial Management.

Q: 4. How much should you deposit in an account so that you can withdraw $5300 every year for the next…

A: Given that, Annual Withdraw (A)=$5300 Duration (n)=18 years Rate of interest (i)=6% or 0.06   Amount…

Q: attach complete solution for full credit and draw the cash flow diagram. Box your final answer/s.

A: Compound interest is interest on principal + interest on accumulated interests.

Q: If you deposit $300 at the end of every month in a savings account that pays a nominal APR of 5% per…

A: Compounding refers to phenomenon of calculating interest where interest is added to the principal…

Q: If you have $10,000 that you want to save for 3 years, which of the following banks would you choose…

A: TVM refers to the capacity of money to earn interest because money earned earlier is considered more…

Q: How much do you need to invest in an account earning an annual interest rate of 3.493% compounded…

A: The present value of an investment refers to the sum amount of money that will be required today in…

Q: I now have $30,000 in the bank earning interest of 0.75% per month. I need $40,000 to make a down…

A: Compound = Monthly = 12Present Value = pv = $30,000Monthly Interest Rate = rate = 0.75%Future Value…

Q: ou can earn .38 percent per month at your bank. If you deposit $2,100, how long must you wait until…

A: Future value of money is the amount that is deposited and amount of interest accumulated over the…

Q: You have $5,340.25 in your savings account today. Every two weeks (26 times a year) $200 will be…

A: A savings account is a deposit account that pays interest and is kept at a bank or other financial…

Q: A bank has two options for a certificate of deposit of $4000. Option A has an annual interest rate…

A: Future value refers to the value of the current asset at some future date on the basis of inflation,…

Q: 7.  Your goal is to have $15,000 in your bank account by the end of eight years. If the interest…

A: The future value of an annuity is a financial calculation that represents the total value of a…

Q: A young man saved his money every quarter for 5 years into his bank account. He deposits P2,000 per…

A: i=(1+(r/m))^(m/q)-1 m= original compounding per period=12/2=6 q=new compounding per period=12/3=4

Q: You opened a savings yesterday by depositing $10,000. You then continued to make deposits of $4,000…

A: Variables in the question:PV=$10,000PMT=$4000FV=$100000Rate=4% p.a.Required: No. of deposits…

Q: If you deposit $2,200, how long must you wait until your account has grown to $3,900? Number of…

A: The time value of money recognizes the idea that the value of an amount of money today differs from…

Q: You currently have $4,000 in a bank account that pays an annual rate of 1%, compounded monthly.  You…

A: Dear student, we need to use NPER formula to calculate number of periods(N) in excel.

Q: (a) Construct a cash flow diagram for both type A and B (b) Determine which type should be chosen…

A: Net present value is sum of present value of cash flows. Excel function =NPV will be used to…

Q: Your local bank pays 4% interest annually. You have $5,000 invested in the bank. How long will it…

A: Given: Interest rate = 4% Present value = $5,000

Q: If you make yearly deposits of $1200 in a bank account, how much money will you have in your account…

A: Future value of annuity = P * [ (1+r)^n  - 1 ] /r  Where r = rate of interest i.e. 6% n = no. of…

Q: You are saving for a new house. You place $40,000 into an investment account each year for five…

A: Future value refers to the monetary worth of an investment or cash flow at a future date, assuming…

Q: If you have ATM fees each month of $8 for 4 years, what is the total cost of those banking fees?

A: A cost system is a system that is designed to evaluate the cost incurred by the company.

Q: You're trying to save to buy a new $141,720 Mercedes. You have $74,461 today that can be invested at…

A: Time, the value of money refers to the concept used for evaluating the percentage of return from the…

Q: If you earn 5% per year on your bank account, how long will it take an account with $110 to double…

A: The present value is the present worth of the amount that is paid or received in the future.

Q: You can earn .53 percent per month at your bank. If you deposit $3,600, how long must you wait until…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: You are looking for a bank in which to open a checking account for your new part-time business. You…

A: Cost (in $) of doing business with each bank for a year: Bank 1: Since average daily balance is…

Q: 4) Find the account balance at the end of 10 years, if you deposit 15,000 in an account today if a.…

A: The concept of time value of money will be used here. As per the concept of time value of money the…

Q: 2) You wish to save $150,000 for a new car. You are going to make $5000 deposits at the end of each…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: The balance (debt) on your credit card is $2500.  Your credit card APR is 6%.  You are spending…

A: Month Spending  Total Debt Interest Total debt after interest Payment balance              2500…

Q: a) Determine the required size for the monthly deposit, R. Apply a sanity check. b) Construct a…

A: We can determine the monthly amount using the formula below:In the formula above, FV = amount…