Your bank pays 2.8% interest per year. You put $1,100 in the bank today and $650 more in the bank in one year. How much will you have in the bank in two​ years? In two​ years, the amount that you will have is ​$nothing. ​(Round to the nearest​ cent.)

Q: Your bank pays 2.3% interest per year. You put $1.100 in the bank today and $500 more in the bank in…

A: Year 0 Deposit = $1,100 Year 1 Deposit = $500 Interest rate = 0.023 Amount in the bank in 2 years =…

Q: Suppose you need to accumulate GHȼ100,000 in 10 years. You plan to make a deposit in a bank now, at…

A: The future value of the growing annuity is the future worth of a cash flow series growing at a…

Q: You plan to collect up to 6 million. ISK but you have 200,000 ISK. into your bank account. You…

A: The concept of time value of money will be used here. The value of money changes with passage of…

Q: In order to be able to buy the new machine, you take a loan of 2 million from the bank, which you…

A: Amortized loan: An amortized loan is a case of the present value of an ordinary annuity.The PV of an…

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 plan to invest $10,000 for 180 days. Your bank offers a rate of 2.60% on 90-day GICS and 2.85%…

A: We have in The Question, Principal = $10,000 Period = 180 days OPTION-1 90 Days GIC Interest Rate =…

Q: You owe the Bank of US $700 in one year, $900 in 3 years, and $1200 in 6 years. How much would it…

A: Let's first understand the question and the information given -Amount due in 1 year$700Amount due in…

Q: Suppose you currently have $20,000 and plan to purchase a 8-year certificate of deposit (CD) that…

A: Using the Future value and NPER function in excel

Q: Your bank pays 2.9% interest per year. You put $1,500 in the bank today and $550 more in the bank in…

A: The amount is two years will be the future value of the deposits made at times 0 and 1.FV=…

Q: You invest 10.000 dolar in a bank account to buy a house at annual interest rate 14 per year,…

A: Given: Investment = 10,000 Interest rate = 14% Years = 10

Q: Suppose you owe $600 on your credit card and are paying 14 percent interest. If you pay off the debt…

A: Interest is the amount paid for the usage of the principal borrowed.

Q: You took out a loan to buy a new car. The monthly interest rate on the loan is 1%. You have to pay…

A: A= $220 R= 1% N= 60

Q: (Comprehensive problem) You would like to have $59,000 in 15 years. To accumulate this amount, you…

A: Annuity is the series of equal cash payments over the period.

Q: Suppose you have accumulated $22,000 in credit card debt. If the interest rate on the credit card is…

A: Present Value = Annuity * PVAF (Periodic rate, Number of Periods )

Q: (Comprehensive problem) You would like to have $52,000 in 15 years. To accumulate this amount, you…

A: An ordinary annuity can be seen as a certain set of regular payments or deposits made to either…

Q: You have $400 and a bank is offering 3.5% interest on deposits. If you deposit the money in the…

A: The FV of an asset is the value that the asset acquires assuming that it grows at a fixed rate for a…

Q: mpounded monthly. You plan to put $1,000 per year over the next 2 years as well.  How much will you…

A: To determine the value of the bank account, we need to determine the effective annual rate given the…

Q: You borrow $90,000; the annual loan payments are $12,852.25 for 30 years. What interest rate are you…

A: Interest :  It is the total amount payment on loan taken or fund borrowed by any person . it may be…

Q: you expect to have $3, 000 in one year. A bank is offering loans at 11% interest per year. How much…

A: Future value=$3000Interest rate=11%Period=1 year

Q: You want to be able to withdraw $50,000 each year for 20 years. Your account earns 8% interest. a)…

A: a) Hence, the amount in the account at the beginning is $490,907.37 b) Hence, the total money pull…

Q: Your bank will pay you an interest rate of 0.102% per week. You want to have $22, 500 in 10 years.…

A: Future value=$22500Interest rate=0.102%Period=n=10 years=10 x 52=520 weeks

Q: If you want to have $22,431 in fifteen years, how much do you need to deposit in a bank account…

A: The deposit required to be made today can be calculated as the present value

Q: You have a bank deposit now worth $5000. How long will it take for your deposit to be worth more…

A: Interest is an additional amount which is earned on deposited amount for the period. It increases…

Q: I am investing $4100.00 in a bank account that pays 1.5% per year. If my interest is paid weekly,…

A: Present value, PV = $4,100 Interest rate = 1.5% per year Period = 15 yearsThe future value can be…

Q: If you borrow $24398 with an annual rate of 9% compounded monthly and make a payment of $282 every…

A: Here we will use the concept of time value of money. As per the concept of time value of money the…

Q: How much should you deposit now into a certificate of deposit (CD) at a bank, if the CD matures 10…

A: To calculate the principal amount deposit in the bank , we have to use the following formula : A = P…

Q: You expect to have $12,000 in one year. A bank is offering loans at 5.5% interest per year. How much…

A: We are given  Future value=12000 Rate=5.5% no. of years=1 We will calculate present value in this…

Q: Suppose you put $1000 in an account today and you need to have $6727.5 in the future.  If the bank…

A: Future value = Present Value * (1+ rate )^ n Where, r = rate of interest  n = no. of compounding…

Q: Your bank pays 2.6% interest per year. You put $1,400 in the bank today and $500 more in the bank in…

A: The future value can be calculate using the formula,

Q: You are buying a house for $120,000.00 with a downpayment of $12,000.00. The loan will be paid back…

A: An amortized loan refers to a type of loan that is repaid over a set period through regular…

Q: If you want to have $22,327 in fifteen years, how much do you need to deposit in a bank account…

A: The deposit required today is calculated as the present value.

Q: Suppose you found a CD that pays 2.9% interest compounded monthly for 5 years. If you deposit…

A: 1) FV = PV * (1 + r / m)m*n FV = future value PV = present value = $12,000 r = rate of interest =…

Q: You want to have $10000 in five years.  How much should you deposit today if the bank pays 4%…

A: $10000 in 5 Years  That is 5*12 months = 60 Months (n) Interest rate 4% annual compounded monthly…

Q: Suppose you invest $200 a month for 6 years into an account earning 9% compounded monthly. After 6…

A: Time Value of Money states that a dollar is worth more today than anytime in the future because they…

Q: How many years will it take for your money to tripple if you deposit $300 in a bank account that…

A: Following is the answer to the given question

Q: You want to save $1,000 a month for the next 10 years to buy a townhome The money will be set aside…

A: Compound = Monthly = 12Payment = p = $1000Number of Payment = n = 10 * 12 = 120Interest Rate = r =…

Q: Suppose you borrowed $1,000 from the bank and the rate of interest was 5%. What would the simple…

A: Simple Interest Simple Interest (S.I.) is a way of computing the amount of interest earned for a…

Q: If you want to have $60,000 in 8 years, how much do you need to deposit in the bank today if the…

A: Here. Required Amount in 8 Years  (FV) is$60,000 Interest Rate (r) is 9% Time Period is 8 years

Q: You want to be able to withdraw $30,000 each year for 15 years. Your account earns 6% interest. How…

A: Annual withdrawal (C) = $30,000Interest rate (r) = 0.06Period (n) = 15 yearsBeginning amount =…