Your parents contribute $180 monthly to a college savings plan for you that earns 5.4% compounded monthly. The first deposit was exactly 18 years ago. Find the account balance immediately after today’s monthly deposit and crediting of interest. a. $69,456 b. $65,975 c. $45,589 d. $59,689 e. $72,096
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Your parents contribute $180 monthly to a college savings plan for you that earns 5.4% compounded monthly. The first deposit was exactly 18 years ago. Find the account balance immediately after today’s monthly deposit and crediting of interest.
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- Ever since your first birthday, your parents have been depositing $1,000 into a college savings account on every one of your birthdays. The account pays 9% interest annually. Immediately after your parents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to which of the following? OA. $41,301.34 OB. $49,561.61 OC. $24,780.80 OD. $57,821.88On the day your daughter is born, you deposit $1,000 in a college savings account that earns 8% compounded annually. On each of her birthdays thereafter, up to and including her 18th birthday, you deposit an additional $1,000. How much money is in the college account the day after her 18th birthday? a. $37,450 b. $38,950 c. $41,450 d. $46,800.1. Find the simple interest earned on a deposit of $5,750 that is left on deposit for 3.5 years and earns anthe annual interest rate of 4.5%.2. Three years after investing $15,000, a retired couple received a check for $3,375 in simple interest. Findthe annual interest rate their money earned during that time.3. For their newborn child, parents deposit $10,000 in a college account that pays 8% interest,compounded annually. How much will be in the account on the child’s 17th birthday?4. If the parents in part c invested $10,000 in an account paying 8%, compounded quarterly, how muchmore money would they have after 17 years?5. What sum must be deposited today at 18% per year compounded monthly if the goal is to a compoundamount of $50, 000 six years from today? How much interest will be earned during this period?
- On your first through fifth birthdays your parents placed $1,000 into your college fund (five total deposits of $1,000 each). The account has earned an average of 8.0% per year until today, your twentieth birthday. How much money is in the account today? 8/15 Qs Your choice: A: $11,733.20 B: $18,609.85 C: $17,219.70 D: $25,383.41A person wishes to get 800$ at the end of second year and 900$ at the end of fifth year, if rate of interest is 12% how much he has to deposit in the bank today? Select one: a. 1220$ b. 1271$ c. 1160$Kia deposited $1,100, at the BEGINNING of each year for 25 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. A. $73,441.24 B. $80,416.53 C. $86,849.86 D. $87,949.86
- On the day you were born, your parents opened than the amount deposited in the previous year Immediately after your parents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to which of the following? OA $80,839 OB $27,958 OC. $99,002 a college savings account with an initial deposit of $2.200 On every one of your birthdays since, your parents have made an additional deposit that is 3% larger The account eams 6.7% interest annually OD $30,000 OE $29,050 The deposit made on your 18th birthday will be the final deposit made into the account You plan on using the balance in the account to fund your college education You will be attending a 4-year institution and you will assume that tuition costs will remain constant over the next four years. If the first annual tution payment wit be made on your 19th birthday, what is the maximum annual tabon expense that the balance in your account can sustain if you plan on attending college for four…Lorna deposited $1,400, at the beginning of every six months for 13 years, in an account at her credit union. If the account paid 8% interest, compounded semiannually, use Table 12-1 from your text to find the future value of her account. $58,304.27 $62,036.44 $64,517.90 $69,954.62Sandy just received her annual bank statement. Exactly one year ago, she deposited $10,000 in a savings account. Today, her balance is $10,509.45. Sandy's savings account interest is compounded quarterly. Using simple interest as a guideline, Sandy received an annualized interest rate of_percent. a. 5, b. 5.5, c. 6, d. 6.5
- 5. On June 1, Bertha Hammond deposited $545 in a savings account at Metro Sav- ings and Loan Association. At the end of November her interest was computed at an annual interest rate of 7%. How much simple interest did Bertha's money earn? 6. Jasper Brown deposited $743 20 in a savi pany on MayWAt the end O 7 % How much simple interest did dasper s money earn? the Suburban Trust Com- annual rate ofSuppose that your parents decide to make annual deposits into a savings account, with the first deposit being made on your fifth birthday and the last deposit being made on the 15th birthday. Then, starting on your 18th birthday, the withdrawals as shown will be made. If the effective annual interest rate is 8% during this period of time, what are the annual deposits in years 5 through 15? $3,200 $2,800 $2,400 $2,000 i - 8%/yr 7 8 9 10 11 12 13 14 Years 5th Birthday 6 15 16 17 18 19 20 21 A = ?A college savings fund is opened with a $12,000 deposit. The account earns 6.55% annual interest compounded continuously. What will the value of the account be in 18 years? $26,704.29 $38,704.29 $27,013.46 $39,013.46 . By formula only please correct ans