Determine the future value in the account: Lottery winnings of $2,900 are invested in a traditional savings account for 4 years earning 0.75% interest. The savings account has monthly compounding. Round your answer to the nearest cent (hundredth-2 decimal places). DO NOT include a $ (dollar sign) in your answer. Your Answer: Answer
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- You deposit $650 in a savings account. How long does it take an account with an annual interest rate of 5% to earn $178.25 in interest? Round your answer to the nearest tenth.Old Time Savings Bank pays 6.50% interest on Its savings account. If you deposit $1,000 In the bank and leave it there: a. How much interest wil you earn in the first year? (Round your answer to 2 decimal places.) Finst year interest b. How much interest will you earn in the second year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Second year interest c. How much interest will you earn in the tenth year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Tenth year interestYou expect to have the given amount in an account with the given terms. Find how much you can withdraw periodically in order to make the account last the specified amount of time. Round your answer to the nearest cent. Account balance: $200,000 Interest rate: 2.9% Frequency monthly 24 years Time: Periodic Withdraw: $ Enter an intes
- Every year you deposit $3,500 into an account that earns 19% interest per year, What will be the balance of your account immediately after the 40th deposit? Click the icon to view the interest and annuity table for discrete compounding when / 1% per year. Choose the correct answer below. O A. $165,837 O B. $123,795 OC. $171,102 OD. $172,813 OE. $140,000Suppose you want to have $400,000 for retirement in 25 years. Your account earns 5% interest. Feel free to use the Online Basic Financial Calculator a) How much would you need to deposit in the account each month? es b) How much interest will you earn? $you deposit OMR 8141 in your account in a bank. Suppose the bank pays 8% compound interest half yearly. Calculate future value of your money If in 5 years. Select one: O a. 11961.57 O b. All the given choices are not correct O c. 12050.63 O d. 9904.75 O e. 17575.60
- Find each future value of single deposit by using the future value of a single deposit formula. 8. John opens a passbook savings account with $100. It pays 3.5% interest compounded quarterly. What will be the balance after one year?Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264
- Assume you deposit $5,700 at the end of each year into an account paying 11. interest. a. How much money will you have in the account in 19 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g b. How much will you have if you make deposits for 38 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g а. Future value $ 324,555.08 b. Future value $ 2,462,818.38If you deposit $15,000 at EOY 1, $10,000 at EOY 2, and $5,000 at EOY 3 into a savings account which earns an annual interest rate of 22% compounded continuously, how much will you have in your account at EOY 5? O a. $50,779 O b. $48,222 O c. $63,275 O d. $58,830 O e. $40,751iYou expect to have the given amount in an account with the given terms. Find how much you can withdraw periodically in order to make the account last the specified amount of time. Round your answer to the nearest cent. Account balance: $600,000 Interest rate: 4.85% Frequency:monthly Time: 17 years