Answered: On Melissa's 6th birthday, she gets a…

On Melissa's 6th birthday, she gets a $2000 CD that earns 5% interest, compounded quarterly. If the CD matures on her 10th birthday, how much money will be available?

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter2: Exponential, Logarithmic, And Trigonometric Functions

Section2.CR: Chapter 2 Review

Problem 124CR

See similar textbooks

Related questions

Q: Dave wahts to have $30 000 in four years to buy a used car. How much money does Dave need to invest…

Q: You have decided to buy a new plasma TV. To do so, you must use your credit card to pay $1500 of the…

Q: Jeremiah’s grandparents placed $3000 into an account for him when he was born. The investment is to…

A: Given: Principle amount (P)= $3000 Time (t)= 25 years Interest rate (I)= 8% Compounding semiannually…

Q: Kellee deposits $5000 in a savings account with an interest rate of 0.9% compounded monthly. If…

A: From the given information, it is observed that Kellee deposited $5000 that is, P = $5000 with the…

Q: Leona opens a savings account with an initial deposit of $150. She then deposits $150 into that…

A: Given Leona deposits $150 into the savings account at the end of every subsequent month.

Q: you ave $5000 to place in a CD for 10 years. the CD pays 2.9% annual interest, compounded quarterly.…

A: Given,

Q: You would like to have $900,000 when you retire in 40 years. How much should you invest each quarter…

A: Given:Amount after 40 years, A =$900,000 Rate, r =4.5%=0.045…

Q: landa deposits 10, 000 in a bank at the interest rate of 6% compounded annually. How much will…

A: (1)Ans: P=10000, r=6% n= 3 year amount after 3 year = A = P(1+r/100))^n…

Q: You borrow $4500 at 5% interested compounded quarterly. How much will you owe after 7 years?

Q: 10. Pedro won a prize of $30 000. He has decided to invest in an account paying 3.25% per annum,…

A: We will use compound interest formulae to find solution to the problem .

Q: How much would you need to deposit in an account now in order to have $3000 in the account in 15…

Q: deposit $4000 in an account earning 2% interest compounded monthly. How much will you have in the…

A: Given that; Principal {p} = $ 4000 Rate (r) = 2% Time = 10 years By using the compound interest…

Q: How much money would you have after 30 years if you deposited $2000 in an account that pays 2%…

Q: Towed $3000 from his brother Dave. He agreed to repay the money at the end of 2 year the money had…

A: In this question, the concept of compound interest is applied. Compound Interest Compound interest…

Q: Sarah opens an investment account with an initial deposit of $ 1900. She then sets up monthly…

A: Given By using excel function

Q: You deposit $7900 in an account that pays 1.29% annual interest. Find the balance after 5 years when…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: January, Joanna deposited $250 into her savings account. In February, she deposited an additional…

Q: You deposit $4000 in an account earning 7% interest compounded monthly. How much will you have in…

A: Given that P =4000 r = 7% = 0.07 t = number of years = 15 n= number of compounding =12

Q: you deposit money into an account paying 9% annual interest compounded monthly you need the account…

Q: Sally makes deposits into a retirement account every year from the age of 30 until she retires at…

Q: Jim makes a deposit of $12,000 in a bank account. The deposit is to earn interest annually at the…

A: Given: Jim makes a deposit of $12,000 in a bank account. The deposit is to earn interest annually at…

Q: Find the simple interest earned on a deposit of $5,750 that is left on 2. Three years after…

A: Q2

Q: read question carefully, it says round to the nearest hundred dollars

A: Consider the given information:

Q: How much will you have in an account after 25 years if you put $1900 per month in the account earns…

A: Amount after t years on investing Principal amount of $P in an account with R% of rate of interest…

Q: f $9,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

Q: Hui invested an amount of $22,000.00 in a mutual fund. After 2 years and 6 months the accumulated…

A: Here we find the interest rate.

Q: Mr. Wathen deposited $2,350 into an investment account. This account earns an interest of 9%…

A: Given that he invested $2350 in the accountHe earns 9% interest compounded anually Interest after 10…

Q: You deposit $600 in an account earning 6% interest compounded annually. How much will you have in…

Q: You deposit $5000 in an account earning 5% interest compounded monthly. How much will you have in…

A: Given: The principal amount is P = $ 5000. Rate of interest is r = 5%. The number of times the…

Q: Grace's bank has a Cerificate of Deposit with an APR of 5% compounded monthly. (a) If Grace deposits…

A: Here, the formula used is: CI=P1+rnnt Here, CI is compound interest, P is the principal amount, r is…

Q: Sam begins saving for a down payment on a house using an investment account. The account earns…

A: Let's find.

Q: You deposit money into an account paying 9% annual interest compounded monthly. You need the account…

Q: You would like to have $500,000 when you retire in 40 years. How much should you invest each quarter…

A: According to question Final amount = A = $ 500,000 Time = t = 40 years Compounded quarterly implies…

Q: Find the interest earned: $7,500 for 15 years at 10% annual compound interest

Q: A youth sports league receives a $30,000 donation for building a new snack bar and office building.…

A: A=P1+rnntFor quarterly, n=4

Q: You deposit $1100 in an account with 4% annual compound interest. Complete the following, assuming…

Q: You put $350 in a savings account that earns 3% annual interest compounded monthly you do not make…

Q: You invest $1500 with CartyFund Bank earning 8% interest compounded quarterly (4 times each year).…

A: Given amount of investment is $1500 with 8% interest compounded quarterly and the time period is 6…

Q: You want to receive $350 at the end of each year for 5 years. Interest is 10.7% compounded…

A: We can solve both of them using the concept of present worth as below.

Q: Sarah borrowed money from the bank at an annual interest rate of compounded semi-annually for 5…

A: Since you have asked multiple question, we will solve the first question for you as per our guide…

Q: You deposit $4000 each year into an account earning 7% interest compounded annually. How much will…

Q: Simon invests $1,700 in an account that earns an annual interest rate of 4.5% compounded daily. What…

A: Given query is to find the future amount after 4 years.

Q: Ned deposits $15,000 in a certificate of deposit. The annual rate is 9% and will be compounded…

A: We know the compound interest formula:A=P1+rnntWhere A=final amount P=Principle amount…

Q: College Tuition The Toshes need to have $80,000 in12 years for their son’s college tuition. What…

A: let P dollars are invested for t years at annual rate r, where interest is compounded k times per…

Q: 1.Martha invest $8500 at an annual rate of 5% compounded quarterly per year. How much money will she…

Q: deposits

A: The deposit amount is $3,500 , the earning interest is 6.5%=0.065 compounded quarterly.

Q: You deposit $1200 in an account with 4% annual compound interest. Complete the following, assuming…

Q: МАЗВ A student borrows money to buy furniture for a new apartment. The student will pay back $125.42…

Q: - Tony wants to buy a sCooter that costs $1500. He deposits $1000 in a bank that pays 7.5% interest…

Question

On Melissa's 6th birthday, she gets a $2000 CD that earns 5% interest, compounded quarterly. If the CD matures on her 10th birthday, how much money will be available?

Expert Solution