Suppose you make quarterly deposits of $1,500.00 into an account that pays an interest at a rate of 6% compounded monthly. Find the balance of the account at the end of year 2.
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Suppose you make quarterly deposits of $1,500.00 into an account that pays an interest at a rate of 6% compounded monthly. Find the balance of the account at the end of year 2.
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- Suppose on January 1st you deposit $100 in an account that pays a nominal interest rate of 11.33463% with interest added (compounded) daily. How much will you have in your account on October 1st or 9 months later?You have a 2-year certificte of deposit in the bank. It is paying 6% annual interest, compounded monthly. At the end of the term, your account value is $880.30. What was the initial balance of the account? Please explain using the equation in the given image, not Excel. Thank you.Your bank is offering a certificate of deposit with an APR of 6.02% compounded monthly. What is the effective annual rate?
- Determine the interest rate earned on a $200 deposit when $208 is paid back in one year.You decide to deposit $103 monthly in a 2.98% annual interest bearing account over the next 8 years. What is the gross amount actually placed in the account?You deposited P5,000 from the savings of your daily allowance in a time deposit account with your savings bank at a rate of 1.5% per annum. This will mature in 6 months. Compute the annual interest, total interest, and amount to be received or paid at the end of the term for this scenario above using a simple interest assumption and compound interest assumption.
- Suppose that you deposit $7000 in a savings account that pays 4% annual interest, with interest credited to the account at the end of each year. Assuming that no withdrawals are made, complete the following: a. Find the balance in the account after 5 years. b. Find the balance of the account after 9 years and 10 months.You make periodic deposits of $100 at the end of every six months to an account that pays 4.5% interest compounded semiannually. a. Find the value of your account after 25 years. (Round to the nearest dollar).b. Find the interest.b) If the same two $15,000 deposits are made (at time 0 and end of year 4) into a different account that earns a nominal annual interest rate of 8.4% compounded quarterly, in which account should the money be deposited in order to earn more interest?
- Suppose that you deposit $15 at the end of each month into a savings account that pays 2% interest compounded monthly. After a year, ------ is in the account.Suppose you deposit $1,681.00 into an account today that earns 11.00% p.a. It will take years for the account to be worth $2,936.00.Your bank account pays a nominal interest rate of 8%, compounded quarterly. You deposit $500 in the account today, and deposit $1,000 in the account at the end of the first year. How much will you have in the account at the end of the first year?