You wish to make 4 equal annual deposits into a savings account such that at the time of your last deposit there is $108,581 in the savings account. If the interest rate on the account is an annual nominal interest rate of 3.9% compounded daily, how much must the equal annual deposits be? Provide an exact answer to two decimal places.
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- What amount must be deposited today, if, starting one year from today, you wish to make 15 equal annual withdrawals of $3,450 from an account offering an annual stated rate of interest r = 0%?You have taken a loan of $92,000.00 for 35 years at a 4.9% annual interest rate, with interest compounded quarterly. Fill in the amortization table below to show how the payments will be applied to interest and principal: (Round all answers to 2 decimal places. Please note the order of the headings in the table - make sure you put the answers in the appropriate columns as layed out below.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ LA tA +A LA $ Balance $92,000.00 tA LAIf you borrow $7,500 at $550 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.) a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments Effective Rate of Interest % % %
- If you deposit #9989 into an account paying 3.6% annual interest compounded monthly, how much money will be in the account after 8 years? Round your answer to 2 decimal places.If you deposit $250 each month into an individual retirment account that earns 4.8% interest compounded monthly, a.) How much will you have in the account 30 years from now ? b.) What is the interest earned on the account ?Direction: Compute the annual interest, total interest, and amount to be received or paid at the end of the term for the scenario below using a simple interest assumption and compound interest assumption. You deposited ₱5,000 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.
- You want to have $60,000 in your savings account 12 years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays 6.4 percent interest, what amount must you deposit each year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Deposit amountb) 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?If you deposit $100 in a savings account at the end of each month for 2 years, the balance will be a function f (r) of the interest rate, r%. At 7% interest (compounded monthly), f (7) = 2568.10 and f (7) = 25.06. Approximately how much additional money would you earn if the bank paid 7 1/2 % interest?
- Determine the amount of money in a savings account at the end of 4 years, given an initial deposit of $13,000 and a 4 percent annual interest rate when interest is compounded: Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) a. Annually b. Semiannually c. Quarterly Future ValueYou wish to save $51000 in an account which pays 4% compounded monthly by making semiannual deposits for 10 years. What is the amount of the deposits? $ (Round to 2 decimal places.) Submit QuestionSuppose 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?