Molly deposits $2,500 in her checking account today. Her checking account pays interest of 2.5% compounded annually. Assuming Molly does not withdraw any funds and does not deposit any additional funds, how much will be in her account in 23 years?
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- Destiny invests $20,000 today into a retirement account. She expects to earn 7 percent, compounded annually, on her money for the next 30 years. After that, she wants to be more conservative, so only expects to earn 4 percent, compounded annually. How much money will she have in her account when she retires 40 years from now, assuming this is the only deposit he makes into the account? O $225,359.94 O $152.245.10 O $377,605.04 $299,489.16 O None of the answers is correctSebastian is going to deposit $790 in an account that earns 6.8% interest compounded annually. His wife Yolanda will deposit $815 in an account that earns 7.2% simple interest each year. They deposit the money on the same day and make no additional deposits or withdrawals for the accounts. Which statement is true concerning Sebastian’s and Yolanda’s account balances after 3 years? Yolanda’s account will have about $28.67 less than Sebastian’s account. Yolanda’s account will have about $9.78 less than Sebastian’s account. Sebastian’s account will have about $28.67 less than Yolanda’s account. Sebastian’s account will have about $9.78 less than Yolanda’s account.Heather deposited $1, 700 at her local credit union in a savings account at the rate of 9.8% paid as simple interest. She will earn interest once a year for the next 13 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Heather in 13 years?
- Jared left $2000 in his saving account at his bank. His savings account pays 3.5% simple interest annually on the principal. He hasn't checked his balance in three years since his deposit, how much money will he have in this account?From age 20 to 35, Susan deposits $350 semi-annually in a savings account paying 6.12% compounded semi-annually. She then quits making deposits, and leaves the money to continue earning interest until she reaches age 65. William starts later, at age 50, and deposits $2200 semi-annually in an account paying the same rate until he reaches 65. (a) How much money will Susan have accumulated at age 65? $ (b) How much money will William have accumulated at age 65? $Gabriela wants to withdraw $5,000 from her account at the end of 5 years, and $7,000 at the end of 6 years, leaving a zero balance after the second withdrawal. If she earns 8% a year on her balance, how much should she deposit today to reach her goal on those dates?
- Grandma Patt has decided to open a savings account for her newborn granddaughter. The savings account pays 3% interest. If Grandma Patt wants there to be $10,000 in the account in 18 years, how much should she deposit today? Assume no other deposits or withdrawals. a) $5,873.95 b) $17,024.33 c) $8,362.17 d) $10,609.23A 40 year old woman puts $1500 in a retirement account at the end of each quarter through 20 years then stops making further deposits. She keeps money in her account for the next 5 years. How much will she have in her account when she retires at the age of 65 if the bank pays interest at 6.4% compounded quarterly?Lara wishes to buy a gift for her parent's golden wedding anniversary. She decided to deposit a consistent amount of money every week into her savings account at an interest rate of 1.5% and made a decision not to withdraw any amount from the account. How much money will she have after 2 years if she decided to deposit $750 each week?
- Gina deposits her inheritance into an account earning interest of 4% compounded annually. She will not withdraw the money until the balance has doubled. How long will Gina have to leave the money in the account?Starting on the day Kelly was born, her mother has invested $50 at the beginning of every month in a savings account that earns 2.20% compounded monthly. a. How much did Kelly have in this account on her 22nd birthday? Assume that there was no deposit on that day. b. What was her mother's total investment? c. How much interest did the investment earn? How much should Diana's dad invest into a savings account today, to be able to pay for Diana's rent for the next five years if rent is $950 payable at the beginning of each month? The savings account earns 3.75% compounded monthly.Darryl deposits $1,500 into a savings account that has a simple interest rate of 2.7%.Lori deposits $1,400 into a savings account that has a simple interest rate of 3.8%.If no other transactions are made, who will have more money in their account after 10 years? How much more?