Suppose you deposit $10 every week into an account that earns 4% interest compounded weekly. How much money (to the nearest cent) will you have in the account after 5 years? Summarize the information provided, stating the interest rate in a decimal form. d = r = N = k = Solve the problem and give your answer here
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Suppose you deposit $10 every week into an account that earns 4% interest compounded weekly. How much money (to the nearest cent) will you have in the account after 5 years?
Summarize the information provided, stating the interest rate in a decimal form.
d =
r =
N =
k =
Solve the problem and give your answer here
Step by step
Solved in 3 steps
- For the following economic calculations, write the factors (multipliers) that should be used,in (i) using the parameter values, and in (ii) calculate the result by showing your computations. Write the results you find in the spaces left. (Use factors for your calculations.)EXAMPLE: If you deposit $ 100 to a bank account that earns 8% annual interest, how much money will you have in this account after five years?(i)(F/P, 8%, 5) (ii)146.93100 * (F/P, 8%, 5) = 100 * 1.4693 = 146.93 TLa. You plan to take a credit with $1500 installment size per year with an annual interest rate of 8% over six years from a bank. What is the amount of your current credit?(i) (ii)b. A bank is required to deposit money for four years with an interest rate 10%. The money deposited at the end of the first year is 6000 TL and the amount of money deposited in the next three years will be reduced by 500 TL every year. How much money will be in the bank at the end of the fourth year?(i) (ii)You plan to deposit $700 in a bank account now and $200 at the end of one year. If the account earns 3% interest per year, what will the balance be in the account right after you make the second deposit? There will be $ in the account right after the second deposit. (Type an integer or a decimal.) w an example .... Get more help. Save Clear all InPlease provide the steps to solving this problem using a financial calculator: You just opened a brokerage account, depositing $3,500. You expect the account to earn an interest rate of 9.652%. You also plan on depositing $4,500 at the end of years 5 through 10. What will be the value of the account at the end of 20 years, assuming you earn your expected rate of return?
- Assume that you have $10,000,000 in your bank account. You wish to withdraw $400,000 per year, at the end of each year, for the next 5 years, after which you wish to have $11,000,000 in the bank. What is the balance in your account after the 2nd year (after the withdrawal)? Hint: you will need first to solve for rate in Excel given all other parameters. Watch signs. Select one: a. $10,366,644 b. $10,600,000 c. $9,600,000 d. $10,488,912If you deposit $P into a savings account that earns interest at a rate of i% per month for n years, the future worth in year n is represented by all of the following equations, except: (a) F = $P(F∕P, effective i/month, 12n) (b) F = $P(F∕P, effective i/quarter, 3n) (c) F = $P(F∕P, effective i/6-month, 2n) (d) F = $P(F∕P, effective i/year, n)1. If you receive $176 each month for 12 months and the discount rate is 0.04, what is the future value? (show the process and can use financial calculator)
- One can solve for payments (PMT), periods (N), and interest rates (1) for annuities. The easiest way to solve for these variables is with a financial calculator or a spreadsheet. Quantitative Problem 1: You plan to deposit $2,100 per year for 4 years into a money market account with an annual return of 3%. You plan to make your first deposit one year from today. a. What amount will be in your account at the end of 4 years? Do not round intermediate calculations. Round your answer to the nearest cent. $ b. Assume that your deposits will begin today. What amount will be in your account after 4 years? Do not round intermediate calculations. Round your answer to the nearest cent. $ Quantitative Problem 2: You and your wife are making plans for retirement. You plan on living 25 years after you retire and would like to have $95,000 annually on which to live. Your first withdrawal will be made one year after you retire and you anticipate that your retirement account will earn 12% annually. a.…Suppose you need to have $57,942.00 in an account 25.00 years from today and that the account pays 11.00%. How much do you have to deposit into the account 5.00 years from today? Suppose you deposit $1,101.00 into an account 7.00 years from today. Exactly 15.00 years from today the account is worth $1,466.00. What was the account's interest rate? Suppose you deposit $1,093.00 into an account 7.00 years from today that earns 12.00%. It will be worth $1,613.00 _____ years from today. Assume the real rate of interest is 2.00% and the inflation rate is 4.00%. What is the value today of receiving 10,528.00 in 15.00 years?2. Using the formula which is attached below, calculate the Future Value of disposable amount of money (5 000 CZK), if you can expect to earn 5% interest compounded annually on that money for the next two years. Prior to calculation fill in the table gaps. manually using TVM functions Principal Interest rate Time period Compounding frequency Total number of compounding periods Future value of money Future value of money (EUR) (as a decimal) (number of years) (times per year) (EUR) (EUR) 5,000 0.05 2 1 2 5,512.50 5,512,50
- How much would you have in your savings account if you put $1,902 in an account today that pays 8% for 7 years? For this problem, use the mathematical formula to find the answer and show all of your work (Do not round intermediate calculations. Round your answer to 2 decimal places.)Find the interest earned on $5,750 deposited into a savings account for 3 1/2 years at an annual interest rate of 4 1/2% a. What formula should be used? b. What are you trying to find and what variable does it represent in the formula? c. Solve the problem showing all of your work (must show all steps!!) d. Interpet your answer using a complete sentence You may use the box below to upoload a picture of your written explanation or type it out in the box. Use the "mountain" button to add pictures.Suppose the interest rate is 3.6% b. Having $650 in one year is equivalent to having what amount today? c. Which would you prefer, $650 today or $650 in one year? Does your answer depend on when you need the money? Why or why not? **round to the nearest cent**
