If you invest $2,000 every year in an account that pays 7% APR, compounded daily, how much will you have in the account at the end of 17 years? Assume you make the first deposit exactly one year from now, and you make a total of 17 deposits".
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- ou decided to go and apply for a credit card at your local financial institution.The Prime rate currently announced on June 1 was 3.25%. You have goodcredit history and a FICO score of 700. The lowest rate that they can offer toindividuals is a 18.99% APR for a credit card that gives cashback on purchasesand rewards. You were offered 21.99% APR for the credit card. How did thelender determine or calculate what rate they should offer you?ro coupon bond will be worth $11,000 when it matures and is redeemed after 11 years. How much would an investor be willing to pay now for this bond if a 3% per year yield is desired? Click the icon to view the interest and annuity table for discrete compounding when i= 3% per year. current worth of the bond is $ (Round to the nearest dollar.)You invest $10,000 in a fund that pays 7% per year for 5 years. How much is in the fund at the end of 5 years if (forgetting leap years and making “convenient” assumptions): a. Compounding is annual? b. Compounding is quarterly? c. Compounding is monthly? d. Compounding is daily?
- On Juan's twenty-sixth birthday, he invested $7,500 in a retirement account. Each year thereafter, he deposited 8 percent more than the previous deposit. The account paid annual compound interest of 5 percent. If Juan decided to wait 8 years before investing for retirement, how much would he have to invest at Round entry that time to have the same account balance on his sixtieth birthday? $ to the nearest dollar.In order to make CDs look more attractive than they really are, some banks advertise that their rates are higher than their competitors', but the fine print says that the rate is a simple Interest rate. If a person deposits $7,500 at 3% per year simple interest, what compound Interest rate would yield the same amount of money in 3 years? The compound Interest rate that would yield the same amount of money in 3 years is 9.273 %.A geometric gradient that increases at f= 5% per year for 15 years is shown in the accompanying diagram. The annual interest rate is 10%. What is the present equivalent value of this gradient? AClick the icon to view the diagram for geometric gradient values. Click the icon to view the interest and annuity table for discrete compounding when i= 5 % per year. Click the icon to view the interest and annuity table for discrete compounding when i= 10% per year. 4... The present equivalent value of the gradient is $ (Round to the nearest dollar.)
- You have 100 pesos a month you can deposit into an account earning 3.9% APR, compounded monthly. How long will it take you to save 10,000 pesos?K How much money should be deposited annually in a bank account for five years if you wish to withdraw $6,000 each year for three years, beginning five years after the last deposit? The interest rate is 2% per year. Click the icon to view the interest and annuity table for discrete compounding when i=2% per year. The annual deposit amount should equal $ per year. (Round to the nearest dollar.)Addy plans to deposit her annual bonus into a savings account that pays 4% interest compounded annually. The size of her bonus increases by $1000 each year, and the initial bonus amount she will deposit at the end of year 1 is $2500 a) Determine how much will be in the account immediately after the 6th deposit. b) What's the future value if she only plans to deposit her annual bonus for 8 years C) What's the future value if she only plans to deposit her annual bonus for 8 years (the last deposit is at the end of year 8 but also plans to skip the deposits at the end of vears 3 and 6?
- A credit card company wants your business, If you accept their offer and use their card, they will deposit 1% of your monetary transactions into a savings account that will earn a guaranteed 5% per year. If your annual transactions total an average of 20,000. How much will you have in this savings plan after 15 years?When you were bom, your grandfather established a trust fund for you in the Cayman Islands. The account has been carning interest at the rate of 15% per year. If this account will be worth $90,000 on your 23th birthday, how much did your grandfather deposit on the day you were born? A Click the icon to view the interest and annuity table for discrete compounding when i= 15% per year Choose the correct answer below. O A. $3,618 O B. $2,965 OC. $13,500 O D. $13,335 O E. $3,913 Click to select your answerA3 help me solve this question without using tables in excel. An annual deposits of A1=$1,500 in a saving account is made for 6 years starting year 1. In year 9, a one-time deposit of $3,500 is made. In year 11, a one-time withdrawal of $2,500 is made. Then another series of annual deposits of A2 started for 7 years starting from year 12, increasing by $350 every year. If a one-time withdrawal of $900 was made in year 19 and the present worth of the whole amounts of deposits and withdrawals is $-20,500, what is the value of A2? If the whole life cycle is to be repeated forever with a life cycle of 19 years, what is the capitalized cost and the annual worth? Assume an interest rate of 6%.