Use the compound interest formula to find the future value A for the following values. P=...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Use the compound interest formula to find the future value A for the following values. P= $500 i=0.078 n=27 A=$ (Round to the nearest cent.) Use the continuous compound interest formula to find the indicated value. P=$7,000; r = 3.27%; t = 8 years; A = ? A=$ (Round to two decimal places as needed.) .. Use the continuous compound interest formula to find the indicated value. A=$5,000; r= 6.78%; t = 8 years; P = ? P=$ (Round to two decimal places as needed.) an < Use the continuous compound interest formula to find the indicated value. A=$14,988; P=$11,100; t=48 months; r = ? r= % (Round to three decimal places as needed.) If $12,000 is invested at 3% compounded monthly, what is the amount after 6 years? The amount after 6 years will be $ (Round to the nearest cent.) If $3000 is invested at 5% compounded continuously, what is the amount after 2 years? Which of the following is the appropriate formula with the correct values substituted? Select the correct choice below and, if necessary, fill in the answer boxes to complete your choice. OA A-P(1+rt), with P= OB. A=P(1+i), with P= OC. A=Pet, with P= r= ra i= , and t and n= and t= An investment company pays 8% compounded semiannually. You want to have $15,000 in the future. (A) How much should you deposit now to have that amount 5 years from now? (Round to the nearest cent.) What is the annual percentage yield (APY) for money invested at an annual rate of (A) 4.77% compounded monthly? (B) 4.78% compounded quarterly? ****** (A) What is the annual percentage yield (APY) for money invested at an annual rate of 4.77% compounded monthly? The APY is%. (Type an integer or decimal rounded to three decimal places as needed.) How long will it take $2,000 to grow to $9,000 if it is invested at 6% compounded monthly? years (Round to the nearest tenth of a year.) A newborn child receives a $6,000 gift toward a college education from her grandparents. How much will the $6,000 be worth in 18 years if it is invested at 6.2% compounded quarterly? It will be worth $ (Round to the nearest cent.) GXD F Rental costs for office space have been going up at 7.8% per year compounded annually for the past 6 years. If office space rent is now $24 per square foot per month, what were the rental rates 6 years ago? The rates 6 years ago were about $ per square foot. (Round to two decimal places as needed.) COP You have saved $6,000 toward the purchase of a car costing $19,000. How long will the $6,000 have to be invested at 12% compounded monthly to grow to $19,000? Identify the formula required to solve this problem. OA. A Pet, where A is the amount at the end of t years if P is the principal invested at an annual rate r compounded continuously OB. I=Prt, where I is the interest, P is the principal, r is the annual simple interest rate, and t is the time in years OC. A=P(1+i)", where i== and A is the amount at the end of n periods, P is the principal value, r is the annual nominal rate, mis number of compounding periods per year, i is rate per compounding period, and in is total number of compofinding periods OD. A=P(1 + rt), where A is the amount, P is the principal, r is the annual simple interest rate, and it is the time in years An Individual Retirement Account (IRA) has $24,000 in it, and the owner decides not to add any more money to the account other than interest earned at 5% compounded daily. How much will be in the account 32 years from now when the owner reaches retirement age? There will be in the account. (Round to the nearest cent. Use a 365-day year.) What is the annual nominal rate compounded daily for a bond that has an annual yield of 6.1%? The annual nominal rate is %. (Round to three decimal places. Use a 365-day year.) Use the compound interest formula to find the future value A for the following values. P= $500 i=0.078 n=27 A=$ (Round to the nearest cent.) Use the continuous compound interest formula to find the indicated value. P=$7,000; r = 3.27%; t = 8 years; A = ? A=$ (Round to two decimal places as needed.) .. Use the continuous compound interest formula to find the indicated value. A=$5,000; r= 6.78%; t = 8 years; P = ? P=$ (Round to two decimal places as needed.) an < Use the continuous compound interest formula to find the indicated value. A=$14,988; P=$11,100; t=48 months; r = ? r= % (Round to three decimal places as needed.) If $12,000 is invested at 3% compounded monthly, what is the amount after 6 years? The amount after 6 years will be $ (Round to the nearest cent.) If $3000 is invested at 5% compounded continuously, what is the amount after 2 years? Which of the following is the appropriate formula with the correct values substituted? Select the correct choice below and, if necessary, fill in the answer boxes to complete your choice. OA A-P(1+rt), with P= OB. A=P(1+i), with P= OC. A=Pet, with P= r= ra i= , and t and n= and t= An investment company pays 8% compounded semiannually. You want to have $15,000 in the future. (A) How much should you deposit now to have that amount 5 years from now? (Round to the nearest cent.) What is the annual percentage yield (APY) for money invested at an annual rate of (A) 4.77% compounded monthly? (B) 4.78% compounded quarterly? ****** (A) What is the annual percentage yield (APY) for money invested at an annual rate of 4.77% compounded monthly? The APY is%. (Type an integer or decimal rounded to three decimal places as needed.) How long will it take $2,000 to grow to $9,000 if it is invested at 6% compounded monthly? years (Round to the nearest tenth of a year.) A newborn child receives a $6,000 gift toward a college education from her grandparents. How much will the $6,000 be worth in 18 years if it is invested at 6.2% compounded quarterly? It will be worth $ (Round to the nearest cent.) GXD F Rental costs for office space have been going up at 7.8% per year compounded annually for the past 6 years. If office space rent is now $24 per square foot per month, what were the rental rates 6 years ago? The rates 6 years ago were about $ per square foot. (Round to two decimal places as needed.) COP You have saved $6,000 toward the purchase of a car costing $19,000. How long will the $6,000 have to be invested at 12% compounded monthly to grow to $19,000? Identify the formula required to solve this problem. OA. A Pet, where A is the amount at the end of t years if P is the principal invested at an annual rate r compounded continuously OB. I=Prt, where I is the interest, P is the principal, r is the annual simple interest rate, and t is the time in years OC. A=P(1+i)", where i== and A is the amount at the end of n periods, P is the principal value, r is the annual nominal rate, mis number of compounding periods per year, i is rate per compounding period, and in is total number of compofinding periods OD. A=P(1 + rt), where A is the amount, P is the principal, r is the annual simple interest rate, and it is the time in years An Individual Retirement Account (IRA) has $24,000 in it, and the owner decides not to add any more money to the account other than interest earned at 5% compounded daily. How much will be in the account 32 years from now when the owner reaches retirement age? There will be in the account. (Round to the nearest cent. Use a 365-day year.) What is the annual nominal rate compounded daily for a bond that has an annual yield of 6.1%? The annual nominal rate is %. (Round to three decimal places. Use a 365-day year.)
Expert Answer:
Answer rating: 100% (QA)
The provided images contain a series of questions related to compound interest and continuous compound interest To solve these problems we will use different variations of the compound interest formul... View the full answer
Related Book For
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
Posted Date:
Students also viewed these mathematics questions
-
Use the simple interest formula to find the missing entries in the table. Round monetary amounts to the nearest cent. Rate (to the nearest hundredth Interest Principal of a percent) Time $2,000...
-
Use Table 14 - 1 to find the future value and total interest of the annuities. See Examples 3, 4, 6 and 7. Annuity type 1. Ordinary annuity 2. Ordinary annuity 3. Ordinary annuity 4. Annuity due 5....
-
The amount of $27 350 is invested at 6% compounded monthly for 6 years. After the initial 6-year period, the balance in the fund is converted into an annuity due paying $1600 every 6 months. If...
-
Prepare a company analysis (strengths and weaknesses) Instructions - Prepare the SW portion of a SWOT analysis as a report. Use your textbook and the instruction below. Prioritizing the Results: The...
-
An experiment is designed to study micro-scale forced convection. Water at Tm,i = 300 K is to be heated in a straight, circular glass tube with a 50-m inner diameter and a wall thickness of 1 mm....
-
Joan Lucky won the $80 million lottery. She is to receive $1 million a year for the next 50 years plus an additional lump-sum payment of $30 million after 50 years. The discount rate is 12 percent....
-
From its 19 th-century roots as a British bicycle company, Raleigh has developed a worldwide reputation for marketing sturdy, comfortable, steel-frame bicycles. The firm, named for the street in...
-
Best Appliances is a retail store that sells household appliances. Merchandise sales are subject to an 8 percent sales tax. The firm's credit sales for July are listed below, along with the general...
-
Tiger Stripes Art School uses the accrual basis of accounting. The company's operating activities for the month of February are summarized in the following transactions: 1. Provided $1,500 of...
-
During a pregame warmup period, two basketballs collide above the hoop when in the positions shown. Just before impact, ball 1 has a velocity v 1 which makes a 30 angle with the horizontal. If the...
-
Given that In(2) = x and In(7) = y, express the given logarithmic value in terms of x and y. In(98)
-
Develop a client-server application in C++ using sockets to implement a simple chat system. Ensure that multiple clients can connect concurrently, and messages are transmitted securely .
-
A first step to checking the ADA accessibility of your site may be to: Remove all small type from the site Purchase a site that claims to be ADA compliant Ask your website provider about current...
-
Find the area of one side of a wall standing orthogonally on the curve y = x 2 , 0 < x < 2 , with its top on the surface f ( x , y ) = x + sqrt ( y )
-
1. The "closed-form" solution in the inverse kinematics means ( ) (a) each joint variable can be described by a mathematics expression (b) joint variable can not be solved numerically (c) each joint...
-
A good Cost & Management Accounting System should provide Reports/Information on areas that include: i.Cost Ascertainment ii.Cost Control, and iii.Performance Evaluation REQUIRED: a. Describe your...
-
(1 point) Determine whether the line integral of each vector field (in blue) along the oriented path (in red) is positive, negative, or zero. ? ? ? ? ? (Click on a graph to enlarge it) ?
-
Consider the setup in Problem 16. Show that the relative speed of the ball and the point of contact on the stick is the same before and immediately after the collision. (This result is analogous to...
-
Hannah contributed $300 per month into her retirement account in pre-tax dollars during the last tax year. Her taxable income for the year was $72,000. She files taxes as a single taxpayer. a. What...
-
The student government at State College is selling inexpensive bookcases for dorm rooms to raise money for school activities. The expense function is E = -200p + 10,000 and the revenue function is R...
-
Complete the chart. 1 USD 1.07 Canadian dollars (CAD) 1 USD 0.69 Euros (EUR) 1 USD 1.16 Australian dollars (AUD) 1 USD 89.85 Japanese yen (JPY) 1 USD 7.34 South African rand (ZAR) 1 USD 1.00...
-
Affordable Art Company has a Print Division that is currently producing 100,000 prints per year but has a capacity of 150,000 prints. The variable costs of each print are \($28\), and the annual...
-
The Stallion Division of Motortown Motors had an operating income of \($675,000\) and net assets of \($2,700,000\). Motortown Motors has a target rate of return of 23 percent. Required a. Compute the...
-
The Worldwide Auditors Association is a professional association. Its current membership totals 97,600 worldwide. The association operates from a central headquarters in New Zealand but has local...
Study smarter with the SolutionInn App