Question
1,) Suppose you bought a three-year CD for $18,000with an APR of3.9% compounded quarterly. Determine the amount of interest you will have earned when the
1,) Suppose you bought a three-year CD for $18,000with an APR of3.9% compounded quarterly. Determine the amount of interest you will have earned when the CD matures? Round your answer to the nearest cent. $
2) You want to save $12,000for a down payment on a home by making regular monthly deposits over four years. Take the APR to be6.5%.How much money do you need to deposit each month? (Round your answer to the nearest cent.) $ per month
3) The parents of a 3-year old child decide they need to start saving for their child's college fund. They want to have $18,000in the fund in 15 years. The fund has an APR of3.3%. What monthly deposit is required? Round your answer to the nearest cent. $ per month
4) Assume that an investment of $8000earns an APR of 6% compounded monthly for18months. How much money is in your account after18months? (Round your answer to the nearest cent.) $ How much of the money in your account after18months is interest? (Round your answer to the nearest cent.) $
5) When you buy a certificate of deposit (CD), you are investing your money in an account that earns interest for a specific period of time. A CDmatureswhen it has been invested for the required amount of time. Assume that you have $4500to invest in a2-year CD with an APR of2.3% compounded daily. When the CD matures, how much interest will you have earned? Round your result to the nearest cent. $
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