Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. You deposited $2600.00 today in a saving account at Fransi Bank that pays you 3% interest per year. How much money you will get

image text in transcribed

1. You deposited $2600.00 today in a saving account at Fransi Bank that pays you 3% interest per year. How much money you will get at the end of the first year? You need 511600.00 for your tuition expenses in 5 years how much should you deposit today in a saving account that pays 3% per year? 2. You invest $116.00 today at 5% interest for 3 years, if interest is compounded under annually and semi-annually. Annually: Semi-annually: 3. How many years will it take for $137600.00 to grow to be $469600.00 if it is invested in an account with an annual interest rate of 8%? 4. You plan to borrow $5001.00 now and repay it in 25 years as equal annual payments that will be made at the end of each year. If the annual interest rate is 30.00%, how much will your annual payments be

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mathematics Of Finance

Authors: Robert Brown, Steve Kopp, Petr Zima

8th Edition

0070876460, 978-0070876460

More Books

Students also viewed these Finance questions

Question

5. Explain how ERISA protects employees pension rights.

Answered: 1 week ago