Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.How long will it take $3,000 to accumulate to $3,500 in a bank savings account at 0.25% compounded every month? 2.How long will it take

1.How long will it take $3,000 to accumulate to $3,500 in a bank savings account at 0.25% compounded every month?

2.How long will it take for $36 000 to earn $10 326 interest if it is invested at 8 % simple interest?

3.Accumulate $4,500 for 15 months at 27.2% simple discount rate.

4.Find the exact and approximate interest at 9% on $13 277 from March 15, 2018to August 22, 2019.

5.How much should Kiko set aside and invest in a fund earning 2.5% compounded every six months if she needs $75,000 in 15 months?

6.At what nominal rate compounded every two months will $10,000 accumulate to $15,000 in 10 years?

7.A cylindrical tank holds 1,540 cubic feet of water. The base is a circle with a 7-foot diameter. What is the height of the cylinder?

8.Suppose that you have $80,000. You decided to deposit it on a bank and will not withdraw from it for 10 years. A bank offers two types of compound interest accounts. The first account offers 6% interest compounded monthly. The second account offers 6.5% interest compounded semi-annually. Which account will you choose if you want your money to earn more?

9.Over a 4-year period, Bernard invested $50,000 at 7.2% converted quarterly during the first year, 7.2% semi-annually during the second year, 7.2% monthly during the third year and 7.2% daily during the fourth year. Find the final amount.

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_2

Step: 3

blur-text-image_3

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

A Topological Picturebook

Authors: George K Francis

1st Edition

0387345426, 978-0387345420

More Books

Students also viewed these Mathematics questions

Question

Describe the methods to forecast demand

Answered: 1 week ago

Question

Which type of energy does an object have when it is in motion?

Answered: 1 week ago

Question

The working principle of a washing machine is?

Answered: 1 week ago

Question

Nuclear sizes are expressed in a unit named?

Answered: 1 week ago