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Complete the table, for the following investments, which shows the performance (interest and balance) over a 5 -year period. Suzanne deposits $3000 in an account
Complete the table, for the following investments, which shows the performance (interest and balance) over a 5 -year period. Suzanne deposits $3000 in an account that earns simple interest at an annual rate of 2.6%. Derek deposits $3000 in an account that earns compound interest at an anual rate of 2.6% and is compounded annually. Complete the following table. The following pair of investment plans are identical except for a small difference in interest rates. Compute the balance in the accounts after 10 and 30 years. Discuss the difference. Chang invests $600 in a savings account that earns 4.25% compounded annually. Kio invests $600 in a different savings account that earns 4.5% compounded annually. After 10 years Chang will have a balance of approximately $ After 30 years Chang will have a balance of approximately $ (Round to the nearest cent as needed.) After 10 years Kio will have a balance of approximately $ After 30 years Kio will have a balance of approximately $ (Round to the nearest cent as needed.) After 10 years Kio will have $ or % than Chang. After 30 years Kio will have $ or % more than Chang. Suppose a philanthropist sets up an endowment (an account that provides ongoing funds from interest only) with $1.9 billion. Complete parts (a)-(c) below. a. The endowment eams interest at an annual rate of 5.1% compounded monthly. How much would he give away each year in interest alone (leaving the balance unchanged)? He would give away 9 (Do not round until the final answer. Then round to the nearest dollar as needed.)
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