Question
FINANCE: 1. 1A. You deposit $400 in an account earning 5% interest compounded annually. How much will you have in the account in 15 years?
FINANCE:
1.
1A.
You deposit $400 in an account earning 5% interest compounded annually. How much will you have in the account in 15 years? = ?$
1B. You deposit $5000 in an account earning 6% interest compounded monthly. How much will you have in the account in 15 years? =?$
1C.
How much would you need to deposit in an account now in order to have $6000 in the account in 5 years? Assume the account earns 2% interest compounded monthly. =?$
1D.
You deposit $100 each month into an account earning 6% interest compounded monthly. a) How much will you have in the account in 15 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $
1E.
You deposit $1000 each year into an account earning 6% interest compounded annually. How much will you have in the account in 25 years? =?$
1F.
Suppose you want to have $300,000 for retirement in 25 years. Your account earns 6% interest. a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started