jummy invests 40000

catnyE HW 3 Name: Compound Interest Formula 1. Jimmy invests $4,000 in an account that pays 5 % annual interest, compounded semiannually. What is his balance, to the nearest cent, at the end of 10 years? 2. On Olga's 16th birthday, her uncle invested $2,000 in an account that was locked into a 4.75% interest rate, compounded monthly. How much will Olga have in the account when she turns 18? Round to the nearest cent. 3. Samantha deposits $1,500 into the Park Street Bank. The account pays 4.12 % annual. interest, compounded daily. To the nearest cent, how much is in the account at the end of three non-leap years? 4. Joanne deposits $4,300 into a one-year CD at a rate of 4.3 % , compounded daily. What is her ending balance after the year? a. b. How much interest does she earn? What is her annual percentage yield to the nearest hundredth of a percent? c. 5. Mike deposits $5,000 in a three-year CD account that yields 3.5 % interest, compounded weekly. What is his ending balance at the end of three years? 6. Rob deposits $1,000 in a saving account at New York State Bank that pays 4.4% interest, compounded monthly. a. How much is in his account at the end of one year? b. What is the APY for this account to the nearest hundredth of a percent? 7. Mike and Julie receive $20,000 in gifts from friends and relatives for their wedding. They deposit the money into an account that pays 4.75 % interest, compounded daily. Will their money double in fourteen years? 8. Lindsey invests $80 in an account that pays 5% annual interest, compounded monthly. Michelle invests $60 in an account that pays 8% annual interest, compounded weekly. Whose balance is greater after twelve years