Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please show your work and make handwriting clear Q12 (a) Suppose you are depositing $10,000 into Bank STHM, and the yearly interest rate is 3%.
Please show your work and make handwriting clear
Q12
(a) Suppose you are depositing $10,000 into Bank STHM, and the yearly interest rate is 3%. How much you are going to get after ten years? (6 pts) (b). If you want to get $10,000 after ten years, and the current yearly interest rate is 3%, how much you need depositing now? (6 pts) (c). Bank Temple promised that you will get $13,439.16 after ten years after an initial deposit of $10,000. What is the yearly interest rate? (7 pts) Calculation-based Questions *** Show your work *** PVIFA Table Periods 1% 2% 3% 4% 5% 6% 1 0.9709 0.9524 0.9434 2 N 0.9901 0.9804 1.9704 1.9416 2.941 2.8839 3.902 3.8077 11.2551 10.5753 21.2434 18.9139 30.1075 25.4888 1.9135 2.8286 3.7171 9.954 16.9355 4 0.9615 1.8861 2.7751 3.6299 9.3851 15.247 18.9083 1.8594 2.7232 3.546 8.8633 1.8334 2.673 3.4651 8.3838 12 24 13.7986 12.5504 14.621 36 21.8323 16.5469 (a) Suppose you are depositing $10,000 into Bank STHM, and the yearly interest rate is 3%. How much you are going to get after ten years? (6 pts) (b). If you want to get $10,000 after ten years, and the current yearly interest rate is 3%, how much you need depositing now? (6 pts) (c). Bank Temple promised that you will get $13,439.16 after ten years after an initial deposit of $10,000. What is the yearly interest rate? (7 pts) Calculation-based Questions *** Show your work *** PVIFA Table Periods 1% 2% 3% 4% 5% 6% 1 0.9709 0.9524 0.9434 2 N 0.9901 0.9804 1.9704 1.9416 2.941 2.8839 3.902 3.8077 11.2551 10.5753 21.2434 18.9139 30.1075 25.4888 1.9135 2.8286 3.7171 9.954 16.9355 4 0.9615 1.8861 2.7751 3.6299 9.3851 15.247 18.9083 1.8594 2.7232 3.546 8.8633 1.8334 2.673 3.4651 8.3838 12 24 13.7986 12.5504 14.621 36 21.8323 16.5469Step 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