Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose you invest $200 at the end of every six months for 6 years into an account earning 6 % compounded semiannually. After 6 years,

image text in transcribedimage text in transcribed

Suppose you invest $200 at the end of every six months for 6 years into an account earning 6 % compounded semiannually. After 6 years, you leave the money, without making additional deposits for another 30 years earning interest at 6 % compounded semiannually. Answer the following questions, and round all answers to two decimal places if necessary. How much will you have in the account after 6 years? PNY = 2 CNY = 2 N = 12 IXY = 6 PV = $ PMT = $ 200 oo FV = $ How much will you have in the account after 36 years? P/Y = CNY = N = I/Y = PV = $ PMT = $ FV = $ Question Help: D Video You deposit $380 at the end of each quarter into an account earning 7.8% interest compounded quarterly. a) How much will you have in the account in 15 years? P/Y = 4 CNY = 4 N = 60 I/Y = 7.8 O % PV = $ 8996.15 PMT = $ 380 oo FV = $ (round to the nearest cent) b) How much will be the total amount of money deposited into the account after 15 years? Total Deposited = $ (enter a positive value) c) How much total interest will you earn? Total Interest= $ (enter a positive value, and round to the nearest cent)

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

Step: 3

blur-text-image

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

More Books

Students also viewed these Finance questions

Question

The use of continuous monitoring technologies

Answered: 1 week ago

Question

describe the sources of fi nancing available to MSMEs

Answered: 1 week ago

Question

3- Horizontal analysis for the home depot between 2019 and 2020

Answered: 1 week ago