Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the compound interest able to solve the problems around answer to the nearest cent. 1-6 1)Valley savings interest P5% interest compounded quarterly on regular

Use the compound interest able to solve the problems around answer to the nearest cent. 1-6
1)Valley savings interest P5% interest compounded quarterly on regular savings accounts. Leland Davis deposited $2000 in a regular savings account and left it there for one and a half years . he made no other deposits or withdrawals during this period. how much interest did his money earn?
2)Charles Johnson deposited $4400 in a savings account earning 6% interest compounded quarterly if he makes no other deposits or withdraws how much will his money earn in two years?
3) On January 4 Janelle Ruskinoff deposited $2192.06 in a savings account that pays 5.5% interest compounded daily how much will her money earn in 24 days?
4) Tak Murakami Has a savings account at city savings bank the account earns 5.5% interest compounded daily on February 2 the amount in his account was 580 how much will be in the account in 40 days?
5) On October 1 man the lawyer deposited $1120 in a savings account that pays 5.5% interest compounded daily on October 22, how much interest had been earned on the principal in her account?
6) you have a savings account at federal savings account earns 5.5% interest compounded daily on March 6, do you have $1645.72 in your account. How much will be in the account on July 4?
image text in transcribed
image text in transcribed
Use the compound interest tables below to solve the problems, Round answers to the nearest cent. Amount of $1.00 Amount of $1.00 aL5% Compounded Daily, 365-Day Year Total Interest Rate per Period Day Amount Day Amount Interest Day Amount Periods 1.250% 1.375% 1.500% 21 1.00316 30 1.00452 80 1.01212 + 1 1.01250 1.01375 1.01500 22 1.00331 40 1.00604 90 1.01364 2 1.02516 1.02769 1.03023 23 1.00347 50 1.00755 100 1.01517 3 1.03797 1.04182 1.04568 24 1.00362 80 1.00907 120 1.01823 4 1.05095 1.05614 1.06136 25 1.00337 70 1.01059 140 1.02131 5 1.06408 1.07067 1.07728 6 1.07738 1.08539 1.09344 7 109085 1.10031 1.10984 1.10449 1.11544 1.12649 8 1. Valley Savings and Trust pays 5 percent interest compounded quarterly on regular savings accounts. Leland Davis deposited $2,000 in a regular sassags account and left it there for 1% years. He made no other deposits or withdrawals during the period. How much interest did his money earn? 2. Charles Johnson deposited $4,400 in a savings account eaming 6 percent interest compounded quarterly. If he makes no other deposits or otherawals, how much will his money earn in 2 years? 3. On January 4, Janelle Ruskinoff deposited $2.192.96 in a savings account that pays 5.5 percent interest compounded daily. How much will her money earn in 24 days? 4. Tak Murakami has a savings account at City Savings Bank. The account earns 5.5 percent interest compounded daily. On February 2, the amount in his account was $580. How much will be in the account in 40 days? 5. On October 1, Manda Loya deposited $1,120 in a savings account that pays 5.5 percent interest compounded daily. On October 22, how much interest had been eamed on the principal in her account? 6. You have a savings account at Federal Savings. The account earns 5.5 percent interest compounded daily. On March 6, you had $1,645.72 in your account. How much would be in the account on July 4

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

0130674842, 978-0130674845

Students also viewed these Accounting questions

Question

=+b) Compute the SD for each decision.

Answered: 1 week ago