7. Assume that today you made an initial deposit in the amount of $16,000 into a savings account that pays 4.25% simple interest annually. Assuming no withdrawals or additional deposits, what will be the balance of this account in 10 years?
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Please help me solve this.
7. Assume that today you made an initial deposit in the amount of $16,000 into a savings account that pays 4.25% simple interest annually. Assuming no withdrawals or additional deposits, what will be the balance of this account in 10 years?
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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
- Suppose you currently have $4,800 in your savings account, and your bank pays interest at a rate of 0.47% per month. If you make no further deposits or withdrawals, how much will you have in the account in 6 years? In 6 years' time, you will have $________ in the account.Suppose that you deposit $7000 in a savings account that pays 4% annual interest, with interest credited to the account at the end of each year. Assuming that no withdrawals are made, complete the following: a. Find the balance in the account after 5 years. b. Find the balance of the account after 9 years and 10 months.7) I need help with finance homework asap please! Assume that today you made an initial deposit in the amount of $16,000 into a savings account that pays 4.25% simple interest annually. Assuming no withdrawals or additional deposits, what will be the balance of this account in 10 years?
- A depositor currently has $6,000 and plans to invest it in an account that accrues interest continuously. What interest rate must the bank pay if the depositor needs to have $10,000 in four years?You deposit $2,400 each year in an account bearing 4.2% annual interest, with the first deposit made upon opening the account. What will your balance be after 11 total deposits, that is, after 10 years? (Round your answer to the nearest cent; no labels please!) $41. Your goal is to have $10,000 in your bank account by the end of eight years. If the interest rate remains constant at 10% and you want to make annual identical deposits, what amount will you have to deposit into your account at the end of each year to reach your goal? $787.00 $961.88 $874.44 $612.11 2. If your deposits were made at the beginning of each year rather than an at the end, what is the amount your deposit would change by if you still wanted to reach your financial goal by the end of eight years? $75.52 $99.38 $67.58 $79.50
- You have a bank account that pays an annual interest rate of 6.9%. If you deposit $5,000 today and another $9,000 4 years from today, how much will you have in the account 7 years after you make the second deposit? Round your answer to the nearest penny Type your answer...You plan to deposit $500 in a bank account now and $600 at the end of the year. If the account earns7% interest per year, what will be the balance in the account right after you make the second deposit?Suppose you deposit $380 today, $565 in one year, and $929 in two years in an account that pays an annual rate of interest of 18.91%. How much money will be in the account after three years?