Michelle Payne deposited $4,000 in a savings account paying 6.25% simple interest. How long (in years) will it take for her investment to amount to $7,000
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Q: How long (in years) will it take for her investment to amount to $6,000?
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Q: Michelle Payne deposited $4,000 in a savings account paying 6.25% simple interest. How long (in…
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A: When the interest is compounded without any time frame, it is said to be compounded continuously.
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A: Interest rate = 3.25% Semi annual interest rate = [1+(0.0325/12)]6-1…
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Q: Michelle Payne deposited $12,000 in a savings account paying 6.25% simple interest. How long (in…
A: Formula: Simple Interest Amount = ( Principal Amount X Time period x Interest rate ) / 100
Q: my Jolly deposited $2 000 in a savings account. The annual rate is 10 per cent compounded…
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Q: Michelle Payne deposited $16,000 in a savings account paying 6.25% simple interest. How long (in…
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A: SIMPLE INTEREST FORMULA: SI=P×R×T WHERE, P=PRINCIPAL R=RATE OF INTEREST T=TIME IN YEARS
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A: calculation of above requirement are as follows
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Q: Michelle Payne deposited $24,000 in a savings account paying 6.25% simple interest. How long (in…
A: Formula: FV=PV×1+rt
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A: Amount she will have is future value of deposit
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A: PV is the amount invested today.
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A: Hi! Thank you for the question, As per the Honor Code, we are allowed to answer one question in case…
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Q: Michelle payne deposited $20,000 in a savings account paying 6.25% simple interest. How long (in…
A: Future value = Prinicipal amount + Interest amount
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Q: Katy invests a total of $36,000 in two accounts. The first account earned an annual interest rate of…
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Q: Alice Adams invests $3,000 at 9% compounded semiannually for 8 years. a)How much will she have after…
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The future value is the future worth of the amount that will be paid or received in the future.
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- Michelle Payne deposited $16,000 in a savings account paying 6.25% simple interest. How long (in years) will it take for her investment to amount to $24,000?Michelle Payne deposited $16,000 in a savings account paying 6.25% simple interest. How long (in years) will it take for her investment to amount to $28,000? years Need Help? Read ItCharlotte wishes to accumulate $100,000 in a savings account in 10 years. If she wishes to make a single deposit today and the bank pays 4% compounded annually on deposits of this size, how much should Charlotte deposit in the account?
- Amy Jolly deposited $2 000 in a savings account. The annual rate is 10 per cent compounded semi-annually. How many years will it take for her money to grow to $2 680.20? Bridget invested $5 000 in a growth mutual fund and in ten years her investment had grown to $15 529.24. What annual rate of return did Bridget earn over this ten-year period.Amy Jolly deposited $2 000 in a savings account. The annual rate is 10 per cent compounded semi-annually. How many years will it take for her money to grow to $2 680.20? Show workingMichelle Payne deposited $4,000 in a savings account paying 6.25% simple interest. How long (in years) will it take for her investment to amount to $7,000? 1 X years
- ten years ago, Amanda Cortez invested $20,000 in an account paying an annual interest rate of 5%. What is the value of the investment today? What is the interest on interest earned on this investment?Please help me answer the following time value of money question. Suppose Nicole deposits $50,000 in an account that pays 9% compounded annually. How long does it take before her balance is $125,000?Jennie invested a certain amount in a bank compounded semi-anually.The bank told her that the investment is expected to be doubled after 5 years. Approximately, how much will she gain from the investment after 3 years?
- Consider two savings plans: Kelly deposits $415 per month in an account with an APR of 4.2% for 15 years while Ryan deposits $520 at the end of each year in an account with an APR of 4.7%. Assume the number of compoundings is the same as number of payments. Which person deposited more money? Kelly or Ryan? What was the total deposit of each person? Which person's investment strategy earned more interest? What amount of interest did that person make?You discover a savings account belonging to your great-grandmother. It has been earning 1¾% annually for 50 years. The balance is $35,712. How much money did your great-grandmother originally put in the account, to the nearest dollar? (Round your answer to the nearest whole dollar amount.)Sarah opens an investment account with an initial deposit of $1900. She then sets up monthly deposits of $80 to the account. If the account earns 2% interest compounded monthly, how much money will she have in the account in 5 years?