Placlice (5SImple and Compound) 9. Beau's grandmother started depositing $1000 in a saving account for him each year on his birthday. The account pays 2.5% simple interest. How much interest will the account earn after year 3? Round to the nearest cent. Directions: 1. Write the formula: 2. What are you looking for? 3. Numbers involve in the formula:
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- On your first through fifth birthdays your parents placed $1,000 into your college fund (five total deposits of $1,000 each). The account has earned an average of 8.0% per year until today, your twentieth birthday. How much money is in the account today? 8/15 Qs Your choice: A: $11,733.20 B: $18,609.85 C: $17,219.70 D: $25,383.41Lily has an account that pays 3.48% simple interest per year and wants to accumulate $4,000 in interest from it over the next 12 years. How much money should Lily invest in this account to meet her goal? (Use I = Prt) a. $2,000.00 b. $1.670,40 $9.578.54 d. $6,030.27As a new parent, you decided to make annual deposits into a saving account with the first deposit being made on your child's first birthday and last deposit being made on the 15th birthday. The following withdraws are being made on the child's 18th birthday. • Complete the cash flow diagram Find the value of annual deposit that you need to make so withdraws can be made. The interest rate for the account is 8%. $3.200 $2.800 $2,400 $2.000 18 19 20 21
- Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264A father wants to set up a bank account that will pay his daughter $16,000 at the end of quarter (EOQ) 4 and $30,000 at EOQ 8. He will fund this account by making quarterly payments of $X from EOQ 1 through EOQ 7. If the quarterly percentage rate is 3%, what is the value of $X that must be deposited into the account? O a. 6,789.396 O b. 6,621.507 O c. 6,240.157 O d. 6,082.880 O e. 6,123.852Marius opened a savings account. The sequence {200, 208, 216.30, 225, …} describes the amount of interest he earns each year his account is active. If this pattern continues, how much total interest will Marius have earned by the 30th year the account is active? A. S1.04=1.04(1-1.04^n)/1-1.04 B.S30=200(1-1.04^n)/1-1.04 C. S200=200(1-1.04^200 1)/1-1.04 D. S30=1.04(1-200^n-1)/1-200
- 2. Remi deposits $2,000 into a savings account at her bank. If the interest rate is 3.25 percent, how much money will she have in her account after 5 years? 7. You are Co introductory rate months and the rate be entered into a drawin commercial. You pay $50 a you switch? Use the smart dec mathematically and include an emKevin deposits $856.89 each quarter into an annuity account for his child's college fund in order to accumulate a future value of $75,000 in 16 years. How much of the $75,000 wilI Kevin ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Formulas 中 Answer(How to Enter) Keypad Present Value Formula Keyboard Shortcuts A PV = (1+) nt Annuity Formula for Finding Future Value nt FV = PMT . Annuity Formula for Finding Payment Amounts PMT = = FV . nt Prev NextY our great aunt put some money in an account for you on the day you were born. This account pays 8% interest per year. On your 21st birthday the account balance was $5033.83. Your Questions: 1) What is the amount of money that your great aunt originally put in the account? 2) What is the amount of money that would be in the account if you left the money there until your 65th birthday?
- Accounting 1:Kaitlyn wants to set up a fund for his son's education such that he could withdraw $2,050.00 at the beginning of every 3 months for the next 2 years. If the fund can earn 2.20% compounded semi-annually, what amount could he deposit today to provide the payment?Q2.2: Since the birth of his granddaughter, 15 years ago, Michael has deposited $150 at the beginning of every month into a Registered Education Savings Plan (RESP). The interest rate on the plan was 3.75% compounded monthly for the first 8 years and 4.25% compounded monthly for the next 7 years. a. What was the accumulated value of the RESP at the end of 8 years? b. What was the accumulated value of the RESP at the end of 15 years? c. What was the amount of interest earned over the 15-year period? Kindly keep all the decimals for all the preocedures, DO NOT ROUNDYour grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $6,801 in it and pays a(n) 3% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. How much would be in your account if you left the money in the account until your 65th birthday? c. How much money did your grandfather originally put in the account? a. How much money would be in the account if you left the money there until your 25th birthday? The future value is $ (Round to the nearest dollar.) b. How much would be in your account if you left the money in the account until your 65th birthday? The future value is $ (Round to the nearest dollar.) c. How much money did your grandfather originally put in the account? The present value is $ (Round to the nearest dollar.)