Suppose Zoe had deposited another $900 into a savings account at a second bank at the same time. The second bank also pays a nominal (or stated) interest rate of 7% but with quarterly compounding. Keeping everything else constant, how much money will Zoe have in her account at this bank in 13 years? O $163.00 O $166.16 O $964.67 O $2,218.36
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- 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. 2,0000.92642. Simple versus compound interest Financial contracts involving investments, mortgages, loans, and so on are based on either a fixed or a variable interest rate. Assume that fixed interest rates are used throughout this question. Addison deposited $1,000 in a savings account at her bank. Her account will earn an annual simple interest rate of 5.8%. If she makes no additional deposits or withdrawals, how much money will she have in her account in 9 years? O $1,061.36 O $1,661.01 O $158.00 O $1,522.00 Now, assume that Addison's savings institution modifies the terms of her account and agrees to pay 5.8% in compound interest on her $1,000 balance. All other things being equal, how much money will Addison have in her account in 9 years? O $1,058.00 O $1,522.00 O $96.34 O $1,661.01Suppose Emma had deposited another $500 into a savings account at a second bank at the same time. The second bank also pays a nominal (or stated) interest rate of 9% but with quarterly compounding. Keeping everything else constant, how much money will Emma have in her account at this bank in 11 years?
- Bella deposits $6400 in a savings account at a bank that offers interest of 1.8% on such accounts. What is the value of the money in her savings account in two year's time? Select one: a. $6,630.4 b. $6,632.5 C. $8,911 O d. d. $6,505.2 <i Erika opened a savings account today and she immediately put $10,000 into it. She plans to contribute another $20,000 one year from now, and $50,000 two years from now. The savings account pays a 6 percent annual interest rate. If she makes no other deposits or withdrawals, how much will she have in the account 10 years from today? a.$ 8,246.00 b.$116,937.04 c$131,390.46 d.$164,592.62 e.$190,297.04 2/4Darryl deposits $1,500 into a savings account that has a simple interest rate of 2.7%.Lori deposits $1,400 into a savings account that has a simple interest rate of 3.8%.If no other transactions are made, who will have more money in their account after 10 years? How much more?
- You decide to deposit your money today in a bank account paying 6.30% interest, compounded monthly. If the value of your savings grows to $3, 800 in 10 years, how much did you deposit? Answer a. $1,826 b. $ 2,027 c. $2,193 d. $1,988 e. $1,907You Save Bank has a unique account. If you deposit $7,250 today, the bank will pay you an annual interest rate of 4 percent for 5 years, 4.6 percent for 4 years, and 5.3 percent for 8 years. How much will you have in your account in 17 years? O $12,124.78 O $12,982.10 O $15,960.94 O $14,12.28 O $15,131.60If you deposit OMR 27177 in your account in a bank. Suppose the bank pays 12% compound interest quarterly. Calculate value of your money in 4 years Select one: a. 166607.80 b. 43611.11 c. 16935.81 d. 42749.42 e. All the given choices in this question are not correct
- Imelda opens a savings account with $12,000, which pays an annual interest rate of 7.8%. If she reinvests the generated interest every month and also deposits $2,300 each month, how much will be in the account after 2 years? The interest is reinvested on the same day as the $2,300 deposit. Otions: 69177.89 71052.15 73548.61 70524.79Five years ago you opened a savings account with annual compound interest by depositing $1500. You check your balance today, and it is $1738.91. Assuming u have made and will make no withdrawals or deposits, when will your account have a balance of $3000 ? In ___ years round to nearest tenthA person wishes to get 800$ at the end of second year and 900$ at the end of fifth year, if rate of interest is 12% how much he has to deposit in the bank today? Select one: a. 1220$ b. 1271$ c. 1160$