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- Would you rather have a savings account that pays 5% interest compounded semiannually or one that pays interest compounded daily? Explain.
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- 22. You deposited $15,000 in a savings account five years ago. The account has earned 5.25% interest compounded continuously since then. How much money is in the account today?If you put your $100 into a saving account which earns 5% interest, how long does it take for your money to double?could you show how to determine the bond's present value without a calculator?
- Write the Summary of Compound-Interest Formulas?1. Jocelyn wants to buy a 72 inch flat screen TV to enjoy her birthday video highlights. It sells for $2,000 cash . She will make a down payment of $1,000 and then six monthly payments of $200. What is the full installment price?Write the formula developed for calculating compound interest?
- Joe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?Explain Methods of Calculating Interest?You decide to purchase a house and need a $160, 000 mortgage. You take out a loan from the bank that has an annual interest rate of 6%. What is the monthly payment to the bank to pay off the loan in 20 years? ( i need final answer only no need of all calculation)
- 6. An individual makes six annual deposits of $2,000 in a savings account that pays interest at a rate of 4% compounded annually. Two years after making the last deposit, the interest rate changes to 7% compounded annually. Ten years after the last deposit the accumulated money is withdrawn from the account. How much is withdrawn?What is Compound interest?You want to buy a $249,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 5% ? c) What will your monthly payments be if the interest rate is 6% ?