5. How much should be deposited in an account yielding 8% compounding weekly to obtain $14,900 inseven years and five months?6. $37.500 is deposited in an account paying 54% compounded monthly. How much will be in the accountafter eight years and five months?7. $49,300 is kept in an account paying 5.21% compounded daily. How much will be in the account after10 years?8. At what interest rate, compounded daily, will $5,000 grow to SS,00o in seven years and five months?

Compound interest is defined as an addition of an interest to the sum of principal of the deposits…

Answered: 5. How much should be deposited in an…

5. How much should be deposited in an account yielding 8% compounding weekly to obtain $14.9o0 in seven years and five months?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 16PROB

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Question

5. How much should be deposited in an account yielding 8% compounding weekly to obtain $14,900 in
seven years and five months?
6. $37.500 is deposited in an account paying 54% compounded monthly. How much will be in the account
after eight years and five months?
7. $49,300 is kept in an account paying 5.21% compounded daily. How much will be in the account after
10 years?
8. At what interest rate, compounded daily, will $5,000 grow to SS,00o in seven years and five months?

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