Suppose $8,000 is invested in an account with an annual interest rate of 4.7% per year, compounded monthly. How much money will be in the account after 35 years? Round your answer to the nearest penny. How long will take for the investment to double? years. Round to two decimal place.
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- You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityUse the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?
- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.Suppose an investment will pay $19,000 in 16 years from now. If you can earn 10.15% interest compounded monthly by depositing your money in a bank, how much should you pay for the investment today?Round your answer to two decimal places. For example, if your answer is $345.667 round as 345.67 and if your answer is .05718 or 5.718% round as 5.72.Suppose you make a one-time $ 8,000 investment into an account that yields a 12% annual return. If you keep the account for 10 years, what should be the account balance? Round your answer to 2 decimal places
- An investment promises to pay into an account that pays you 6 percent annually, $150 permonth for the next twenty-two years. Suppose the first deposit into the account is made onemonth from today what is the value of the amount which will be in the account at the end ofthirty years? Rounded to 2 decimal places.1. How much should you deposit into an account that pays 3.6% compounded monthly if you want to have $15,000 ten years from now? Round your answer to the nearest cent. 2. An investment of $4,500 was deposited into an account that pays 3.7% compounded daily. How much money will be in the account 5 years from now? Round your answer to the nearest cent. 3. An amount of $12,000 is deposited into an account with annual interest of 4.2% compounded monthly. In how many years will the amount grow to $18,000? Round y answer to two decimal places.Use logarithms to solve the problem. How long will it take $11,000 to grow to $19,000 if the investment earns interest at the rate of 3%/year compounded monthly? (Round your answer to two decimal places.)
- You want to be able to withdraw $4000 from an account at the end of each 6-month period (that is, twice a year) for the next 8 years. How much money should you invest now into an account earning 2.4% interest per year, compounded every 6 months, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is made. Give the answer correctly to 2 decimal places. ns The amount to invest now is dollars. ons Do NOT use the dollar sign in the answer box. essonsYou want to be able to withdraw $4500 from an account at the end of each 6-month period (that is, twice a year) for the next 11 years. How much money should you invest now into an account earning 4.1% interest per year, compounded every 6 months, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is made. Give the answer correctly to 2 decimal places. The amount to invest now is ______ dollars.An investment promises to pay into an account that pays you 6 percent annually, $150 per month for the next twenty-two years. Suppose the first deposit into the account is made one month from today what is the value of the amount which will be in the account at the end of thirty years? Rounded to 2 decimal places. show workings using both the financial calculator and spreadsheet
