Question

Some amount of principal is invested at a 7.4% annual rate, compounded monthly. The value of...

Some amount of principal is invested at a 7.4% annual rate, compounded monthly. The value of the investment after 7 years is $2185.76. Find the amount originally invested.

Round to two decimal places

AND

Nathan invests $1000 into an account earning interest at an annual rate of 4.7%, compounded annually. 4 years later, he finds a better investment opportunity. At that time, he withdraws his money and then deposits it into an account earning interest at an annual rate of 7.1%, compounded annually. Determine the value of Nathan's account 9 years after his initial investment of $1000.

Round to two decimal places.

Math   Advanced-Math   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Leon Jackson invests $37,500 at 10% annual interest, leaving the money invested without withdrawing any of...
Leon Jackson invests $37,500 at 10% annual interest, leaving the money invested without withdrawing any of the interest for 10 years. At the end of the 10 years, Leon withdraws the accumulated amount of money. Compute the amount Leon would withdraw assuming the investment earns simple interest. (Round answers to 0 decimal places, e.g. 458,581.) Compute the amount Leon would withdraw assuming the investment earns interest compounded annually. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer...
Alan Jackson invests $58,700 at 8% annual interest, leaving the money invested without withdrawing any of...
Alan Jackson invests $58,700 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Alan withdraws the accumulated amount of money. Compute the amount Alan would withdraw assuming the investment earns simple interest? Compute the amount Alan would withdraw assuming the investment earns interest compounded annually? Compute the amount Alan would withdraw assuming the investment earns interest compounded semiannually.
An amount is invested at 8%, compounded quarterly, for 2 years. What rate and what number...
An amount is invested at 8%, compounded quarterly, for 2 years. What rate and what number of periods would be used to find a future value factor from the tables in order to calculate the future value of this investment? a)2% for 4 periods b) 8% for 2 periods c)2% for 8 periods d)8% for 4 periods An investment earning 12% interest compounded semi-annually, will accumulate to a greater amount in the future than an equal investment earning 12% compounded...
4)  Henry Bryant invests $37,000 at 6% annual interest, leaving the money invested without withdrawing any of...
4)  Henry Bryant invests $37,000 at 6% annual interest, leaving the money invested without withdrawing any of the interest for 6 years. At the end of the 6 years, Henry withdraws the accumulated amount of money. a)  Compute the amount Henry would withdraw assuming the investment earns simple interest. b)  Compute the amount Henry would withdraw assuming the investment earns interest compounded annually. c)  Compute the amount Henry would withdraw assuming the investment earns interest compounded semiannually.  
What is the future value of $100 invested at 10% compounded annually for 3 years? What...
What is the future value of $100 invested at 10% compounded annually for 3 years? What is the future value of $100 invested at 10% compounded annually for 10 years? What is the present value of an investment that will give you $100 after 10 years with a rate of 10% compounded annually? You end up with $20,000 after investing for 20 years at 8% annually. What was the PV? Maverick Jane places $800 in a savings account paying 6%...
Suppose that $ 5,700 is invested at 5.3 % annual interest rate, compounded monthly. How much...
Suppose that $ 5,700 is invested at 5.3 % annual interest rate, compounded monthly. How much money will be in the account in   6 months? 24 years?
Michael invests $100 into a savings account. After 5 years, he closes the account and withdraws...
Michael invests $100 into a savings account. After 5 years, he closes the account and withdraws his balance of $124. Assuming simple interest, what is the annual interest rate? Assuming that interest is compounded semiannually, what is the annual interest rate?
Finance. Suppose that $ 3, 300 is invested at 5.1 % annual interest​ rate, compounded monthly....
Finance. Suppose that $ 3, 300 is invested at 5.1 % annual interest​ rate, compounded monthly. How much money will be in the account in​ (A) 10 ​months? (B) 8 ​years?
At what annual interest rate, compounded annually, would $490 have to be invested for it to...
At what annual interest rate, compounded annually, would $490 have to be invested for it to grow to $2.009.48 in 13 years?
Suppose $5,000 is invested at 3% annual interest, compounded monthly a.) write a function that describes...
Suppose $5,000 is invested at 3% annual interest, compounded monthly a.) write a function that describes the value of the investment after t years b.) how much is the investment worth after 3 years? c.) When is the investment worth $8,000?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT