Question

Find the final amount of money in an account if $4,300 is deposited at 7% interest compounded annually and the money is left for 6 years.

Answer #1

**The compound interest formula is**

where , A - the future value of your investment . P – the principal (the amount of money you start with); r – the annual nominal interest rate before compounding; t – time, in years; and n – the number of compounding periods in each year (for example, 365 for daily, 12 for monthly, etc.).

Here in the given problem P = $4300, r = 7% i.e, , t = 6 years, n = 1

Using the above formula the final amount of money will be

**Therefore the final amount of money in that account will
be $6453.1405**

How much will be in an account at the end of five years the
amount deposited today is $10,000 and interest is 8% per year,
compounded semi-annually?

Find the final amount in the following retirement? account, in
which the rate of return on the account and the regular
contribution change over time.
?$645 per month invested at 5?%, compounded? monthly, for 7
?years; then ?$793 per month invested at 6?%, compounded? monthly,
for 7 years.
What is the amount in the account after 14 years?

For
an interest rate of 5% compounded bi-weekly, find the amount of
money that will be on the account if $70 is deposited at the end of
each period for the first year and $80 thereafter, at the end of
each period, for another three years.

For an interest rate of 5% compounded bi-weekly, find the amount
of money that will be on the account if $70 is deposited at the end
of each period for the first year and $80 thereafter, at the end of
each period, for another three years.

Assume that you saved $641,000 in a retirement account. The
money is deposited in an account that earns 5% interest compounded
Weekly. You want to retire and begin making weekly withdrawals from
the account such that the money (principal and interest) lasts
exactly 23 years. What is the amount of the weekly withdrawal?

find the final amount in the following retirement account, in which
the rate of return on the account and the regular contribution
change over time. $454 per month invested at 6%, compouded monthly,
for 7 years; then $780 per month invested at 7%, compounded
monthly, for 7 years.
What is the amount in the account after 14 years ?

How much money will be in an account into which $500 per month
is deposited for 8 years, if the interest rate is 6% compounded
monthly?

$100,000 is deposited into an account and left there for three
years at a rate of interest
i compounded annually. The account earned $6,500 in interest
during the second year.
Calculate i.

Compare the interest earned on $15,000 for 25 years at 7%
simple interest with the amount of interest earned if interest were
compounded annually.
Bank A pays 6% simple interest on its savings account balances.
Bank B pays 5.5% interest compounded annually. If you made a
$10,000 deposit in each bank, which bank provides you more money at
the end of 15 years?

Lee
Holmes deposited $15,600 in a new savings account at 11% interest
compounded annually. At the beginning of 4 years, Lee deposited in
additional $40,600 at 11% interest compounded semiannually. At the
end of 6 years what is the balance in Lee’s account? (Do not round
intermediate calculations. Round your answer to the nearest
cent.)

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