Question

Direction: Compounding More than once a Year. Use the appropriate compound interest formula to compute the...

Direction: Compounding More than once a Year. Use the appropriate compound interest formula to compute the balance in each account after the stated period of time.

1.) $10,000 is invested for 5 years with an APR of 2.75% and monthly compounding.

Directions: Annual Percentage Yield (APV). Find the annual percentage yield (to the nearest 0.01%) in each case.

1.) A bank offers an APR of 3.2% compounded monthly.

Directions: Continuous Compounding. Use the formula for continuous compounding to compute the balance in each account after 1,5, and 20 years. Also, find the APY for this account.

1.) A $2,000 deposit in an account with an APR of 3.1%

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

Homework Answers

Answer #1


Please upvote

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
Direction: Compounding More than once a Year. Use the appropriate compound interest formula to compute the...
Direction: Compounding More than once a Year. Use the appropriate compound interest formula to compute the balance in each account after the stated period of time. 1.) $10,000 is invested for 5 years with an APR of 2.75% and monthly compounding. Directions: Annual Percentage Yield (APV). Find the annual percentage yield (to the nearest 0.01%) in each case. 1.) A bank offers an APR of 3.2% compounded monthly. Directions: Continuous Compounding. Use the formula for continuous compounding to compute the...
Use the formula for continuous compounding to compute the balance in the account after? 1, 5,...
Use the formula for continuous compounding to compute the balance in the account after? 1, 5, and 20 years.? Also, find the APY for the account. A?=$17,000 deposit in an account with an APR of 3.75?%.
Use the formula for continuous compounding to compute the balance in the account after​ 1, 5,...
Use the formula for continuous compounding to compute the balance in the account after​ 1, 5, and 20 years.​ Also, find the APY for the account. A ​$2000 deposit in an account with an APR of 3​%. The balance in the account after 1 year is approximately [...]
Use the compound interest formula for compounding more than once a year to determine the accumulated...
Use the compound interest formula for compounding more than once a year to determine the accumulated balance after the stated period. 49) $2500 deposit at an APR of7.5% with monthly compounding for 7 years A ) $4219.25  B) $2611.45 C) $3375.40  D) $74,802.06
Use the formula for continuous compounding to compute the balance in the account after 1, 5,...
Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also find the APY for the account. A $3000 deposit in an account with an APR of 8% Year 1 = Year 5+ Year 20=
Use the appropriate compound interest formula to compute the balance in the account after the stated...
Use the appropriate compound interest formula to compute the balance in the account after the stated period of time ?$8000 is invested for 11 years with an APR of 5?% and monthly compounding. The balance in the account after 11 years is ?$
Use the formula for continuous compounding to compute the balance in the account after​ 1, 5,...
Use the formula for continuous compounding to compute the balance in the account after​ 1, 5, and 20 years.​ Also, find the APY for the account. A ​$7000 deposit in an account with an APR of 3.3​%. The balance in the account after 1 year is approximately ​$ The balance in the account after 5 years is approximately ​$ The balance in the account after 20 years is approximately ​$ ​(Round to the nearest cent as​ needed.)
Directions: Simple Interest. Calculate the amount of money you will have in each account after 5...
Directions: Simple Interest. Calculate the amount of money you will have in each account after 5 years, assuming that the account earns simple interest. 1.) You deposit $1500 in an account with an annual interest rate of 4%? Direction: Compound Interest. Use the compound interest formula to compute the balance in each account after the stated period of time, assuming that interest is compounded annually. 1.) $3,000 is invested at a APR of 1.8% for 12 years.?
1. If a bank advertises a savings account that pays a 6% nominal interest rate compounded...
1. If a bank advertises a savings account that pays a 6% nominal interest rate compounded continuously, what is the effective annual percentage rate? 2. Bank A offers a nominal annual interest rate of 5% compounded daily, while Bank B offers continuous compounding at a 4.6% nominal annual rate. If you deposit $3,000 with each bank, what will be the difference in the two bank account balances after two years? (Show ALL work and formulas used!)
Suppose you invest $10,000 in an account which pays 4% interest per year compounded quarterly. Use...
Suppose you invest $10,000 in an account which pays 4% interest per year compounded quarterly. Use the formula F = P(1 + (i/m))mt where F is the balance in your account t years into the future, P = the amount of your initial deposit, i is the annual interest rate, and m is the number of times per year you are paid interest.       a. Find the function which gives your balance in the account t years after you open...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT