Question

A deposit of $425.00 is made in an account which earns 7.25% compounded monthly for 2...

A deposit of $425.00 is made in an account which earns 7.25% compounded monthly for 2 year(s) and 6.5% compounded annually for the next 4 years. State the value of the account at the end of 6 years.

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer: $631.79

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
Consider the following deposits made into a savings account that earns a constant interest compounded annually....
Consider the following deposits made into a savings account that earns a constant interest compounded annually. 'An' represents the actual deposits made at the end of year n. 'Pn' represents the present value of the deposit in year n. The present value 'Pn' of $750 in year 2 is $667.40. Assuming there are only 4 deposits made, calculate the total amount in the savings account at the end of year 4. 'An' in $ (Years 0 through 4): 0 440...
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How...
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How much will you have in the account in 25 years? b) How much total money will you put into the account? c) How much total interest will you earn? 2) Suppose you invest $190 a month for 6 years into an account earning 7% compounded monthly. After 6 years, you leave the money, without making additional deposits, in the account for another 21 years....
Question 1 "Consider the following deposits made into a savings account that earns a constant interest...
Question 1 "Consider the following deposits made into a savings account that earns a constant interest compounded annually. 'An' represents the actual deposits made at the end of year n. 'Pn' represents the present value of the deposit in year n. The present value 'Pn' of $790 in year 2 is $707.40. Assuming there are only 4 deposits made, calculate the total amount in the savings account at the end of year 4. 'An' in $ (Years 0 through 4):...
$300 is deposited in an account which earns 4% compounded quarterly for 6.75 years. (a) State...
$300 is deposited in an account which earns 4% compounded quarterly for 6.75 years. (a) State the value of the account at the end of the 6.75 years. $   (b) State the total amount of interest earned on the account during the 6.75 years. $
For 2 years, you deposit $45 per month in an account that earns 10% annually with...
For 2 years, you deposit $45 per month in an account that earns 10% annually with monthly compounding. After the first five months, you deposit a $500 lump sum. Six months after that (on month 11), you deposit $1000 into your account. Eight months later (on month 19), you make a $750 deposit. You then move your money to an account that has 3.5% monthly interest compounded weekly. You keep it in this account for 3 years. After this time...
One year from now, you deposit $500 in a savings account. You deposit $1,800 the next...
One year from now, you deposit $500 in a savings account. You deposit $1,800 the next year. Then you wait two more years (t=4) and deposit $1,000. If your account earns 6% interest per year, compounded annually, and you make no further deposits or withdrawals, how much will be in the account 11 years from now?
1. If you deposit $1600 into an account paying 8% compounded monthly, how much will you...
1. If you deposit $1600 into an account paying 8% compounded monthly, how much will you have in 4 years? 2. if you deposit $1600 in an account paying 8% today and deposit $1600 every year into the account, how much will you have in 4 years? 3. The average price for a new car today is $29000. If the rate of inflation is expected to be 3.5% annually, what will a new car cost in 7 years? 4. You...
A deposit of $10,000 is made a year from now, a second deposit of $10,000 is...
A deposit of $10,000 is made a year from now, a second deposit of $10,000 is made at the end of the year 5, and a deposit of $3000 is made at the end of year 8. The account earns 6% interest. You want to withdraw an equal amount, X at the end of each year for the next 10 years. What is the amount of X if the goal is to empty the account?
A person deposits $275 at the end of each month in an account which earns 9.5%...
A person deposits $275 at the end of each month in an account which earns 9.5% compounded monthly for 29 years. The person then stops making the deposits, but allows the money to remain in the bank earning the same interest for 6 more years. a. Find the value of this account at the end of 35 years. $   b. State the total amount of interest earned on this account. $
1.Derek will deposit $3,788.00 per year for 14.00 years into an account that earns 12.00%. Assuming...
1.Derek will deposit $3,788.00 per year for 14.00 years into an account that earns 12.00%. Assuming the first deposit is made 6.00 years from today, how much will be in the account 33.00 years from today? 2.Derek will deposit $6,480.00 per year for 11.00 years into an account that earns 8.00%, The first deposit is made next year. He has $12,685.00 in his account today. How much will be in the account 43.00 years from today?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT