Question

Derek can deposit $206.00 per month for the next 10 years into an account at Bank...

Derek can deposit $206.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 14.00% and compounds interest monthly. Derek can deposit $2,431.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years?

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

SOLVED WITH BA II PLUS CALCULATOR

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
Derek can deposit $237.00 per month for the next 10 years into an account at Bank...
Derek can deposit $237.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 14.00% and compounds interest monthly. Derek can deposit $2,417.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after...
Derek can deposit $258.00 per month for the next 10 years into an account at Bank...
Derek can deposit $258.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 13.00% and compounds interest monthly. Derek can deposit $2,478.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after...
Derek can deposit $216.00 per month for the next 10 years into an account at Bank...
Derek can deposit $216.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 12.00% and compounds interest monthly. Derek can deposit $2,432.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after...
Derek can deposit $267.00 per month for the next 10 years into an account at Bank...
Derek can deposit $267.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 12.00% and compounds interest monthly. Derek can deposit $2,534.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after...
Derek can deposit $297.00 per month for the next 10 years into an account at Bank...
Derek can deposit $297.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 13.00% and compounds interest monthly. Derek can deposit $2,551.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after...
1. Derek currently has $12,393.00 in an account that pays 6.00%. He will withdraw $5,548.00 every...
1. Derek currently has $12,393.00 in an account that pays 6.00%. He will withdraw $5,548.00 every other year beginning next year until he has taken 5.00 withdrawals. He will deposit $12393.0 every other year beginning two years from today until he has made 5.0 deposits. How much will be in the account 26.00 years from today? 2. Derek can deposit $258.00 per month for the next 10 years into an account at Bank A. The first deposit will be made...
Derek currently has $11,714.00 in an account that pays 5.00%. He will withdraw $5,458.00 every other...
Derek currently has $11,714.00 in an account that pays 5.00%. He will withdraw $5,458.00 every other year beginning next year until he has taken 4.00 withdrawals. He will deposit $11714.0 every other year beginning two years from today until he has made 4.0 deposits. How much will be in the account 22.00 years from today? Answer format: Currency: Round to: 2 decimal places. Derek can deposit $294.00 per month for the next 10 years into an account at Bank A....
1. Derek currently has $11,028.00 in an account that pays 6.00%. He will withdraw $5,835.00 every...
1. Derek currently has $11,028.00 in an account that pays 6.00%. He will withdraw $5,835.00 every other year beginning next year until he has taken 7.00 withdrawals. He will deposit $11028.0 every other year beginning two years from today until he has made 7.0 deposits. How much will be in the account 26.00 years from today? Answer format: Currency: Round to: 2 decimal places. 2. Derek can deposit $293.00 per month for the next 10 years into an account at...
Derek will deposit $4,641.00 per year for 28.00 years into an account that earns 14.00%. The...
Derek will deposit $4,641.00 per year for 28.00 years into an account that earns 14.00%. The first deposit is made next year. How much will be in the account 28.0 years from today? Answer format: Currency: Round to: 2 decimal places.
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