Question

You currently have $20,000 in a bank account that pays you 5 percent interest annually. You...

You currently have $20,000 in a bank account that pays you 5 percent interest annually. You plan to deposit $800 (starting 1 year from now) every year for the next 10 years in the same account. How much are you going to have in that account at the end of 10 years?

You currently have $20,000.01 in a bank account that pays you 5 percent interest annually. You plan to withdraw $800 (starting 1 year from now) every year for the next 10 years in the same account. How much are you going to have in that account at the end of 10 years?

Business   Finance   
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
5-1 FUTURE VALUE If you deposit $10,000 in a bank account that pays 10% interest annually,...
5-1 FUTURE VALUE If you deposit $10,000 in a bank account that pays 10% interest annually, how much will be in your account after 5 years? 5-2 PRESENT VALUE What is the present value of a security that will pay $5,000 in 20 years if securities of equal risk pay 7% annually? 5-3 FINDING THE REQUIRED INTEREST RATE Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1,000,000 at retirement. What annual...
1- Second Union Bank pays 5 percent simple interest on its savings account balances, whereas Third...
1- Second Union Bank pays 5 percent simple interest on its savings account balances, whereas Third Street Bank pays 5 percent compounded annually. If you made a $12,000 deposit in each bank, how much more money would you earn from your Third Street Bank account at the end of 15 years? 2- Second Union Bank pays 5 percent simple interest on its savings account balances, whereas Third Street Bank pays 5 percent compounded annually. If you made a $12,000 deposit...
Suppose you deposit $20,000 into a saving account at your local bank. If the bank pays...
Suppose you deposit $20,000 into a saving account at your local bank. If the bank pays an average interest rate of 5% annually, how much money will you have in your saving account in 15 years? Suppose, your bank talks you into opening a saving account with them. The bank promises that if you put $10,000 in the saving account today, you will receive $20,000 10 years from now. What is the average interest rate that the bank will pay...
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...
Question No : 3 If you deposit 10 $ in an account, that pays 5% interest,...
Question No : 3 If you deposit 10 $ in an account, that pays 5% interest, compounded annually, how much you will have at the end of 10 years? 50 years and 100 years How much will be in account at the end of 5 years the amount deposited today is 10,000 and interest is 8% per year, compounded semiannually? How much would I have to deposit in an account today that pays 12% interest, compounded quarterly, so that I...
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...
If you deposit $9,000 in a bank account that pays 4% interest annually, how much will...
If you deposit $9,000 in a bank account that pays 4% interest annually, how much will be in your account after 5 years? Round your answer to the nearest cent.
if you deposit $2000 in a bank account that pays 6% interest annually, how much will...
if you deposit $2000 in a bank account that pays 6% interest annually, how much will be in your account after 5 yrs
1.You are going to deposit $2,800 in an account that pays .54 percent interest compounded quarterly....
1.You are going to deposit $2,800 in an account that pays .54 percent interest compounded quarterly. How much will you have in 8 years? 2.You have $5,000 and will invest the money at an interest rate of .21 percent per month until the account is worth $9,800. How many years do you have to wait until you reach your target account value? 3.You have just started a new job and plan to save $4,500 per year for 40 years until...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT