Question

Today, you opened up a local bank account. Your plan is to make
five $1,000 contributions to this account. The first $1,000
contribution will occur today and then every 6 months you will
contribute another $1,000 to the account. **The bank account
pays 6% nominal annual interest, and the interest is compounded
monthly.** After 2 years, you plan to leave the money in the
account earning interest, but you will not make further
contributions to the account. How much will you have in the account
6 years from today?

Answer #1

Answers currently posted for this question are incorrect. Today
you opened up a local bank account. Your plan is to make five
$4,000 contributions to this account. The first $4,000 contribution
will occur today and then every six months you will contribute
another $4,000 to the account. (So your final $4,000 contribution
will be made two years from today). The bank account pays a 6% APR
that is compounded monthly. After two years, you plan to leave the
money in...

You plan to make five deposits of $1,000 each, one every 6
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years? Round your answer to the nearest cent.
$
One year from today you must make a payment of $11,000. To
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You plan to make five deposits of $1,000 each, one every 6
months, with the first payment being made in 6 months. You will
then make no more deposits. If the bank pays 7% nominal interest,
compounded semiannually, how much will be in your account after 3
years? Do not round intermediate calculations. Round your answer to
the nearest cent.
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It is now January 1. You plan to make a total of 5 deposits of
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You plan to make a total of 5 deposits of $100 each, one every 6
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your answer to the nearest cent. $ You must make a payment of
$1,385.01 in 10...

1. You originally opened a savings account with a $4,000
deposit. Today the account has a balance of $10,000. 7 years have
passed since you opened the account. What rate of interest have you
earned assuming the account has compounded annually?
2.You just deposited $5,000 into an account. If you allow the
money to grow for 9 years, what will be your ending account
balance? Assume the account has earned 8% compounded quarterly.
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Assume you put $1,200 into an account today at a bank and leave
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monthly?
please show your work

You decide to open a retirement account at your local bank that
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20 years, you will deposit $600 per month into the account, with
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Question 1 You decide to open a retirement account at your local
bank that pays 7%/year/month (7% per year compounded monthly). For
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