Question

Lee Holmes deposited $15,600 in a new savings account at 11% interest compounded annually. At the...

Lee Holmes deposited $15,600 in a new savings account at 11% interest compounded annually. At the beginning of 4 years, Lee deposited in additional $40,600 at 11% interest compounded semiannually. At the end of 6 years what is the balance in Lee’s account? (Do not round intermediate calculations. Round your answer to the nearest cent.)
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
Find the amount to which $300 will grow under each of these conditions: 11% compounded annually...
Find the amount to which $300 will grow under each of these conditions: 11% compounded annually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 11% compounded semiannually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 11% compounded quarterly for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 11% compounded monthly for 9 years. Do not round intermediate...
If $30,000 is deposited in a savings account at the end of each year and the...
If $30,000 is deposited in a savings account at the end of each year and the account pays interest of 5% compounded annually, what will be the balance of the account at the end of 10 years?
A sum of $25,000 is deposited into a savings account, which pays 8% interest compounded semiannually....
A sum of $25,000 is deposited into a savings account, which pays 8% interest compounded semiannually. Equal annual withdrawals are to be made from the account, beginning 1 year from now and continuing forever. The maximum amount that can be withdrawn at the end of each year is approximately equal to ____________. A) $2,250 B) $2,000 C) $2,300 D) $2,040
Twenty years ago, your grandfather deposited $500 in a savings account earning 4% annually, with interest...
Twenty years ago, your grandfather deposited $500 in a savings account earning 4% annually, with interest compounded on a quarterly basis. What is that savings account worth today? What would the savings account be worth if interest were compounded monthly?
If your P200 is deposited in a savings account at the beginning of each 15 years...
If your P200 is deposited in a savings account at the beginning of each 15 years and the account draws interest at 7% per year, compounded annually, the value of the account at the end of 15 years will be most nearly
Find the least amount that could be deposited in a bank account today at 10% compounded...
Find the least amount that could be deposited in a bank account today at 10% compounded semiannually to allow $1875 withdrawals at the end of each 6 months for 12 years. Round to the nearest cent A 26,426.14 B 25,872.45 C 49,127.55 D 25,291.07
Find the amount to which $800 will grow under each of these conditions: 5% compounded annually...
Find the amount to which $800 will grow under each of these conditions: 5% compounded annually for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   5% compounded semiannually for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   5% compounded quarterly for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   5% compounded monthly for 6 years. Do not round intermediate...
A savings account pays interest at the rate os 5% per year, compounded semi-annually. The amount...
A savings account pays interest at the rate os 5% per year, compounded semi-annually. The amount that should be deposited now so that R250 can be withdrawn at the end of every six months for the next 10 years is
Find the amount to which $600 will grow under each of these conditions: 6% compounded annually...
Find the amount to which $600 will grow under each of these conditions: 6% compounded annually for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent. $    6% compounded semiannually for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent. $    6% compounded quarterly for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent. $    6% compounded monthly for 3 years. Do not round intermediate...
Suppose a savings account earns 3% interest compounded monthly. After the first month $100.00 is deposited...
Suppose a savings account earns 3% interest compounded monthly. After the first month $100.00 is deposited into the account. Each subsequent month the deposit increases by 1%. Thus, in month 2, $101.00 is deposited, and in month 3, $102.01 is deposited. Find the account balance after 2 years if initially there is $400 in the account.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT