Question

you have $1,500 today in yiur in your savings account. how long must you wait for...

you have $1,500 today in yiur in your savings account. how long must you wait for your savings to be worth $4,000 if you are earnings 1.1% interest, compounded annually?

A. 76.68

B. 80.57

C. 89.66

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
you have $2250 today in the bank how long must you wait for your savings to...
you have $2250 today in the bank how long must you wait for your savings to be worth $6000 if you are earning 12% interest compounded monthly
1. You originally opened a savings account with a $4,000 deposit. Today the account has a...
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. 3.You originally opened a savings account with...
You have $1,500 to invest today at 7% interest compounded annually. How much will you have...
You have $1,500 to invest today at 7% interest compounded annually. How much will you have accumulated in the account at the end of the following number of years? In three years; In five years In seven years
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?
You are retiring and you have $300000 save in your retirement account today. The account earns...
You are retiring and you have $300000 save in your retirement account today. The account earns interest at an annual rate of 12%. You are considering several alternatives for your payments. Determine the payment amount under each of the following circumstances: a) Your payments are received annually for the next 20 years and interest is compounded annually: b) Your payments are received semi- annually for the next 20 years and interest is compounded semi- annually: c) Your payments are received...
How much money must you deposit into a savings account at the end of each year...
How much money must you deposit into a savings account at the end of each year at 5% interest compounded annually in order to earn $13,157.13 interest during a 15-year period? Please show your work and an explanation for your answer. Thank you!
You just won $17,500 and deposited your winnings into an account that pays 7.1 percent interest,...
You just won $17,500 and deposited your winnings into an account that pays 7.1 percent interest, compounded annually. How long will you have to wait until your winnings are worth $50,000? A.) 15.73 years B.) 15.1 years C.) 15.52 years D.) 15.31 years
Suppose Justin have deposited $10,000 in your high-yield saving account today. The savings account pays an...
Suppose Justin have deposited $10,000 in your high-yield saving account today. The savings account pays an annual interest rate of 4%, compounded semi-annually. Three years from today Justin will withdraw X dollars. You will continue to make additional withdraws of X dollars every 6 months, until you have a zero balance after your last withdrawal 6 years from now. Find X.
How much money must you deposit into a savings account at the end of each year...
How much money must you deposit into a savings account at the end of each year at 4% interest compounded annually in order to earn $9,778.08 interest during a 20-year period?
How long will it take you to grow your $5,000 investment in your savings account to...
How long will it take you to grow your $5,000 investment in your savings account to $12,000 for a down payment on a new sports car? Assume you can earn 1.5% annual interest per year on your savings, compounded monthly, and you make no further deposits into the account. Multiple Choice 700.81 years 58.80 years 4.90 years 63.87 years 58.40 years
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT