Question

An initial deposit is made of $12,000 in an account paying 4% interest compounded continuously. a....

An initial deposit is made of $12,000 in an account paying 4% interest compounded continuously. a. How much will the account be worth in 6 years? b. How long will it take the account to double?

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
1. If you deposit $6,500 into an account paying 8% annual interest compounded monthly, how much...
1. If you deposit $6,500 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years? 2. If you deposit $5,000 into an account paying 6% annual interest compounded monthly, how long until there is $8,000 in the account? 3. At 3% annual interest compounded monthly, how long will it take to double your money?
An initial deposit of $24,000 is made into and account that earns5% compounded continuously. Money is...
An initial deposit of $24,000 is made into and account that earns5% compounded continuously. Money is then withdrawn at a constant rate of $4000 a year until the amount in the account is 0. Find the equation for the amount in the account at any time t. What is the amount 0?
If you deposit $12,000 in an interest-bearing account earning 3%, compounded daily, how much will you...
If you deposit $12,000 in an interest-bearing account earning 3%, compounded daily, how much will you have at the end of 6 years?
Adam deposited $1500 in an account in which interest is compounded continuously. The annual rate of...
Adam deposited $1500 in an account in which interest is compounded continuously. The annual rate of interest is 2.5 %. How long does it take for his money to double?
Suppose $12,500 is invested in an account which offers 3.25% interest compounded quarterly (4 times a...
Suppose $12,500 is invested in an account which offers 3.25% interest compounded quarterly (4 times a year). (a) Express the amount A in the account as a function of the term of the investment t in years. (b) How much would be in the account in 7 years (assuming non deposits or withdrawals are made)? (c) How long will it take for the initial investment to double (round the nearest tenth of a year)?
Suppose $5,400 is invested in an account at an annual interest rate of 3.9% compounded continuously....
Suppose $5,400 is invested in an account at an annual interest rate of 3.9% compounded continuously. How long (to the nearest tenth of a year) will it take the investment to double in size? Answer:
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...
1. If you deposit $1600 into an account paying 8% compounded monthly, how much will you...
1. If you deposit $1600 into an account paying 8% compounded monthly, how much will you have in 4 years? 2. if you deposit $1600 in an account paying 8% today and deposit $1600 every year into the account, how much will you have in 4 years? 3. The average price for a new car today is $29000. If the rate of inflation is expected to be 3.5% annually, what will a new car cost in 7 years? 4. You...
Suppose you deposit $7000 at 7% interest compounded continuously. Find the average value of your account...
Suppose you deposit $7000 at 7% interest compounded continuously. Find the average value of your account during the first 4 years.
If $ 60,000 is invested in an account paying 3.5% interest, how much will be in...
If $ 60,000 is invested in an account paying 3.5% interest, how much will be in the account in 5 years if interest is compounded yearly? If $ 60,000 is invested in an account paying 3.5% interest, how much will be in the account in 5 years if interest is compounded quarterly? If $ 60,000 is invested in an account paying 3.5% interest, how much will be in the account in 5 years if interest is compounded monthly? If $...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT