Question

For how many months do you need to invest your money into a bank account earning...

For how many months do you need to invest your money into a bank account earning an annual interest rate of 11.5% compounded monthly if you want to triple your investment? months (Note: Your answer should be an integer)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A.)How much do you need to invest semiannually into an ordinary annuity earning an annual interest...
A.)How much do you need to invest semiannually into an ordinary annuity earning an annual interest rate of 7.12% compounded semiannually so that you will have $5,953.19 after 7 years? B.) If you make quarterly deposits of $309.00 into an ordinary annuity earning an annual interest rate of 5.74%, how much will be in the account after 15 years? How much interest did you earn in those 15 years?
Q1) Suppose you invest $66,624 today in an account that earns 13.00% interest annually. How much...
Q1) Suppose you invest $66,624 today in an account that earns 13.00% interest annually. How much money will be in your account 11 years from today? Q2) What is the value today, of single payment of $51,252 made 13 years from today, if the value is discounted at a rate of 04.00%? Q3) How many years would it take an investment of $333 to grow to $10,789 at an annual rate of return of 11.00%? Q4) How much money would...
You are considering investing in a bank account that pays a nominal annual rate of 7%,...
You are considering investing in a bank account that pays a nominal annual rate of 7%, compounded monthly. If you invest $3,000 at the end of each month, how many months will it take for your account to grow to $250,000? Note that if the final answer is not a whole number, be sure to round it up to the nearest whole number.
If a savings account pays 7% p.a. interest rate, how much money do you need to...
If a savings account pays 7% p.a. interest rate, how much money do you need to deposit to accumulate $79545 in 9 years? Note that the bank will compound interest monthly.
A. Suppose you invest $83736 today in an account that earns 13% interest annually. How much...
A. Suppose you invest $83736 today in an account that earns 13% interest annually. How much money will be in your account 7 years from today? B. What is the value today of single payment of $36665, 18 years from today if the value is discounted at a rate of 19%? C. How many years would it take an investment of $172 to grow to $18096 at an annual rate of return of 15%? D. How much money would you...
You have some money on deposit in a bank account which pays a nominal APR (or...
You have some money on deposit in a bank account which pays a nominal APR (or quoted) rate of 8.0944 percent, but with interest compounded daily (using a 365 day year). Your friend owns a security which calls for the payment of $10,000 after 27 months. Your friend's security is just as safe as your bank deposit, and your friend offers to sell it to you for $8,000 today. If you buy the security, by how much will the effective...
You are considering investing in a bank account that pays a nominal annual rate of 7%,...
You are considering investing in a bank account that pays a nominal annual rate of 7%, compounded monthly. If you invest $3,000 at the end of each month, how many months will it take for your account to grow to $205,000?
22. You are considering an investment in a Third World bank account that pays a nominal...
22. You are considering an investment in a Third World bank account that pays a nominal annual rate of 18%, compounded monthly. If you invest $5,000 at the beginning of each month, how many months would it take for your account to grow to $170,000? Round fractional months up. a. 31 b. 28 c. 34 d. 23 e. 22
Which earns more money (show all work) Note P = $3000 A) An account earning 10%...
Which earns more money (show all work) Note P = $3000 A) An account earning 10% annual interest, compounded yearly; B) An account earning 9.75% annual interest, compounded monthly; C) An account earning 9.5% annual interest, compounded daily. Use A = P (1+r/m)
6. You deposit $400 each month into an account earning 5% interest compounded monthly. a) How...
6. You deposit $400 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 35 years? b) How much total money will you put into the account? c) How much total interest will you earn? 7. Suppose you want to have $500,000 for retirement in 25 years. Your account earns 7% interest. a) How much would you need to deposit in the account each month? b) How much interest will...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT