Question

You deposit that $2000 into an account with APR = 5.5%. Find the APY with the...

You deposit that $2000 into an account with APR = 5.5%. Find the APY with the given types of interest. Round all answers to the nearest hundredth of a percent.

a) Find the APY using simple interest.

b) Find the APY with quarterly compounding.

c) Find the APY with monthly compounding.

d) Find the APY with daily compounding.

e) Find the APY with compounding every second!

Math   Algebra   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Please do vote:-

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 deposit that $1000 into an account with APR = 5.5%. Find the APY with the...
You deposit that $1000 into an account with APR = 5.5%. Find the APY with the given types of interest. Round all answers to the nearest hundredth of a percent. a) Find the APY using simple interest. b) Find the APY with quarterly compounding. c) Find the APY with monthly compounding. d) Find the APY with daily compounding. e) Find the APY with compounding every second!
Consider an account with an APR of 6.8​%. Find the APY with quarterly​ compounding, monthly​ compounding,...
Consider an account with an APR of 6.8​%. Find the APY with quarterly​ compounding, monthly​ compounding, and daily compounding. Comment on how changing the compounding period affects the annual yield. When the interest is compounded quarterly," What is the APR"?
Consider an account with an APR of 4.6​%. Find the APY with quarterly​ compounding, monthly​ compounding,...
Consider an account with an APR of 4.6​%. Find the APY with quarterly​ compounding, monthly​ compounding, and daily compounding. Comment on how changing the compounding period affects the annual yield
1) Find the corresponding APR for an APY of 4 % if the interest is compounded......
1) Find the corresponding APR for an APY of 4 % if the interest is compounded... a) Yearly? b) Monthly? c) Weekly? d) daily?
Suppose you put $2000 in a savings account at an APR of 6% compounded monthly. Fill...
Suppose you put $2000 in a savings account at an APR of 6% compounded monthly. Fill in the table below. (Calculate the interest and compound it each month rather than using the compound interest formula. Round your answers to the nearest cent.) Please fill in all areas that have a $ sign Month Interest Earned Balance $2000 1 $ $ 2 $ $ 3 $ $
You deposit $300 in an account earning 7% coumpound interest for 2 years. Find the future...
You deposit $300 in an account earning 7% coumpound interest for 2 years. Find the future value and the interest earned for each of the following compounding frequencies. Use the Bankers' Rule for daily compounding. Frequency Future Value Interest Earned Annually: Semiannually: Quarterly: Monthly: Daily:
Eight months from today you plan to deposit $20,000 into an account with an APR of...
Eight months from today you plan to deposit $20,000 into an account with an APR of 5.5% per year with quarterly compounding. In addition, eleven months from today, you plan to make the first of a series of semiannual deposits into the same account. Your first deposit will equal $4000 and subsequent deposits will grow by 0.5% each. You will make your final deposit five years and five months from today. How much will be in your account six years...
Another bank advertises a 9 month CD with a 6.15% APY, $1000 minimum deposit, nominal annual...
Another bank advertises a 9 month CD with a 6.15% APY, $1000 minimum deposit, nominal annual interest rate of 5,97%, compounded daily, using 30 day months, and hence a 360 day year. (a) Rounding to the nearest penny, compute the future value of this 9 month CD with a principal of $5,000 using the nominal compound interest rate of 5.97% and the compounding procedure actually used by the bank. (b) Rounding to the nearest penny, compute the future value of...
1. A 6?-month ?$9000 Treasury bill with discount rate 8.671?% was sold in 2009. Find a....
1. A 6?-month ?$9000 Treasury bill with discount rate 8.671?% was sold in 2009. Find a. the price of the? T-bill, and b. the actual interest rate paid by the Treasury. a. The price of the? T-bill is ?$ ?(Round to the nearest dollar as? needed.) 2. Suppose that ?$30,000 is invested at 7?% interest. Find the amount of money in the account after 8 years if the interest is compounded annually. If interest is compounded? annually, what is the...
Calculating EAR Find the EAR in each of the following cases: Stated Rate (APR) # Compounding...
Calculating EAR Find the EAR in each of the following cases: Stated Rate (APR) # Compounding Periods 8.55% Quarterly 11.45% Monthly 8.77% Daily Show All Work
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT