Question

If $500 is invested at an interest rate of 3.5% per year, find the amount of...

If $500 is invested at an interest rate of 3.5% per year, find the amount of the investment at the end of 10 years for the following compounding methods. (Round your answers to the nearest cent.)

(a) Annually
?$

(b) Semiannually
?$

(c) Quarterly
?$  

(d) Continuously
?$

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
If $500 is invested at an interest rate of 5.5% per year, find the amount of...
If $500 is invested at an interest rate of 5.5% per year, find the amount of the investment at the end of 15 years for the following compounding methods. (Round your answers to the nearest cent.) A.) Annually: $ B.) Semiannually: $ C.) Quarterly: $ D.) Continuously: $
Find the interest earned on $25000.00 invested for 6 years at 4.5% interest compounded as follows....
Find the interest earned on $25000.00 invested for 6 years at 4.5% interest compounded as follows. a. Annually -Compounding annually, the interest earned is b. Semiannually (twice a year) -Compounding semiannually, the interest earned is c. Quarterly -Compounding quarterly, the interest earned is d. Monthly- Compounding monthly, the interest earned is e. Continuously- . Compounded continuously, the interest earned is
If 8200 dollars is invested at an interest rate of 7 percent per year, find the...
If 8200 dollars is invested at an interest rate of 7 percent per year, find the value of the investment at the end of 5 years for the following compounding methods. (a) Annual:    (b) Semiannual:    (c) Monthly: (d) Daily:
If $35,500 is invested at 6.8% for 30 years, find the future value if the interest...
If $35,500 is invested at 6.8% for 30 years, find the future value if the interest is compounded the following ways. (Round your answers to the nearest cent.) (a) Semiannually (b)monthly (c)daily (n=360) (d) continuously
Jeffrey invested money in a mutual fund for seven years. The interest rate on the mutual...
Jeffrey invested money in a mutual fund for seven years. The interest rate on the mutual fund was 5% compounded quarterly for the first three years and 3% compounded semi-annually for the next four years. At the end of the seven years, Jeffrey's mutual fund had accumulated to $35,198.50. a. Calculate the amount that was in the mutual fund after the first three years when the interest rate changed. Round to the nearest cent b. Calculate the amount that was...
Predict the expression that represents the total after a) $100 is invested at 6% interest, compounded...
Predict the expression that represents the total after a) $100 is invested at 6% interest, compounded semi-annually, for 10 years. b) $100 is invested at 6% interest, compounded semi-annually, for 15 years. c) $100 is invested at 6% interest, compounded quarterly, for 1 year. d) $100 is invested at 6% interest, compounded quarterly, for 20 years. Enter the expressions into a calculator. Round answers to the nearest cent.
Edgar accumulated $5,000 in credit card debt. If the interest rate is 20% per year, and...
Edgar accumulated $5,000 in credit card debt. If the interest rate is 20% per year, and he does not make any payments for 3 years, how much will he owe (in dollars) on this debt in 3 years by each method of compounding? (Simplify your answers completely. Round your answers to the nearest cent.) (a) compound quarterly $ (b) compound monthly $ (c) compound continuously $
When interest is compounded continuously, the amount of money increases at a rate proportional to the...
When interest is compounded continuously, the amount of money increases at a rate proportional to the amount S present at time t, that is, dS/dt = rS, where r is the annual rate of interest. (a) Find the amount of money accrued at the end of 8 years when $5000 is deposited in a savings account drawing 5 3 4 % annual interest compounded continuously. (Round your answer to the nearest cent.) $ (b) In how many years will the...
When interest is compounded continuously, the amount of money increases at a rate proportional to the...
When interest is compounded continuously, the amount of money increases at a rate proportional to the amount S present at time t, that is, dS/dt = rS, where r is the annual rate of interest. (a) Find the amount of money accrued at the end of 8 years when $5000 is deposited in a savings account drawing 5 3/4 % annual interest compounded continuously. (Round your answer to the nearest cent.) $ (b) this is the part I’m having the...
1How much should be invested now at 5.5% simple interest if $8103 is needed in 2...
1How much should be invested now at 5.5% simple interest if $8103 is needed in 2 years? 2.Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.) $13,000 at 4% for 10 years if the interest is compounded in the following ways. (a) annually $   (b) quarterly $
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT