Question
8.6343 Q13 Determine the amount of money that will be accumulated in an account that pays...
8.6343 Q13
Determine the amount of money that will be accumulated in an account that pays compound interest, given the initial principal of $28 comma 800 invested at 2.81% annual interest for 7 years compounded
(a) daily (n=365); =
(b) continuously. =
(Round to the nearest cent as needed.)
Homework Answers
Answer #1
Solution:-
13)
P = 28,800
Rate = 2.81 %
Time = 7 years
a) The amount of money that will be accumulated in an account is $ 35060.
A = 35060.24
A 
$ 35060
b) The amount of money that will be accumulated in an account is $ 35060.
A = 35059.7936
A
$ 35060
Not the answer you're looking for?
Similar Questions
We know that when a particular amount of money P, called the principal, is invested at...
We know that when a particular amount of money P, called the
principal, is invested at the interest rate r and is compounded n
times a year, the amount of A of money accumulated after t years is
A(t)=P(1+r/n)^nt
Rounded to the nearest cent, find the amount of money
accumulated if $ 5 , 000 is invested for 2 years at 6 % interest
and is compounded.
Quarterly: $
Monthly: $
Daily(assuming 365 days in a year): $
Coutinuously: $
At the end of each month, for 24 months, $200 is put into an account paying...
At the end of each month, for 24 months, $200 is put into an
account paying 7% annual interest compounded continuously. Find the
future value of this account. Round your answer to the nearest
cent.
How much money must be invested now at 10% interest compounded
continuously so that $120,000 will be available in 5 years? Round
to the nearest cent.
Find the amount of money that accumulates when $470,000 is
placed annually into a non-interest-earning account for 3
years.
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...
A) Complete the table to determine the amount of money P that should be invested at...
A) Complete the table to determine the amount of money P that
should be invested at rate r to produce a final balance of $160,000
in t years. (Round your answers to two decimal places.)
r = 8%, compounded daily
t P
1 $
10 $
20 $
30 $
40 $
50 $
B)
Trust Fund
A deposit of $25,000 is made in a trust fund that pays 8%
interest, compounded continuously. It is specified that the balance
will...
Directions: Simple Interest. Calculate the amount of money you will have in each account after 5...
Directions: Simple Interest. Calculate the amount of money you
will have in each account after 5 years, assuming that the account
earns simple interest.
1.) You deposit $1500 in an account with an annual
interest rate of 4%?
Direction: Compound Interest. Use the compound interest formula
to compute the balance in each account after the stated period of
time, assuming that interest is compounded annually.
1.) $3,000 is invested at a APR of 1.8% for 12
years.?
* Engineering Economic Analysis How much money must be invested in an account that pays 6%...
* Engineering Economic Analysis
How much money must be invested in an account that pays 6% per
year in- terest to be worth $20,000 at the end of 8 years if
(forgetting leap years and making “convenient” assumptions):
(a) Interest is compounded annually ?
(b) Interest is compounded semi-annually ?
(c) Interest is compounded quarterly ?
On (c), provide the solutions using the Compound interest table
AND the formula AND the EAIR
Some amount of principal is invested at a 7.4% annual rate, compounded monthly. The value of...
Some amount of principal is invested at a 7.4% annual rate,
compounded monthly. The value of the investment after 7 years is
$2185.76. Find the amount originally invested.
Round to two decimal places
AND
Nathan invests $1000 into an account earning interest at an
annual rate of 4.7%, compounded annually. 4 years later, he finds a
better investment opportunity. At that time, he withdraws his money
and then deposits it into an account earning interest at an annual
rate of...
7. What is the effective annual interest rate for a bank account that pays a continuously...
7. What is the effective annual interest rate for a bank account
that pays a continuously compounded interest rate of 8%?
The rate of a continuous money flow starts at $800 and increases exponentially at 3% per...
The rate of a continuous money flow starts at $800 and increases
exponentially at 3% per year for 5 years. Find the present value
and final amount if interest earned is 4% compounded
continuously.
a) The present value is?
b) The final amount is?
(Do not round until the final answer. Then round to the nearest
cent as needed.)
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 14 minutes ago
asked 15 minutes ago
asked 32 minutes ago
asked 33 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago