Question

Suppose $40,000 is deposited into an account that pays 6.5% compounded quarterly and is left there...

Suppose $40,000 is deposited into an account that pays 6.5% compounded quarterly and is left there for 20 years. How much money will be in this account?

--> Round to the nearest one dollar. (No cents.) <

Math   Statistics-And-Probability   
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
Recently, More money 4U offered an annuity that pays 4.8% compounded monthly. If 1,873 is deposited...
Recently, More money 4U offered an annuity that pays 4.8% compounded monthly. If 1,873 is deposited into this annuity every month, how much is in the account after 12 years? How much of this is interest? (round to the nearest dollar)
On October 1, 2009, you deposited $5,000 into an account that pays 4.5% interest compounded quarterly....
On October 1, 2009, you deposited $5,000 into an account that pays 4.5% interest compounded quarterly. On what date will the account be worth $6,200? Assume that simple interest is allowed for a fraction of a period and give answer to the nearest day. Use a 360-day year.
15. Your grandmother just died and left you $40,000 in a trust fund that pays 6.5%...
15. Your grandmother just died and left you $40,000 in a trust fund that pays 6.5% interest. You must spend the money on your college education, and you must withdraw the money in 4 equal installments, beginning immediately. How much could you withdraw today and at the beginning of each of the next 3 years and end up with zero in the account?
You just deposited $2,500 in a bank account that pays a 4.0% nominal interest rate, compounded...
You just deposited $2,500 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? a. $17,679.55 b. $16,837.67 c. $18,563.53 d. $15,234.08 e. $16,035.88
You just deposited $13,000 in a bank account that pays a 4.0% nominal interest rate, compounded...
You just deposited $13,000 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? Select the correct answer. a. 27,900.74 b. 27,884.14 c. 27,867.54 d. 27,917.34 e. 27,850.94
Anna deposited $17,000 in an account that pays 5%, compounded quarterly. She plans to make four...
Anna deposited $17,000 in an account that pays 5%, compounded quarterly. She plans to make four consecutive semi-annual withdrawals, the first of which is to occur three years after the deposit. The amount of her uniform, semi-annual withdrawal is closest to... (please show all work and do not put in an excel. Thank you)
$ 8,000 is deposited in an account that pays 12% interest compounded monthly for 12 months,...
$ 8,000 is deposited in an account that pays 12% interest compounded monthly for 12 months, how much money will be in the account at 12 months? select one: a) A = 8000 (1+ 0.12 / 12) ^ (12) b) A = 8000 (1+ 0.12 / 12) ^ (114) c) A = 800 (1 + 0.12 / 1) ^ (12) d) A = 8000 (1 + 0.12 / 12)
How much needs to be deposited into an account that pays 4.05% APR compounded in order...
How much needs to be deposited into an account that pays 4.05% APR compounded in order for the account value to be worth $100,000 after 10 years a) Yearly? b) monlthly? c) weekly? d) daily?
Mike deposits $125,000 today into an investment account which pays 6% compounded quarterly.  How much will Mike...
Mike deposits $125,000 today into an investment account which pays 6% compounded quarterly.  How much will Mike have in his account after 20 years?
$10,000 is deposited into a savings account that earns 3% per annum compounded quarterly. (a) How...
$10,000 is deposited into a savings account that earns 3% per annum compounded quarterly. (a) How much interest will be credited in the second month? (b) How much interest will be credited in the second year?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT