1. Calculate the amount of money you’ll have at the end of the indicated time period. You invest $4000 in an account that pays simple interest of 3% for 10years. The amout of money you’ll have at the end of 10 years is?
2. Calculate the amount of money you’ll have at the end of the indicated time period, assuming that you earn simple interest. You deposit $3000 in an account with an annual interest of 3.6% for 15 years. The amount of money you’ll have at the end of 15 years is?
3.Use the compound interest formula to determine the accumulated balance after the stated period. $3000 invested at an APR of 5% for 2 years.If interest is compounded annually, what is the amount of money after 2 years?
4.Use the compound interest formula to compute the balance in the following account after the stated period of time, assuming interest is compounded annually. $11,000 invested at an APR of 3.7% for 24 years. The balance in the account after 24 years is?
5.Use the appropriate compound interest formula to compute the balance in the account after the stated period of time $15,000 is invested for 7 years with an APR of 3% and quarterly compounding. The balance in the acct after 7 years is?
6.Use the appropriate compound interest formula to compute the balance in the account after the stated period of time $7,000 is invested for 19 years with an APR of 5% and monthly compounding. The balance in the acct after 19 years is?
7. Find the annual percentage yield (APY) in the following situation. A bank offers an APR of 3.3% compounded daily. The annual percentage yield is what percent?
8.Find the annual percentage yield (APY) in the following situation. A bank offers an APR of 3.11% compounded monthly. The annual percentage yield is what percent?
9.Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account. A $16,000deposit in an account with an APR of 3.5%.The balance in the acct after 1 year is approx?
10.Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account. A $6000 deposit in an account with an APR 4%. The balance in the acct after 1 year approx ?
11.How much must be deposited today into the following account in order to have $40,000 in 5 years for a down payment on a house? Assume no additional deposits are made. An account with annual compounding and an APR of 7%.____ should be deposited today?
12.How much must be deposited today into the following account in order to have $55,000 in 8 years for a down payment on a house? Assume no additional deposits are made. An account with monthly compounding and an APR of 5%. _____$ should be deposited today?
13.How much must be deposited today into the following account in order to have a $140,000 college fund in 16 years? Assume no additional deposits are made. An account with quarterly compounding and an APR of 2.79% ___ should be deposted today?
