FIN 3715 : Finance Review Exam 2

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azuremammoth471

15 Mar 2019

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Document Summary

You invested ,200 in an account that pays 5% simple interest. You invested ,650 in an account that pays 5% simple interest. You deposit ,000 today in an account earning 5% interest compounded annually. You want to have a down payment amount of ,000 in five years in order to buy your. 21 years ago a trust fund was established in your name. You have a trust fund account that was established 21 years ago with a deposit of ,000. The total balance in the account today is ,821. 52. Assume daily compounding: you have a trust fund account that was established with an initial deposit of ,000. The total balance in the account today is ,675. 81. One year ago, you deposited ,800 in a bank account. Forty years ago, kerry sauley invested all ,000 of his lemonade-stand money in a: you opened a savings account with an initial deposit of ,000. The total balance in the account today is ,105. 06.

Related Questions

Suppose you have $10,000 in an account earning 5% interest. How much money will
you have in 5 years if:
(a) you get simple interest?
(b) you get interest compounded annually?
(c) you get interest compounded weekly (52 times a year)?
(d) you get interest compounded continuously?

peachporpoise590

it's about Compound Interest Future Value

1-Raymond deposited his $1,000 bonus into an account paying 5.2% compounded semiannually. How much money will he have at the end of 7 years?

2-Stacy is going on a vacation to Europe at the end of 2 years. She deposits $6,141 in an account earning 4% interest compounded semiannually. How much money will Stacy have in he account for her trip?

3-Dan deposits $5,500 into a Certificate of Deposit (CD) paying 2.5% interest compounded quarterly. How much money will be in his account at the end of 17 years?

4-William deposited $7,000 into an account paying 7.7% compounded quarterly. Calculate how much money will be in the account at the end of 7 years.

5-Josh deposits $3,000 into an account paying 4% interest compounded monthly. What will the account be worth at the end of 23 years?

6-Jamie won $750 in a raffle at school. After donating $50 to charity, he deposited the remaining amount into an account paying 5% interest compounded quarterly. How much will the account be worth at the end of 15 years?

7-Mark deposited $5000 into an account paying 9% interest compounded monthly. How much money will he have at the end of 20 years?

8-Gary received a bonus of $8,000. He gave his son $720 and invested the remaining amount into a savings account earning 3% interest compounded quarterly. If he leaves the money in the account for 5 years, how much money will be in the account?

9-Curtis is 19 and wants to start saving money for retirement. He deposited $8,000 in an account earning 6% interest compounded semiannually. At the end of 50 years, how much will he have in the account for his retirement?

10-Franella wants to buy her dream car when she retires in 14 years. She deposits $20,000 in an account paying 8.4% interest compounded monthly. How much will she have to put towards her dream car at the end of 14 years?