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A: Answer is given:
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A: Interest rate is the amount charged by the lender from the borrower for the use of its money.
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A: Interest is the amount paid for using an amount of money.
Q: How much money would you need to deposit today at 9% annual interest compounded monthly to have…
A: Correct : A. $7007
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Q: $20,000 for 5 years @ 2.25% annual interest, compounded quarterly.
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Q: 1. A future amount F, is equivalent to $ 1,500.00 now when six years, separate the amounts and the…
A: To find the future value, we use the formula for compound interest with present value equal to 1500
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A: Given the future value = $100000 Number of years = 10 years Interest rate = 15%
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Q: A nominal rate of 12 % compounded _____ is equal to an effective rate of 12.65 %.
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Solved in 2 steps
- Please answer using Annuity Formula. Thank you9. While Jack was a student at the University of Georgia she borrowed $12,000in student loans at an annual interest rate of 9%. If Jack repays $1,500 per year then how long (to the nearest year) will it take him to repay the loan?Assume, you want to get $1,000 after 5 years. How much equal amount of money do you need to deposit in an account that earns 12% annual interest to get that money? Check you answer with interest table.
- 8. What is the future value of a 7%, 5-year ordinary annuity that pays $300 each year?If you deposit $2,042 today in a savings account that pays 8% interest annually, how much would you have at the end of 5 years?How much will a bank deposit of $2,000 that pays 10% compound interest be worth at the end of 3 years?
- A deposit of $495 earns 3% p.a. interest compounded monthly, how much money will be in the bank after 3 years?For what value of P in the cash flow diagram does the present valueequal 0? Please show all work. Picture attached.You want to be able to withdraw $25,000 from your account each year for 20 years after you retire. You expect to retire in 15 years. If your account earns 5% interest, how much will you need to deposit each year until retirement to achie your retirement goals? S
- Eng'g Economy: At 8% annual interest compounded quarterly, how long will it take to become a millionaire if you invest your money worth $120,000?URGENT! PLEASE WRITE LEGIBLE. Question Suppose we deposit $1500 into an account that pays a simple interest rate of0.5% each month. Find the amount of interest earned at the end of 3 years?Example 1: EOY NCF ($) 1 100 2 150 3 200 4 250 Calculate the present worth when interest rate is 8%.