Find the future value of $8,500 at 9.31% compounded annually in 20 years.
Question # 00550174
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Updated on: 06/21/2017 11:48 PM Due on: 06/22/2017
- Find the future value of $8,500 at 9.31% compounded annually in 20 years. Show your work.
- How much would you need to deposit today at 5.35% compounded monthly in order to have $10,000 in your account 15 years from now? Show your work.
- If you deposit $6,350 at 6% compounded quarterly for 12 years, how much total interest will you earn? Show your work.
- $12,000 was invested at 7% compounded daily for 10 years. How much more interest would have been earned if the interest had instead been compounded continuously? Show your work.
- At which of the following banks would you earn the most interest? Justify your answer and show your work.
- The interest on my bank account compounds daily. I don't remember the nominal rate, but the effective rate is 3.29%. If I have $5,000 in this account and make no further deposits or withdrawals, and the interest rate does not change, how much money will I have in the account in 4 years?
- Luis has $250,000 in his retirement account. Assuming he makes no withdrawals or deposits, what interest rate would he need to earn in order to have this account grow to $1,000,000 by the time he retires 18 years from now? Use the Rule of 72 to find an approximate answer. Show your work.
- If Jenna has $18,000 in an investment account that earns 9% compounded daily, how long will it take for her account to grow to $100,000? Assume she makes no deposits or withdrawals. Show your work.
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Solution: Find the future value of $8,500 at 9.31% compounded annually in 20 years.