Question: 1 How much would you have in a bank account

1. How much would you have in a bank account at the end of 9 years if $9,390 is invested at 3% compounded quarterly?
2. Suppose that you have $25,000 that you would like to invest for 5 years and you are trying to decide between investing at two different banks. Trust Us Bank offers interest at 6.36% compounded monthly while Don't Trust Them Bank offers interest at 6.45% compounded annually. Which bank will yield the larger compound amount at the end of 5 years and how much more (rounded to the nearest dollar) will this amount be than if you decided to choose the other bank?
3. How much interest is accumulated on a 42-month $5,000 investment if the investment earns 5.2% interest compounded quarterly? (Round your answer to the nearest penny.)

View Solution:

Sale on SolutionInn
  • CreatedAugust 26, 2013
  • Files Included
Post your question