A bank features a savings account that has an annual percentage rate of r = 2.6%...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A bank features a savings account that has an annual percentage rate of r = 2.6% with interest compounded semi-annually. Maris deposits $12,000 into the account. The account balance can be modeled by the exponential formula S(t) = P(1+ the future value, P is the present value, r is the annual percentage rate, n is the number of times each year that the interest is compounded, and t is the time in years. (A) What values should be used for P, r, and n? P= T= n= T nt 7). , where Sis 12 (B) How much money will Maris have in the account in 10 years? Answer = $ Round answer to the nearest penny. (C) What is the annual percentage yield (APY) for the savings account? (The APY is the actual or effective annual percentage rate which includes all compounding in the year). APY = 96. Round answer to 3 decimal places. A bank features a savings account that has an annual percentage rate of r = 2.6% with interest compounded semi-annually. Maris deposits $12,000 into the account. The account balance can be modeled by the exponential formula S(t) = P(1+ the future value, P is the present value, r is the annual percentage rate, n is the number of times each year that the interest is compounded, and t is the time in years. (A) What values should be used for P, r, and n? P= T= n= T nt 7). , where Sis 12 (B) How much money will Maris have in the account in 10 years? Answer = $ Round answer to the nearest penny. (C) What is the annual percentage yield (APY) for the savings account? (The APY is the actual or effective annual percentage rate which includes all compounding in the year). APY = 96. Round answer to 3 decimal places.
Expert Answer:
Answer rating: 100% (QA)
A PrincipalStarting amountP 12000 Annual percentage rater 26 261000026 It i... View the full answer
Related Book For
Posted Date:
Students also viewed these mathematics questions
-
You deposit $2000 in an account earning 6% interest compounded continuously. How much will you have in the account in 15 years? Round your answer to the nearest cent. 2. Suppose you want to have...
-
Find the present value of $40,000 due in 4 years at the given rate of interest 8%/year compounded monthly. A. The present value is $28,948.67. B. The present value is $29,433.94. C. The present value...
-
1. Suppose your personal federal income tax rate is 30%. You are trying to decide which of the following bonds to invest in. Both are BBB rated and therefore equally risky. State of Illinois Bond...
-
Evaluate the limit or state that it does not exist. lim (x,y) (1,-3) In(3x + y)
-
Is it possible for two objects to be in thermal equilibrium if they are not in contact with each other? Explain.
-
In Figure the ideal batteries have emf s ? 1 = 20.0 V, ? 2? = 10.0 V, ? 3 = 5.00 V and ? 4 = 5.00 V and the resistances are each 2.00?. What are the (a) Size and (b) Direction (left or right) of...
-
Owens-Illinois, Inc. has preferred stock outstanding. 1. Give the basic equation to compute earnings per share of common stock for net income. 2. List all the income items for which Owens-Illinois...
-
Contrast simulation to other risk analysis tools. What are its advantages and disadvantages? If you were to do an important risk analysis, which tool would you prefer?
-
Instructions: Watch the video titled "Human Head Transplant" (Links to an external site.)Links to an external site. and write a short 3 paragraph analysis of the video. The analysis should identify...
-
Assume the only choice variable is x. The total benefit function is B (x) = 170 x x2, and the cost function is C (x) = 100 10 x + 2x2. a. What are the marginal benefit and marginal cost functions?...
-
Using the profitability index rule and a required rate of return of 10%, should a company accept a project with the following cash flows? Initial: $ -24,000 Year 1: $ 16,800; Year 2: $ 8,000
-
How do renewable energy technologies such as photovoltaics and wind power contribute to reducing carbon emissions, and what are the challenges associated with their large-scale integration into...
-
Think of two real-life examples of reciprocity from your workplace (or an organization you are a part of like a club, religious organization, or a non-profit you volunteer for) - one where you did...
-
explain the significance of dynamic process modeling in capturing time-dependent behaviors, and how it differs from steady-state process modeling in terms of assumptions and applications ?
-
Describe at least two examples of diversity within the Hispanic subculture and how that might affect marketing to this group.
-
Ms. Yu is 34 years-old, and Mr. Zang, 36 years-old. They are both citizens of China. They first came to Canada and became Permanent Residents (PR) about 6 years ago. They wanted to begin a new life...
-
Violet Silva is 57 years old, was born in Canada and has always been a resident of Canada. Having become fed up with Halifax winters, she decides to move to California. Ms. Silva has come to you for...
-
6 (a) Briefly develop a mathematical model of the behaviour of a copper-twisted pair cable (b) Derive the magnetic energy from: w given that: K + w, where the - - k symbols have their usual meaning...
-
In the fall of 2012, eight wealthy businesspeople from the same ethnic background formed a committee (CKER committee) to obtain a radio license from the Canadian Radio-television and...
-
Why is it important to identify an acquirer in a business combination?
-
You are the Director of Finance for a township. Several months ago you prepared a grant application requesting funds to improve the filtration system at the local water treatment plant. The...
-
Figure 2.82 shows a metal block supported on two identical cylindrical rollers rotating in opposite directions at the same angular speed. When the center of gravity of the block is initially...
-
If two identical springs of stiffness \(k\) each are attached to the metal block of Problem 2.41 as shown in Fig. 2.83, determine the coefficient of friction between the block and the rollers. Data...
-
Draw the free-body diagram and derive the equation of motion using Newton's second law of motion for each of the systems shown in Figs. 2.85. 4r k 00000 -Pulley, mass moment of incrtia Jo m 1444 x(t)...
Study smarter with the SolutionInn App