19 Find the simple interest on a $2,590 principal deposited for five years at 3.45%. Madison...
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19 Find the simple interest on a $2,590 principal deposited for five years at 3.45%. Madison has a bank account that pays 2.4 % simple interest. The balance is $940. How long will it take the account to grow to $1,000? 20. How long does it take $350 to double at a simple interest rate of 3.75%? 21. Ethan estimates that it will cost $250,000 to send his daughter, Eva, to college in 18 years. He currently has $100,000 to deposit in an account. What simple interest rate must his account earn in order to be able to do this? Josh has a savings account at a bank that charges a $15 fee for every month that his balance falls below $1,000. His account has a balance of $1,203.44 and he withdraws $300. What will his balance be in six months if he makes no deposits or withdrawals? 24. How much does $1,500 eam in three months at an interest rate of 3.25%, compounded quarterly? 25. How much interest does $500 earn in one day at an interest rate of 5%, compounded daily? 26. On July 10, Isabella opened a savings account with $900. It earned 3% interest, compounded daily. On July 11, she deposited her first paycheck of $76.22. What was her balance at the end of the day on July 11? 27. Joel deposits $3,500 in a savings account that pays 7.5% interest, compounded quarterly. Find the second quarter's interest. Jerome deposits $1,200 into an account that pays 3% interest compounded monthly. What is his ending balance after one year? 30. Janice deposits $2,350 in an account that ears interest at a rate of 3.1%, compounded monthly. What is her ending balance after five years? 31. Find the interest for a three-year CD for $5,000 at an interest rate of 6%, compounded annually. 32. How much more does $1,000 eam in eight years, compounded daily at 5%, than $1,000 over eight years at 5%, compounded semiannually? 33. How much interest did Joanne earn if she deposits $4,300 into a one-year CD at a rate of 4.3%, compounded daily? 34. Karol wants to buy a boat in 4 years for $5,000. He finds an account that pays 4% interest, compounded daily. How much should he put into the account so that he'll have $5,000 in four years? 19 Find the simple interest on a $2,590 principal deposited for five years at 3.45%. Madison has a bank account that pays 2.4 % simple interest. The balance is $940. How long will it take the account to grow to $1,000? 20. How long does it take $350 to double at a simple interest rate of 3.75%? 21. Ethan estimates that it will cost $250,000 to send his daughter, Eva, to college in 18 years. He currently has $100,000 to deposit in an account. What simple interest rate must his account earn in order to be able to do this? Josh has a savings account at a bank that charges a $15 fee for every month that his balance falls below $1,000. His account has a balance of $1,203.44 and he withdraws $300. What will his balance be in six months if he makes no deposits or withdrawals? 24. How much does $1,500 eam in three months at an interest rate of 3.25%, compounded quarterly? 25. How much interest does $500 earn in one day at an interest rate of 5%, compounded daily? 26. On July 10, Isabella opened a savings account with $900. It earned 3% interest, compounded daily. On July 11, she deposited her first paycheck of $76.22. What was her balance at the end of the day on July 11? 27. Joel deposits $3,500 in a savings account that pays 7.5% interest, compounded quarterly. Find the second quarter's interest. Jerome deposits $1,200 into an account that pays 3% interest compounded monthly. What is his ending balance after one year? 30. Janice deposits $2,350 in an account that ears interest at a rate of 3.1%, compounded monthly. What is her ending balance after five years? 31. Find the interest for a three-year CD for $5,000 at an interest rate of 6%, compounded annually. 32. How much more does $1,000 eam in eight years, compounded daily at 5%, than $1,000 over eight years at 5%, compounded semiannually? 33. How much interest did Joanne earn if she deposits $4,300 into a one-year CD at a rate of 4.3%, compounded daily? 34. Karol wants to buy a boat in 4 years for $5,000. He finds an account that pays 4% interest, compounded daily. How much should he put into the account so that he'll have $5,000 in four years?
Expert Answer:
Answer rating: 100% (QA)
1 Joshs balance Balance after withdrawal 120344 300 90344 No further transactions balance remains 90344 for six months 2 Simple Interest Interest 2590 ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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