2. How much interest is earned in an account by the end of 8 years if $24,000 is deposited at the beginning of year 1 and interest is 4.4% per year, compounded semi-annually?

 

3. If you wish to accumulate $53,000 in 7 years, how much must you deposit today in an account that pays annual interest rate of 8%, with quarterly compounding of interest?

 

4. If you deposit $9,000 at the end of each year for 9 years in an account that pays an annual interest rate of 1%, what will your account be worth at the end of 5 years?

Answer rating: 100% (QA)

Lets calculate the interest earned in each scenario 1 Interest earned in an account after 8 years with 24000 deposited at the beginning of year 1 at a ... View the full answer