Do the following compound interest problem. 4) Lydia's aunt Rose left her $5,000. Lydia spent $1,000 on
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Do the following compound interest problem.
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4) Lydia's aunt Rose left her $5,000. Lydia spent $1,000 on her wardrobe and deposited the rest in an account that pays 6.9% compounded daily. How much money will she have in 5 years? Thuy needs $1,850 in eight months for her college tuition. How much money should she deposit lump sum in an account paying 8.2% compounded monthly to achieve that goal? 5) Bank A pays 5% compounded daily, while Bank B 6) EZ Photo Company needs five copying machines in pays 5.12% compounded monthly. Which bank pays more? Explain. 2 1/2 years for a total cost of $15,000. How much money should be deposited now to pay for these machines, if the interest rate is 8% compounded semiannually? 4) Lydia's aunt Rose left her $5,000. Lydia spent $1,000 on her wardrobe and deposited the rest in an account that pays 6.9% compounded daily. How much money will she have in 5 years? Thuy needs $1,850 in eight months for her college tuition. How much money should she deposit lump sum in an account paying 8.2% compounded monthly to achieve that goal? 5) Bank A pays 5% compounded daily, while Bank B 6) EZ Photo Company needs five copying machines in pays 5.12% compounded monthly. Which bank pays more? Explain. 2 1/2 years for a total cost of $15,000. How much money should be deposited now to pay for these machines, if the interest rate is 8% compounded semiannually?
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Solutions to Compound Interest Problems 3 Lydias Account Initial deposit5000 1000 4000 Daily interes... 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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