Question: If Joe has $ 8 , 2 0 0 in a bank account that pays 0 . 6 percent interest, compounded monthly, the bank account

If Joe has $8,200 in a bank account that pays 0.6 percent interest, compounded monthly, the bank account will be worth $21,000 in years.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

Amy has to borrow RM 60,000 from a bank to start her degree in USA. The bank charges her an interest rate of 4%. Find the end of year annual payments if she wants to settle debt with bank within 10...

Q:

Can someone please help me find the solutions using a formula showing all work? How much will an annuity due of $950 per year be worth in eight years at an annual interest rate of 8 percent? If you...

Q:

help answer these Directions: Use the formula FV=P(1+nr)nt where FV represents future value, P represents the principal, r represents the interest rate as a decimal, n represents the number of times...

Q:

FINA 6330 TVM ICE Dr. Liang 1) You deposited $500 in a bank account that pays 6% interest compounded monthly. How much will you have in the account after 3 years if no withdrawals or additional...

Q:

This assignment covers material from Modules 3 and 4. You may have seen time value of money problems before, but they form the foundation of many areas of finance including financial planning,...

Q:

2. Barnie invests $356.98 in an account that pays 3.7% interest compounded quar- terly. How much will he have in the bank if he leaves the money in the account for 3 years? 3. Cassandra saves her...

Q:

19 to 23 please Student Name (Please Print) 19) Tom deposits $15.000 into a bank account that pays 6% Interest compounded quarterly, what will the account balance be in 8 years? A. 18,001 B. 19,250...

Q:

answer all please 34, Krammer Bank offers a CD (te, certificate of depost) that pays 533% pa, but with monthly compounding If Lebron deposits $250,000 wito this account today, how much will he have...

Q:

34. Marcus Holloway has $1,000 that he will use as a down payment on a car. Assuming that he can afford a payment of $225 per month, how much can Marcus spend on a car (that is, what is the total...

Q:

Help please 1. Suppose Link deposits $5,000 into an account earning 5.875 percent interest, compounded monthly. How many years (rounded to one decimal place for example, 32.1843 year = 32.2) will it...

Q:

For the systems shown in Figure, assume that the resulting motion is small enough to be only horizontal and determine the expression for the equivalent damping coefficient ce that relates the applied...

Q:

What are the usual steps followed in adjusting a closed traverse?

Q:

Thirty - eight years ago, an organization issued a $ 1 , 0 0 0 face value, 4 0 - year bond. The bond has a yield to maturity of 8 . 3 2 percent and a coupon rate of 1 0 percent. Interest is paid...

Q:

Draw a class diagram and its relationship based on the following statements. You can use any UML tool/software to represent your class diagram. Do NOT copy and paste your diagram, use the attachment...