Question: If you deposit $ 7 , 0 0 0 in a bank account that pays 1 1 % interest annually, how much will be in

If you deposit $7,000 in a bank account that pays 11% interest annually, how
much will be in your account after 5 years? Do not round intermediate
calculations. Round your answer to the nearest cent.
If you deposit $7,000 in a bank account that pays 11%

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:

MBA 708 Essentials of Financial Statement Analysis Week 6 Case Study: Transaction and Financial Analysis Tallulah Company has been in business for several years and is publicly traded on a major U.S....

Q:

Question 23 6 pts You own an oilfield equipment repair shop. You anticipate that in five years your company must spend $50,000 to replace the welding equipment in your shop. Your accountant has your...

Q:

Qu You have just deposited $5,000 in an unusual bank account that pays interest biannually (once every 2 years). If the 2.year interest rate is 7% (tota is 7%, not 7% per year), how much will you...

Q:

All problems must be solved using the PV and FV functions in Excel . Please explain what formulas to do on excel so that I can practice myself. Thank you! If I deposit $8,000 in a bank account that...

Q:

Answer the following problems in an Excel file. Please upload only one Excel file with all of your answers, including #3 (which requires an explanation rather than a calculation). All problems must...

Q:

I don't understand this question since it needs to be in an excel file 1)If I deposit $11,000 in a bank account that pays interest of 2%, compounded annually, how much will I have in the account...

Q:

1. You would like to have $50,000 in 15 years. To accumulate this amount, you plan to deposit each year an equal sum in the bank, which will earn 7 percent interest compounded annually. Your first...

Q:

It's due tommorow and need help with these following problems. Please solve the following problems. Show all relevant time lines and calculations and make sure to highlight the final answer to the...

Q:

I need some help Compound Interest, PV & FV 1)If I deposit $11,000 in a bank account that pays interest of 2%, compounded annually, how much will I have in the account after 10 years? 2)If I deposit...

Q:

I don't understand, 1)If I deposit $11,000 in a bank account that pays interest of 2%, compounded annually, how much will I have in the account after 10 years? 2)If I deposit $11,000 in a bank...

Q:

Pl e a se h e lp m e an s w er t h ese q u es t i o n s : Mrs Okoth invests a sum of money for her retirement which is expected to be in 20 years' time. The money is invested in a zero coupon bond...

Q:

Solve a system of differential equations Y' = AY where A = ( ) subject to initial conditions y1 (0) = y2(0) = 1. 2 1 %3D 9.

Q:

What is the historical relationship between the market's P/E ratio and recessions?

Q:

ebook What is the proper cash flow amount to use as the initial investment in fixed assets when References evaluating this profect? Muttiple Choice $ 2 3 , 4 3 2 , 0 0 0 PB Stra Prey 1 of 7 Nourt

Q:

On 1 March 2007 DB Limited issued R560 000 15% debentures at R98. The debentures were to be redeemed at par in four equal annual payments starting 28 February 2010. Required: Journalise the above...