Question: If you deposit $7000 into an account paying 9% annual interest compounded quarterly, how much money will be in the account after 5 years? Select

If you deposit $7000 into an account paying 9% annual interest

If you deposit $7000 into an account paying 9% annual interest compounded quarterly, how much money will be in the account after 5 years? Select one: O a. 10400 O b. 10285 OC. 4655 O d. 10770 O e. 10924

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!

If you deposit $7000 into an account paying 8% annual interest compounded quarterly, how much money will be in the account after 5 years? Select one: O a. 4655 O b. 10400 O c. 10285 O d. 10770 O e....

1. Interest Rate: 4% monthly Starting Balance: $124 Time Passed: 4 months How much interest has accrued if calculated as compound interest? What is the new total balance? 2. Interest Rate: 2% weekly...

Question 1 a) If you deposit $4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years? b) If you deposit $6500 into an account paying...

6. If you deposit $4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years? * (2 Points) 5387.42 4200 5000.15 7. If you deposit 55000...

Suppose you deposit P 1 , 0 0 0 in a bank savings account that pays interest at a rate of 1 0 % compounded annually. Assume that you don't withdraw the interest earned at the end of each period ( one...

1. If you deposit $4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years?

1. If you deposit $4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years? 2. If you deposit $6500 into an account paying 8% annual...

What is the formulas for COMPOUND INTEREST? What is the formula for PRESENT VALUE? What is the formula for FUTURE VALUE What is COMPOUND INTEREST? Is COMPOUND interest better than SIMPLE INTEREST For...

Hi, Can you please help me with a couple of questions? $1200 for two 4 years at 4.2% compounded annually, $800 for 5 years at 4% compounded monthly. Find the compound amount on the given original...

In Chapter 8, Figure 8.7 describes the evolution of the globin gene family. All genes in this family are homologous to each other, though the degree of sequence similarity varies depending on the...

As more and more companies span the globe in terms of their operating, financing, and investing activities, they will increasingly turn to international financial reporting standards when...

18:44 2 LTE1 .I LIVE2 14 .I| 57% CourseOutline-HB... B Q : PDF reader ANNEXURE I: FORMATIVE ASSESSMENT 2 Question 1: (1 mark) Early 2000BCE, the developed a banking system, thereby enhancing...

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...