Suppose you invest $1,300 in a bank account for 12 years. If the interest rate on...

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Suppose you invest $1,300 in a bank account for 12 years. If the interest rate on you account is 18%, what would your ending balance be? (Round to the nearest pennv.) Your parents would like to retire in 25 years. They currently have saved $340,000, and they think they will need $1,100,000 at retirement. What interest rate will they need to earn to reach their goal (assuming they will not save any additional funds). (Answer as a percentage. For example, 5.121% would be 5.12. Answer to hundredths of a percent.) Suppose you have just celebrated your birthday and are now 23 years old. A rich uncle has set up a trust fund for you that will pay $120,000 when you turn 35. If the relevant interest rate is 0.04, how much is the fund worth today? (Answer to the nearest penny.) If you deposit $1,000 today in an account that pays 0.080 per year in interest, how long will it take to double your money to $2,000? (Answer to the nearest tenth of a year.) Suppose you invest $1,300 in a bank account for 12 years. If the interest rate on you account is 18%, what would your ending balance be? (Round to the nearest pennv.) Your parents would like to retire in 25 years. They currently have saved $340,000, and they think they will need $1,100,000 at retirement. What interest rate will they need to earn to reach their goal (assuming they will not save any additional funds). (Answer as a percentage. For example, 5.121% would be 5.12. Answer to hundredths of a percent.) Suppose you have just celebrated your birthday and are now 23 years old. A rich uncle has set up a trust fund for you that will pay $120,000 when you turn 35. If the relevant interest rate is 0.04, how much is the fund worth today? (Answer to the nearest penny.) If you deposit $1,000 today in an account that pays 0.080 per year in interest, how long will it take to double your money to $2,000? (Answer to the nearest tenth of a year.)

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1 To calculate the ending balance after 12 years with an interest rate of 18 we can use the formula ... View the full answer