Question: You deposit $ 2 , 8 0 0 in your bank account. If the bank pays 4 % simple interest, how much will you accumulate

You deposit $2,800 in your bank account.
If the bank pays 4% simple interest, how much will you accumulate in your account after 10 years?
How much will you accumulate if the bank pays compound interest?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

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:

46.Given the following inventory items, (a) calculate the required number of pallets for each item, and (b) determine the total required aisle feet for an average inventory level. Pallet capacity is...

Q:

y Quiz on Financial Services ~ Lyryx Learning Inc - Google Chrome lila1.lyryx.com/quiz-servlets/QuizServlet?ccid=3966 Question 7 [5 points] The opening balance of a savings account for January is...

Q:

5 Moving to another question will save this response. Question 5 You deposit $2,000 in your bank account. If the bank pays 4% interest, how much $1,400 $4,400 $400 $3,400 Ly A Moving to another...

Q:

8. You want to buy another vehicle and know you can afford $265.00 a month for 4 years. The interest rate is 8.50 percent, compounded monthly. How much money can you afford to borrow? A.$7,355.28 B....

Q:

14. Your parents would like to establish a trust fund that would pay annual payments to you and your heirs of $100,000 a year forever. How much do your parents need to deposit into this trust fund...

Q:

L Moving to another question will save this response. Question 16 You deposit $2,000 in your bank account. If the bank pays 4% Interest, how much will you accumulate in your account after 5 years...

Q:

You deposit $2.000 in your bank account. If the bank pays 4% interest, how much will you accumulate in your account after 5 years with simple interest ?

Q:

ution completion Status: WA Moving to another question will save this response. aestion 3 vou deposit $2.000 in your bank account. If the bank pays 4% Interest, how much will you accumulate in your...

Q:

You deposit $2,000 in your bank account. If the bank pays 4% interest, how much will you accumulate in your account after 5 years with simple interest?

Q:

a ) You deposit $ 1 , 0 0 0 into your bank account. If the bank pays 4 % interest per annum, how much will you accumulate in your account at the end of 1 0 th year? b ) You will require $ 7 0 0 in 5...

Q:

q4 Question completion 16 10 Moving to another question will save this response. Question 4 You deposit $1.000 in your bank account. If the bank pays 4% interest, how much will you accumulate in your...

Q:

What are the products of chemical weathering in a subtropical to tropical climate?

Q:

What are the advantages of disadvantages of e-marketers creating fast-loading low-graphics versions of their Web sites to accommodate slower connection speeds in emerging economies?

Q:

What is the TIE ratio in 1 9 9 3 ? Question 1 options: 3 . 4 2 1 . 3 4 5 . 4 2 none of the above

Q:

A particle is moving in three dimensions and its position vector is given by; r(t) = (4, 4t + 2, 3t)i + (4, 5t - 2, 3)2 + (3, 3t + 3, 1t)k where r is in meters and t is in seconds. Determine the...