A financial agreement requires the payment of $1200 in 9 months, $1400 in 18 months, and $1600 in 30 months. When would an alternative single payment of $4000 have to be made if money is worth 7%...
A financial agreement requires the payment of $1200 in 9 months, $1400 in 18 months, and $1600 in 30 months. When would an alternative single payment of $4000 have to be made if money is worth 7%...
I did use the formula FV=P(1+r/m)∧mt but I got the wrong answer.
The bank offers you a 6% continuously compounding interest rate. If the bank offers you an equivalent interest rate compounded quarterly, what will that interest rate be (use 3 significant figures...
If Tanisha has ?$1,000 to invest at 8?% per annum compounded quarterly ?, how long will it be before she has ?$2,050?? If the compounding is? continuous, how long will it? be? Compounding...
$100 invested at 3% compounded quarterly after a period of 4 years. After 4 years, the investment results in $__ (Round to the nearest cent.
$700 invested at 2% compounded quarterly after a period of 3 1/2 years. After 3 1/2 years, the investment results in $__?
$600 invested at 3% compounded daily after a period of 3 years. After 3 years, the investment results in $__?
$10 invested at 12% compounded continuously after a period of 4 years. After 4 years, the investment results in $__?
To get $600 after 3 years at 10% compounded monthly. The present value of $600 is $__?
Alice keeps meaning to invest more in her RRSP. Her original plan was to invest $6000 eight months ago and an additional $7000 in four months. Unfortunately due to unforseen circumstances, she was...
Maximus invests a sum of money in a bank account which earns 2%, and increases by 1% every 6 months. The interest is compounded monthly. He pulls out $4300 out of his account after 21 months. How...
Maximus invests a sum of money in a bank account which earns 2%, and increases by 1% every 6 months. The interest is compounded monthly. He pulls out $4300 out of his account after 21 months. How...
One year ago, Paul divided an investment of $42000 into two equal amounts placed in separate accounts. Both accounts have a nominal rate of interest of 8%. The first account is compounded quarterly,...
Big Stan has a choice of two different investment options. The first is to invest $13354 at 7% compounded continuously. The second is to invest $17217 at 7% compounded monthly. After 1 years, write...
my calculator keeps giving me the answer in scientific notation and that is no correct. i know how to do the problem but for some reason i cannot get the right answer.
Calculate the compound interest and the amount accruing when $ 10 000 is invested at 8% per annum for 3 years.
Mr. Jones borrowed $3,680 from Scotiabank for 6 months at 8.75% per annum. Find: (a) The sum of money Mr. Jones had to pay the bank as simple interest. (b) The total amount of money repaid...
New members of a golf club are admitted at the start of each year and pay an initiation fee of $2,000 immediately. Thereafter, members pay an annual membership fee of $400, which falls due at...
compound interest
Jim Jones deposited $19,000 in a savings account at 7% interest compounded daily. At the end of 6 years what is the balance in Jim's account?