1. At the time of her grandson’s birth, a grandmother deposits $2000 in an account that pays 7.5% compounded monthly. What will be the value of the account at the child’s twenty-first birthday, assuming that no other deposits or withdrawals are made during this period? How much interest was earned in the account?
2. You deposit $1000 in an account that pays 8% interest compounded semiannually. After years, the interest rate is increased to 8.16% compounded quarterly. What will be the value of the account after a total of 6 years?
3. A depositor opens a new savings account with $6000 at 5% compounded . At the beginning of year 3, an additional $4000 is deposited. At the end of years four years, what is the balance in the account?
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