from this account and put into another account earning 2% effective annual interest. Find the accumulated value in the second account after 50 years (when the first account is completely depleted.) Also, fill in the following table (or, redraw the table on your solution sheet being handed in and fill it in).
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- Suppose $1,200 is deposited into an account which has an annual percentage rate of 9.81% per year. Assume it remains in the account for 18 years and no additional money is added to the account other than interest. (a) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18, of assuming interest is compounded annually. Do not round any values. You can enter arithmetic expressions (containing +, -, *, /, or ^) in any of these boxes. Number 1200 •( Number What is the value in year x = 18 of an investment of $1,200 dollars which pays 9.81% compounded annually? $ Number (Round to the nearest 0.01 dollars) (b) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18, assuming interest is compounded weekly (52 times per year). Do not round any values. You can enter arithmetic expressions (containing +, –, *, /, or ^) in any of these boxes. Number 1200 ( Number What is the value in year x = 18 of an investment of $1,200…Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account. A $13,000 deposit in an account with an APR of 4.5%. The balance in the account after 1 year is approximately $nothing. find the APY for the account.$10, 000 is deposited into an account earning 3% effective annual interest. At the end of each year, the interest earned in that year plus an additional $500 is withdrawn from this account and put into another account earning 6% effective annual interest. Find the accumulated value in the second account after 20 years (when the first account is completely depleted.) Also, fill in the following table (or, redraw the table on your solution sheet being handed in and fill it in). Year Amount in 1st account Amount deposited into 2nd account
- An amount of $4,000 is deposited into an account for which the interest rate is 5% per annum. Calculate the amount in the account after 7 years, if the interest is compounded continuously. Give your answer in dollars, rounded correct to the nearest cent. (Enter the number only, do not type a $ sign.) $ ?Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account. A $20,000 deposit in an account with an APR of 2.5%. The balance in the account after 1 year is approximately $ (Round to the nearest cent as needed.)Use the formula for continuous compounding to compute the balance in the account after 1,5, and 20 years. Also, find the APY for the account. A $14,000 deposit in an account with an APR of 2.5 % .
- Suppose that $10,000 is deposited into a saving account that earns 6% interest, compounded annually.a) Assuming that no additional deposits or withdrawals are made, use the appropriate compound interestfactors to determine how much the account will be worth:i) After 5 years;ii) After 20 years. b) Verify that your answers in part (a) are correct by constructing a table or spreadsheet that shows howthe initial deposit will grow each year over 20 years. At a minimum, your table or spreadsheet shouldinclude a row for each year and show: the amount of money in the savings account at the start of each year. the amount of interest earned each year; and the amount of money in the savings account at the end of each year, after interest is paid.Be sure to briefly explain how your table or spreadsheet verifies your results from part (a). c) Again assuming that no additional deposits or withdrawals are made, how many years will it take untilthere is at least $50,000 in the account?1) Let y be the balance in an account if you deposit $5000 for x years at 4% APR compounded monthly. USE ALL DECIMALS except in e and fand h! a) Write the formula for y = f(x) b) Then rewrite the formula as an annual compounding (APY) formula as shown in the Lecture 16 notes. y = (rewritten). c) The APY (clear from part b) is: d) Then use the 2âd version of y to write y ' - e) How much is the investment worth after 7 years? f) How fast is the investment growing after 7 years? g) What is the percentage rate of growth (PROC) after 7 years as a percent? USE ALL DECIMALS! h) Write a sentence translating into English your answer for f' (7) : i) Show the second way to find the derivative of your formula in a) using the chain rule (as found in the chain rule lecture): j) Find y'(7) from your answer in j and confirm it is the same (at least to 7 decimals) as using the formula in d.Suppose $3500 is deposited in an account paying 4% interest compounded continuously for 5 years. Find the total amount in the account at the end of 5 years. Give your answer to the nearest hundredth (two decimal places).Total Amount: Find the total amount of interest accrued over the 5-year period. Give your answer to the nearest hundredth (two decimal places).Interest Accrued:
- Suppose that you deposit $7000 in a savings account that pays 4% annual interest, with interest credited to the account at the end of each year. Assuming that no withdrawals are made, complete the following: a. Find the balance in the account after 5 years. b. Find the balance of the account after 9 years and 10 months.Let y be the balance in an account if you deposit $5000 for x years at 4% APR compounded monthly. USE ALL DECIMALS a) Write the formula for y = f(x) b) Then rewrite the formula as an annual compounding (APY) formula y = c) The APY (clear from part b) is:Suppose that $17,000 is deposited in an account and the balance increases to $19.554.05 after 2 years. How long will it take for the account to grow to $33,757.867 Assume continuous compounding. it will take about 13.72 years for $17.000 to grow to $33,757.86 Round to the nearest landh as needed)