Finance Questions & Answers

Use the formula to answer the question: \( A=P\left(1+\frac{r}{n}\right)^{n t} \) Find the balance if \( \$ 28000 \) is invested in an account paying \( 2 \% \) interest compounded monthly for 5 years. Round your answer to the nearest cent. Do not type the dollar symbol; it is provided for you. The account balance will be \( s \)

A bank features a savings account that has an annual percentage rate of \( r=3.6 \% \) with interest compounded weekly. Maria Fernanda deposits \( \$ 6,500 \) into the account. The account balance can be modeled by the exponential formula \( S(t)=P\left(1+\frac{r}{n}\right)^{n t} \), where \( S \) is the future value, \( P \) is the present value, \( r \) is the annual percentage rate, \( n \) is the number of times each year that the interest is compounded, and \( t \) is the time in years. (A) What values should be used for \( P, r \), and \( n \) ? \( P=\square=\square \) (B) How much money will Maria Fernanda have in the account in 8 years? Answer = \( \$ \square \) Round answer to the nearest penny.

Use the formula to answer the question: \( A=P\left(1+\frac{r}{n}\right)^{n t} \) Find the balance if \( \$ 27000 \) is invested in an account paying \( 6.5 \% \) interest compounded semi-annually for 7 years. Round your answer to the nearest cent. Do not type the dollar symbol; it is provided for you. The account balance will be \( \$ \)

Suppose you want to have \( \$ 600,000 \) for retirement in 35 years. Your account earns \( 10 \% \) interest. How much would you need to deposit in the account each month?

TOPIC \( 3- \) FINANCIAL MATHS Question 1 ( 1 mark) Lexi is paid an annual salary of \( \$ 164,800 \). What does this work out to per fortnight?

Find the final amount of money in an account if \( \$ 6,400 \) is deposited at \( 3 \% \) interest compounded semi- annually and the money is left for 8 years. The final amount is \( \$ \square \). Round answer to 2 decimal places

Find the final amount of money in an account if \( \$ 1,800 \) is deposited at \( 7 \% \) interest compounded semi- annually and the money is left for 8 years. The final amount is \( \$ \) Submit Question

Find the final amount of money in an account if \( \$ 1,800 \) is deposited at \( 7 \% \) interest compounded semi- annually and the money is left for 8 years. The final amount is \( \$ \square \). Round answer to 2 decimal places

Trish invests \( \$ 5,000 \) in her IRA in a bond trust that pays \( 5 \% \) interest compounded quarterly. Sean invests \( \$ 5,000 \) in his IRA in a certificate of deposit that pays \( 4.9 \% \) compounded continuously. Who has more money after 20 years, Trish or Sean? Note: The compound interest formulas are, in no particular order, \( \mathrm{A}=\mathrm{P}\left(1+\frac{\mathrm{r}}{\mathrm{n}}\right)^{\mathrm{nt}} \) and \( \mathrm{A}=\mathrm{Pe}^{\mathrm{t}} \) After 20 years, Trish will have \( \$ \square \). (Round to the nearest cent as needed.) After 20 years, Sean will have \( \$ \square \). (Round to the nearest cent as needed.) After 20 years, \( \square \) will have more money.

How much money needs to be deposited now into an account to obtain \( \$ 5,100 \) in 9 years if the interest rate is \( 5.5 \% \) per year compounded continuously? \( \$ \) Round your answer to 2 decimal places