Money + exponential function - practice problems - page 2 of 5
Number of problems found: 85
- Five years
Nakato Nobuki, a Japanese artist, wants to have $24,000.00 in his savings account at the end of five years. Mr. Nobuki deposits $1,500.00 annually into savings and has a balance of $8,000.00 today. What must the interest rate on the savings account be for - Future value investment
Poseidon deposited 2,747 golden drachmas in a Mount Olympus college savings account to ensure Percy could attend college. It pays 0.04 (percent in decimal form) annual interest. After 11 years, he withdraws the money. How much more money would he have if - Governments 41931
Father put €600 in a bank that pays government interest at a rate of 3%p. A. Grandfather put €610 in a bank that will make governments at a rate of 2%p. A. Which will have more money if they withdraw from the bank after one year? - Maturity value
IKEA Furniture can purchase furniture with a three-year simple interest loan at 8% interest per year. What is the maturity value of a 3500 loan?
- Saving for education
Suppose a couple invested Php 50 000 in an account when their child was born to prepare for a college education. If the average interest rate is 4.4% compounded annually, a, Give an exponential model for the situation b, Will the money be doubled by the t - You take
You take out Php 20000 loan at a 5% interest rate. If the interest is compounded annually, a. Give an exponential model for the situation b. How much Will you owe after ten years? - Two years
Roy deposited 50,000.00 into his account, paying 4% annual interest compounded semi-annually. How much is the interest after two years? - Annual interest
A loan of 10 000 euros is to be repaid in annual payments over ten years. Assuming a fixed 10% annual interest rate compounded annually, calculate: (a) the amount of each annual repayment (b) the total interest paid. - Interest rate
We borrowed CZK 50,000. The annual interest rate was 6%. We have to repay the entire debt in 5 years. How much will we pay? (use the compound interest relationship).
- How much 2
How much money would you need to deposit today at 5% annual interest compounded monthly to have $2000 in the account after nine years? - If you 4
If you deposit $2500 in an account paying 11% annual interest compounded quarterly, how long until there is the $4500 in the account? - Deposit account
How much money will be in the account after ten years if you deposit $4500 at a quarterly 5% annual interest compound? - If you 2
If you deposit $4000 into an account paying 9% annual interest compounded monthly, how long until there is $10000 in the account? - Semiannually compound interest
If you deposit $ 5,000 into an account paying 8.25% annual interest compounded semiannually, how long until there is $9350 in the account?
- Present value
A bank loans a family $90,000 at a 4.5% annual interest rate to purchase a house. The family agrees to pay the loan off by making monthly payments over 15 years. How much should the monthly payment be in order to pay off the debt in 15 years? - Savings
Suppose on your 21st birthday you begin making monthly payments of $500 into an account that pays 8% compounded monthly. If you continue the payments until your 51st birthday (30 years), How much money is in your account? How much of it is interesting? Sh - Future value
Suppose you invested $1000 per quarter over 15 years. If money earns an annual rate of 6.5% compounded quarterly, how much would be available at the end of the time period? How much is the interest earned? - Retirement annuity
How much will it cost to purchase a two-level retirement annuity that will pay $2000 at the end of every month for the first ten years and $3000 per month for the next 15 years? Assume that the payment represents a rate of return to the person receiving t - Beginning 31671
At the beginning of the year, Mr. Novák borrowed CZK 30,000 for two years with an interest rate of 11.8%. He will repay the debt at once after two years. The bank pays interest once a year, always at the end of the year. How much does Mr. Novák have to re
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