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You win $2900 from your favorite slot machine, and you decide to invest the amount at a 3.6% APR for 5 years at Wells Fargo.   A) If your winnings are invested in a simple interest account, how much money will be in the account after 5 years? Enter numbers only. Do not enter the “$” symbol or words. $[simpacct]   B) Instead of a simple interest account, suppose your winnings are invested at 3.6% APR in a compound interest account with monthly compounding. How much money will be in your account after 5 years? Enter numbers only. Do not enter the “$” symbol or words. Do not leave any answer blank.   Fill in the blanks below that correspond to what you would type into the TVM-Solver in your calculator: N = [N] I% = [I] PV  = [PV] PMT = [PMT] P/Y = [PY] C/Y = [CY]   * Enter the future value (FV) that will be in the account after 5 years. Enter numbers only. Do not enter the “$” symbol or words. NOTE: If you decide to use the textbook formula to compute the future value (instead of the TVM-Solver), round intermediate steps to 4 decimal places. Round the final answer to the nearest cent (or 2 decimal places).   The future value of the account after 5 years will be: $[compacct]

Use the compound interest formula for compounding more than once a year to determine the accumulated balance after the stated period.$400 deposit at an APR of 3% with quarterly compounding for 3 years

Calculate the balance under the given assumptions.Find the savings plan balance after 18 months with an APR of 4% and monthly payments of $543.

Use the compound interest formula for compounding more than once a year to determine the accumulated balance after the stated period.$6000 deposit at an APR of 3% with daily compounding for 7 years

Solve the problem.Suppose you start saving today for a $5000 down payment that you plan to make on a condo in 2 years. Assume that you make no deposits into the account after your initial deposit. The account has annual compounding and an APR of 5%. How much would you need to deposit now to reach your $5000 goal in 2 years?

Calculate the amount of interest you’ll have at the end of the indicated period.You invest $8000 in an account that pays simple interest of 2% for 4 years Save

You win $6200 from your favorite slot machine, and you decide to invest the amount at a 2.4% APR for 9 years at Wells Fargo.   A) If your winnings are invested in a simple interest account, how much money will be in the account after 9 years? Enter numbers only. Do not enter the “$” symbol or words. $[simpacct]   B) Instead of a simple interest account, suppose your winnings are invested at 2.4% APR in a compound interest account with monthly compounding. How much money will be in your account after 9 years? Enter numbers only. Do not enter the “$” symbol or words. Do not leave any answer blank.   Fill in the blanks below that correspond to what you would type into the TVM-Solver in your calculator: N = [N] I% = [I] PV  = [PV] PMT = [PMT] P/Y = [PY] C/Y = [CY]   * Enter the future value (FV) that will be in the account after 9 years. Enter numbers only. Do not enter the “$” symbol or words. NOTE: If you decide to use the textbook formula to compute the future value (instead of the TVM-Solver), round intermediate steps to 4 decimal places. Round the final answer to the nearest cent (or 2 decimal places).   The future value of the account after 9 years will be: $[compacct]

Calculate the amount of interest you’ll have at the end of the indicated period.You invest $6000 in an account that pays simple interest of 4% for 1 year.

You win $2100 from your favorite slot machine, and you decide to invest the amount at a 4.8% APR for 7 years at Wells Fargo.   A) If your winnings are invested in a simple interest account, how much money will be in the account after 7 years? Enter numbers only. Do not enter the “$” symbol or words. $[simpacct]   B) Instead of a simple interest account, suppose your winnings are invested at 4.8% APR in a compound interest account with monthly compounding. How much money will be in your account after 7 years? Enter numbers only. Do not enter the “$” symbol or words. Do not leave any answer blank.   Fill in the blanks below that correspond to what you would type into the TVM-Solver in your calculator: N = [N] I% = [I] PV  = [PV] PMT = [PMT] P/Y = [PY] C/Y = [CY]   * Enter the future value (FV) that will be in the account after 7 years. Enter numbers only. Do not enter the “$” symbol or words. NOTE: If you decide to use the textbook formula to compute the future value (instead of the TVM-Solver), round intermediate steps to 4 decimal places. Round the final answer to the nearest cent (or 2 decimal places).   The future value of the account after 7 years will be: $[compacct]

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