You saved $10,943.89 in an emergency fund. One fourth is in a regular savings account at a 3.5% APR, and the remainder is in a 30-day CD at a 4.57% APR. What is the difference in the amount of interest earned in 30 days between the two savings instruments?
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- You are looking at two savings accounts. One pays 5.25%, with daily compounding. The other pays 5.3% with semiannual compounding. Which account should you use? ÖÖ 11:04 /Your fixed expenses are $1,328.90/month and you saved 4 months' worth in an emergency fund. You place half in a 45-day CD at a 4.5% APR and the remainder in a regular savings account at a 3.2% APR. How much total interest do you earn in 45 days?Your savings account currently has a balance of$32,300. You opened the savings account two yearsago and have not added to the initial amount youdeposited. If your savings have been earning anannual interest rate of 2 percent, compoundedannually, what was the amount of your originaldeposit?
- I need help figuring out which table to use in this question. Either: compound value, present value, amount of annuity, present value of annuity, or sinking fund. With the answer being $303.65. On February 11, Peg Carry borrowed $25,000 at 2.65% interest. Interest and principal are due on July 26. What is the interest cost? Use an ordinary method (360 days).Suppose Eli deposits $1,000 into a savings account. The savings account earns4.2% compounded monthly. Find the APY for the account. Round the percent to two decimals.Paige is planning on depositing $1,000 in one of two different savings accounts from two financial institutions: MoneyFirst and MakeCents. The MoneyFirst account offers an interest rate of 0.15% APR, compounded monthly. The MakeCents account offers an interest rate of 0.14% APR, compounded weekly. Which is the better financial decision: the higher interest rate or the more frequent compounding? Higher interest rate More frequent compounding
- You deposited $8,300 in a savings account. The account will earn 8 percent annual compound interest, which will be added to the fund balance at the end of each year. Factors to use for n=10, I =8% (DO NOT USE ANY OTHER FACTORS OR EQUATIONS) Present Value of $1 0.46319Present Value of an Annuity of $1 6.71008 Future Value of $1 2.15892 Future Value of an Annuity of $1 14.48656 What is the total interest earned for the 10 years?When $8,600 is invested in a savings account paying simple interest for the year, the interest, i in dollars, can be obtained from the equation i=8,600r, where r is the rate of interest in decimal form. Graph i=8,600r, for r up to and including a rate of 16%. If the rate is 7%, how much interest is earned? OA. $6,020 OB. $602 OC. $586 OD. $622You have just opened a savings account which pays monthly interest at a rate of j12 = 5.5% p.a. You wish to accumulate $20,000 by depositing the same amount into the account at the end of each month, for 2 years, starting in a month's time. a) Determine the required size for the monthly deposit, R. Apply a sanity check. b) Construct a sinking fund table showing 24 deposits with a fixed interest rate of 5.5%. Describe and apply a sanity check to your table. c) Suppose that the interest rate is renewed every three months (quarterly) over the course of the two years as follows: Year 1 Q1 5.5% 02 Q3 2.8% 4.5% 04 01 4.0% 4.2% Year 2 Q2 04 03 3.8% 2.5% 7.5% If you maintain the same monthly deposit of R determined in part a), find the size of your sinking balance after two years. Will you meet your target of $20,000? Describe and apply a sanity check for your answer. d) Construct a sinking fund table showing 24 deposits with the variable interest rate. Describe and apply a sanity check to…
- If you deposit $100 in a savings account at the end of each month for 2 years, the balance will be a function f (r) of the interest rate, r%. At 7% interest (compounded monthly), f (7) = 2568.10 and f (7) = 25.06. Approximately how much additional money would you earn if the bank paid 7 1/2 % interest?while at the bank, you see a brochure with two saving account options. One pays interest at 4.35% compounded quarterly while the other pays interest at 4.2% compounded continously. what is the effective annual rate for each savings accountCalculate the accumulated value at the end of year 22 of the following payments made into a savings plan: £1963 paid at the end of each year for years 2 to 7 and then £839 paid at the beginning of each year for years 14 to 22. Consider that the fund accumulates compoundly at an effective rate of interest of 3.2% pa and there are made no withdrawals from the fund during the term. (correct answer = 29337.15)