1. Prior to starting college, Rita Rivera's parents deposited $15,000 in a 5-year certificate of deposit (CD) at Liberty Bank that pays 4% interest. Rita will receive the money, plus interest, if she completes her bachelor's degree at the end of the 5 years. Determine the balance in Rita's account after 5 years.
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1. Prior to starting college, Rita Rivera's parents deposited $15,000 in a 5-year certificate of deposit (CD) at Liberty Bank that pays 4% interest. Rita will receive the money, plus interest, if she completes her bachelor's degree at the end of the 5 years. Determine the balance in Rita's account after 5 years.
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- Your parent started to deposit monthly $20,000 in the bank 2 years after birth. The bank offers are fixed interest rate of 6%. On his 18th birthday, your parents decide to withdraw the money that deposited to pay for your college tution. How much money can they expected withdraw?At the beginning of your freshman year, your favorite aunt and uncle deposit $10,000 intoa 4-year bank certificate of deposit (CD) that pays 5% annual interest. You will receive themoney in the account (including the accumulated interest) if you graduate with honors in4 years. How much will there be in the account after 4 years?At the beginning of Gabe’s freshman year. His favorite uncle deposit P10,000 into a four- year bank certificate of deposit that pays 5% annual interest. He will receive the money in the account (including the accumulated interest) if he graduates with honors in four years. How much will there be in the account after four years?
- Jeanne has just graduated from high school and has received an award for $5,000. She would like to deposit the money in an interest earning account until she graduates from college (i.e., four years from now). In her search for the highest interest earning account, she has narrowed the list down to the following two accounts: 1) bank A pays 9 percent interest compounded annually, and 2) bank B pays 8 percent interest compounded semiannually. Which is the better offer, and how much will Jeanne have upon graduation from college?On the day your daughter is born, you deposit $1,000 in a college savings account that earns 8% compounded annually. On each of her birthdays thereafter, up to and including her 18th birthday, you deposit an additional $1,000. How much money is in the college account the day after her 18th birthday? a. $37,450 b. $38,950 c. $41,450 d. $46,800.1. Find the simple interest earned on a deposit of $5,750 that is left on deposit for 3.5 years and earns anthe annual interest rate of 4.5%.2. Three years after investing $15,000, a retired couple received a check for $3,375 in simple interest. Findthe annual interest rate their money earned during that time.3. For their newborn child, parents deposit $10,000 in a college account that pays 8% interest,compounded annually. How much will be in the account on the child’s 17th birthday?4. If the parents in part c invested $10,000 in an account paying 8%, compounded quarterly, how muchmore money would they have after 17 years?5. What sum must be deposited today at 18% per year compounded monthly if the goal is to a compoundamount of $50, 000 six years from today? How much interest will be earned during this period?
- At the beginning of Gabe’s freshman year, His favorite uncle deposit ₱10,000 into a four-year bank certificate of deposit (CD) that pays 5% annual interest. He will receive the money in the account (including the accumulated interest) if he graduates with honors in four years. How much will there be in the account after four years?When Kaitlin had 2 years left in college, she took out a student loan for $12,295. The loan has an annual interest rate of 5.7%. Kaitlin graduated 2 years after acquiring the loan and began repaying the loan immediately upon graduation. According to the terms of the loan, Kaitlin will make monthly payments for 5 years after graduation. During the 2 years she was in school and not making payments, the loan accrued simple interest. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. If necessary, refer to the list of financial hirmules (a) If Kaitlin's loan is subsidized, find her monthly payment. Subsidized loan monthly payment: $|| (b) If Kaitlin's loan is unsubsidized, find her monthly payment. Unsubsidized loan monthly payment: $[]When you were born, your parents started to deposit monthly $1,000 in the bank. The bank offers a fixed interest rate of 13 percent. On your 18th birthday, your parents decide to withdraw the money that they deposited to pay for your college tuition. How much money can they expect to withdraw?
- A father wants to set aside money for his 5-year old son's future college education. Money can be deposited in a bank account that pays 8.28 % per year, compounded annually. What equal deposits should be made by the father on his son's 6th through 17th birthday, in order to provide Php 5507 on the son's 18th, 19th, 20th, and 21st birthday? Round off to two decimal places.Avril deposited $800 in his bank at 1.5% for five years. Use the simple interest formula to calculate the amount of interest Avril will earn. Calculate the future value of her deposit.3. Shondra wishes to accumulate a college fund for her daughter by making 17 equal annual deposits be- ginning on the daughter's first birthday. The fund will be used to make four annual tuition payments beginning on the daughter's 18th birthday. The first tuition payment will be $15,000, with the subsequent payments increasing by 8% each year. Shondra earns interest on her investment at a 5% annual effective rate. Determine the minimum amount of her annual deposit. A. Less than $2,200 B. At least $2,200, but less than $2,400 C. At least $2,400, but less than $2,600 D. At least $2,600, but less than $2,800 E. At least $2,800