3. You just inherited P1,000,000. While you plan to squander some of it away, how much should you deposit in an account earning 5% interest per year if you would like to have P1,000,000 in the account in 10 years?
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- How much money will you have in seven yearsif you deposit $7,000 in the bank at 8.5% interestcompounded daily?please help me answer this correctly with complete solution thank you! How much should you deposit in an account5% interest semi-annually if you want to have $25,000after 10 years?a. What is the effective annual interest rate if the nominal annual interest rate is 10%, compounded quarterly? b. What is the effective annual interest rate if the nominal annual interest rate is 10%, compounded monthly? c. What is the effective annual interest rate if the nominal annual interest rate is 10%, compounded daily? d. What is the effective annual interest rate if the nominal annual interest rate is 10%, compounded continuously? e. At what compounding period does the effective annual interest rate very closely approximate continuous compounding? (Consider to the nearest 0.0001)
- 2. How many years are required for your money to triple if it is invested at 9% compounded? a. annually b. semi-annually c. quarterly,Suppose you deposited $200 at the end of every year for seven years in an account that earned 6% annual effevtive interest. At the end of seven years, how much would the account be worth?Calculate the annual payouts C to be given for 15 years with an interest rate of 8% on an annuity with a present of value of $150,000. Round your answer to the nearest cent. Do not include the dollar sign in your answer.
- 4. How long will it take money to quadruple if it earns 7% compounded semi-annually?Tess wanted to have P100,000 on her bank account at the end of 8 years. She plans to deposit an amount at the beginning of each month at an interest rate of 3.5% compounded quarterly. a. What is her monthly deposits? b. What is the present worth of these deposits?How much is accumulated over two years in each of the following savings plans? a.$40at the end of each month for 24 months at 12 percent compounded monthly b. $30 at the end of the first month, $31 the end of the second month, and so forth, increasing by$1per month, at 12 percent compounded monthly
- 1. How much must you deposit each year to have $20,000 at the end of 15 years with money worth 7%?To have a total of $10,000 after 8 years, what principal do you have to deposit in a 4.5 percent saving account compounded monthly?8. An effective rate of interest, which is 12.75%, is equivalent to what percent if compounded continuously.