Finance

posted by .

Your grandparents deposit $1,000 each year on your birthday, starting the day you are born, in an account that pays 6% interest compounded annually. How much will you have in the account on your 30th birthday, just after your grandparents make their deposit.

  • Finance -

    since its just after they deposit 1,000 then you multiply 29,000 x .06 = 1740. then add that to 30000 because they just deposited the 1,000. then you get $31,740

  • Finance -

    Suppose $500 is invested monthly at 4% compounded monthly, for
    10 years, then $600 is invested monthly at 6% compounded monthly, for
    10 years.

  • Finance -

    Find the future value of the ordinary annuity with payout of $20,000
    at 4.5% interest compounded annually for 12 years.

  • Finance -

    Suppose $500 is invested monthly at 4% compounded monthly, for
    10 years, then $600 is invested monthly at 6% compounded monthly, for
    10 years.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. fin

    If you deposit $10,000 in a bank account that pays 10 percent interest annually, how much money will be in your account after 5 year?
  2. finance

    You want to accumulate $1,000,000 in retirement funds by your 65th birthday. Today is your 30th birthday, and you plan on making annual investments into a mutual fund that you project will earn a 10% annual rate of return. Your first …
  3. time value

    For the last 19 years, Mary has been depositing $500 in her savings account , which has earned 5% per year, compounded annually and is expected to continue paying that amount. Mary will make one more $500 deposit one year from today. …
  4. Maths

    Grandpa places money in an account on your first birthday and will place that same amount in the account every year, ending with your 18th birthday. So there is a total of 18 deposits starting on first birthday. He expects to earn …
  5. Math

    Starting on her 21st birthday and continuing on every birthday up to and including her 65th, Jessie deposits $2,000 a year into an IRA. How much (to the nearest tenth) will be in the account on Jessie's 65th birthday if the account …
  6. Math Problem (please help)

    On the day of a child's birth, a deposit of $30,000 is made in a trust fund that pays 3% interest, compounded continuously. Determine the balance in this account on the child's 30th birthday. (Round your answer to two decimal places.)
  7. math

    On the day of your birth and on every birthday since your grandparents placed $1,000 in a savings account that pays 5% compounded annually. Assuming zero withdrawals, how much was your account worth on your 18th birthday?
  8. Finance

    . On the day that you were born, your grandfather opened a savings account in your name. At that time, he deposited a certain amount of money into the account, and has deposited the same amount on each of your first 20 birthdays. Today …
  9. Compound Interest

    I have no idea how to do this!! Please show work! Starting with the first, on each of Gideon's birthdays, Dr. Joe deposits $1100 into an account earning 2% interest compounded annually. What is the total amount in the account after …
  10. Math Help!

    On your birthday, you deposit $540.00 in an account that pays 6% interest, compounded annually. How much is in the account 3 years later?

More Similar Questions