Your bank account pays a nominal interest rate of 6 percent, but interest is compounded daily (on a 365-day basis). Your plan is to deposit $500 in the account today. You also plan to deposit $1,000 in the account at the end of each of the next three years. How much will you have in the account at the end of three years, after making your final deposit? ( )
A: $3,500
B: $3,164
C: $2,591
D: $3,788
E: $3,779
A: $3,500
B: $3,164
C: $2,591
D: $3,788
E: $3,779
举一反三
- Centre Bank pays 2.5 percent interest, compounded annually, on its savings accounts. Country Bank pays 2.5 percent simple interest on its savings accounts. You want to deposit sufficient funds today so that you will have $1,500 in your account 2 years from today. The amount you must deposit today:
- Today, you deposit $2,400 in a bank account that pays 4 percent simple interest. How much interest will you earn over the next 5 years?
- If you want to save up $60,000 in your account at the end of 3 years, and the compound interest rate is 6% per annum, how much should you deposit today? A: 10,000 / (1+0.06)3 B: 60,000 x (1+0.06)3 C: 60,000 / (1+0.06)3 D: 10,000 / (1+0.06)2
- The Bluebird Company has a $10,000 liability it must pay three years from today. The company is opening a savings account so that the entire amount will be available when this debt needs to be paid. The plan is to make an initial deposit today and then deposit an additional $2,500 a year for the next three years, starting one year from today. The account pays a 3% rate of return. How much does the Bluebird Company need to deposit today? （ ） A: $1,867.74 B: $2,079.89 C: $3,108.09 D: $4,276.34
- 1.Suppose you deposit $10,000 in an account in the beginning of 2020. If the account earns 4%, how much will be in the account at the end of 2020?