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11 Nov 2019

John and Mary both decided to save up for retirement. They went to the bank together and John deposited $4000 into an account paying 3% interest compounded annually while Mary deposited $2000 into an account paying 5% interest compounded annually. How long will it be for both John's and Mary's account to have the same amount of money? How much will they have at that time?

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Keith LeannonLv2

15 Apr 2019

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I'm very confused on how i'm doing these problems. For the firstproblem I got $61,856.44 total, $23,256.44 of it is interest. That$61,856.44 is then inserted to the normal compound interest formulaand we get $243,800.78 with an interest of $205,200.78

I'm mostly caught up on #3 and I'm having a lot of difficultyeven getting it started.

Please answer both questions please. Thank you

1. Using Table 1---Find the Future Value of $5,000 at 6% interest compounded semi-annually for 2 years.

$5,627.55

$5.835.64

$5,527.55

$5,735.64

2.Using Table 2---Find the Compound Interest on $2,500 at .75% interest compounded daily by Leader Financial Bank for 20 days.

$1.02

$10.30

$1.03

$6.31

3.Using Table 3---Find the amount of money that needs to be invested in order to have $1,500 in 3 years if you would receive 2.5% interest compounded annually.

$1,376.45

$1,403.56

$1,259.35

$1,392.90

4.Using Table 1---Find the Future Value of a $7,000 investment at 2% interest compounded semi-annually for 6 years.

$7,877.68

$9,887.81

$7,887.81

$8,877.68

5.Using Table 2---How much Compound Interest is earned on a deposit of $1,500 at .5% interest compounded daily for 30 days.

$0.62

$3.69

$0.61

$0.90

Using Table 3---Find the amount of money that needs to be invested in order to have $4,000 in 2 years if you would receive 2% compounded quarterly.

$3,589.78

$3,712.34

$3,843.56

$3,413.96

Using Table 1---Find the Future Value of a $1,000 loan at 12% interest compounded monthly for 2 years.

$269.73

$1,324.56

$1,269.73

$324.56

Using Table 2---Find the Compound Interest for John McCormick. He can invest $8,000 at .5% interest for 15 days compounded daily.

$1.65

$2.75

$2.64

$1.64

Using Table 3---Find the amount of money that needs to be invested in order to have $1,800 in 1 year if you would receive 6% interest compounded monthly.

$1,695.44

$1,398.70

$1,595.45

$1,8.34.29

Using Table 1---Find the Future Value of $18,500 at 6% interest compounded quarterly for 4 years.

$23,476.32

$21,998.97

$22,668.33

$21,675.88

Using Table 2---Find the Compound Interest on $8,000 at 1.25% interest for 180 days if it is compounded daily.

$58.46

$49.46

$49.47

$48.49

Using Table 3---Find the amount of money that needs to be invested in order to have $4,000 in 4 years if you would receive 6% interest compounded quarterly.

$2,834.67

$3,315.21

$2,476.32

$3,152.12

Using Table 1---Find the Future Value of a $10,000 investment that is invested for 5 years at 4% interest compounded semi-annually.

$12,665.89

$12,189.90

$12,912.54

$10,189.90

Using Table 2---Find the Compound Interest on $2,000 at .75% interest compounded daily for 21 days.

$0.86

$1.06

$1.86

$0.76

Using Table 3---Find the amount of money that needs to be invested in order to have $2,000 in 5 years if you would receive 3% interest compounded semi-annually.

$1,9121.25

$1,723.34

$1,599.78

$1,898.51

Using Table 1---Find the Future Value of a $3,000 investment at 3% interest compounded semi-annually for 5 years.

$2,968.12

$3,481.62

$2,986.12

$3,418.62

Using Table 2---Find the Compound Interest on $5,000 at 2.5% interest compounded daily for 120 days.

$45.25

$41.26

$40.26

$41.25

Using Table 3---Find the amount of money that needs to be invested in order to have $700 in 6 years if you would receive 6% interest compounded quarterly.

$489.68

$409.68

$389.65

$498.59

Using Table 3---Dereck Anderson plans to buy a house in four years. He will make an $8,000 down payment on the property. How much should he invest today at 6% interest compounded quarterly to have the required amount in four years?

$8,000.00

$6,304.24

$7,354.78

$6,504.24

Using Table 1---If you were offered $600 today or $680 in one year; whichwould you accept if the $600 can be invested at 6% interest compounded semi-annually?

Neither amount

$600.00

$674.16

$680.00

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