Savings Account Assignment | Assignment Help Services

Kerry invests $553 in a savings account that earns 3.4% compounded annually. Andy invests $553 in a savings account that earns 5% compounded annually. How much is in each of their accounts after 10 years and after 20 years?

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a. Kerry: $772.56; $1079.28

Andy: $900.78; $1467.27

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b. Kerry: $722.59; $944.18

Andy: $817.03; $1207.13

c. Kerry: $747.15; $1043.80

Andy: $857.88; $1397.40

d. Kerry: $825.98; $825.98

Andy: $993.11; $993.11


Solve the problem.

A small company borrows $30,000 at 4% compounded monthly. The loan is due in 6 years. How much interest will the company pay?


a. $38,122.26

b. $7995.60


d. $8092.04


Solve the problem.

John Lee’s savings account has a balance of $3662. After 3 years, what will the amount of interest be at 2% compounded semiannually?


a. $225.29

b. $219.72

c. $110.96

d. $224.14


Solve the problem.

Determine the effective annual yield for $1 invested for 1 year at 2.5% compounded quarterly.


a. -7.48%

b. 12.52%

c. 1.25%

d. 2.52%

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24) Solve the problem.

Determine the effective annual yield for $1 invested for 1 year at 4.5% compounded monthly.


a. -5.41%

b. 4.59%

c. 2.27%

d. 0.38%

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