# 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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(5pts)

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

21)

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?

(5pts)

a. \$38,122.26

b. \$7995.60

c.\$8122.26

d. \$8092.04

22)

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?

(5pts)

a. \$225.29

b. \$219.72

c. \$110.96

d. \$224.14

23)

Solve the problem.

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

(5pts)

a. -7.48%

b. 12.52%

c. 1.25%

d. 2.52%

24) Solve the problem.

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

(5pts)

a. -5.41%

b. 4.59%

c. 2.27%

d. 0.38%

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