Answer:
The amount in the account in the beginning of the 6th year is $6375 .
Step-by-step explanation:
Formula
As given
You invest $5000 in an account at 5.5% per year simple interest.
Principle = $ 5000
Rate = 5.5 %
Time = 5 years
(As calculate amount in the account for beginning of 6th year.)
Putting all the values in the formula
Simple interest = $ 1375
Amount = Principle + Simple interest
Putting values in the above formula
Amount = $5000 + $1375
Amount = $ 6375
Therefore the amount in the account in the beginning of the 6th year is $ 6375 .
Answer:
=-4/-12=1/3 is your answer
Answer:
$501,049.37
Step-by-step explanation:
For computing the amount after 22 years we need to applied the future value which is shown in the attachment below:
Given that
PMT = $9,000
NPER = 22 years
Annual rate = 0.078
Quarterly= 0.078 ÷ 4 = 0.0195
Effective annual rate = (1.0195^4) - 1 = 0.0803113041
Now applied the formula which is given below
= -FV(RATE;NPER;PMT;PV)
After applying the above formula, the future value is $501,049.37