Author Question: Suppose you put $100 into a savings account today, the account pays a nominal annual interest rate ... (Read 190 times)

09madisonrousseau09 · **on:** Apr 25, 2021

Question 1

Molly Costner deposits $2,500 in her checking account today. Her checking account pays interest of 2.5% compounded annually. Assuming Molly does not withdraw any funds and does not deposit any additional funds, how much will be in her account in 25 years?
◦ $4,096.54
◦ $3,750.00
◦ $4,102.52
◦ $4,634.86
◦ $4,062.50

Question 2

Suppose you put $100 into a savings account today, the account pays a nominal annual interest rate of 6 percent, but compounded semiannually, and you withdraw $100 after 6 months. What would your ending balance be 20 years after the initial $100 deposit was made?
◦ $226.20
◦ $115.35
◦ $62.91
◦ $9.50
◦ $3.00

gasdhashg · **Reply #1 on:** Apr 25, 2021

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