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Home Question Bank Economics Archive 2024 December 17

Economics Questions from Dec 17,2024

Browse the Economics Q&A Archive for Dec 17,2024, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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Ashley is going to invest in an account paying an interest rate of \( 5.6 \% \) compounded continuously. How much would Ashley need to invest, to the nearest dollar, for the value of the account to reach \( \$ 2,080 \) in 16 years? Evan is going to invest in an account paying an interest rate of \( 4.4 \% \) compounded monthly. How ml would Evan need to invest, to the nearest dollar, for the value of the account to reach \( \$ 41,000 \) in 8 years? Amira is going to invest in an account paying an interest rate of \( 2.1 \% \) compounded quarterly. How much would Amira need to invest, to the nearest ten dollars, for the value of the account to reach \( \$ 880 \) in 9 years? Katherine is going to invest in an account paying an interest rate of \( 3.8 \% \) compounded daily. How much would Katherine need to invest, to the nearest dollar, for the value of the account to reach \( \$ 1,180 \) in 17 years? Jocelyn invested \( \$ 3,700 \) in an account paying an interest rate of \( 1.5 \% \) compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 6 years? Q5) You need a 25 year, fixed-rate mortgage to buy a new home for \( \$ 350,000 \). Your mortgage bank will lend you the money at a \( 4.5 \% \) APR (semiannual) for this loan. However, you can afford monthly payments of \( \$ 1,700 \). So you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at the amount you can afford? ( 10 points) Zoe invested \( \$ 16,000 \) in an account paying an interest rate of \( 3.6 \% \) compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 20 years? Jackson invested \( \$ 52,000 \) in an account paying an interest rate of \( 2.1 \% \) compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 17 years? Jennifer's investment account balance grew from \( \$ 400 \) to \( \$ 432.76 \) in 5 months. What annual rate of simple interest does her account pay? Gordon has a Canada Savings Bond that pays \( \$ 150 \) in simple interest Natalie invested \( \$ 1,200 \) in an account paying an interestrate of \( 6.4 \% \) compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 17 years?
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