How to open a savings account to save for new house

Assignment Help Econometrics

Reference no: EM13243599

You open a savings account to save for a new house. Everymonth you put $100 into a savings account which pays 5% interest compounded monthly. At the end of each year you receive a $500 bonus which you place directly into your "housefund". How much is in this account after 5 years?

Reference no: EM13243599

Questions Cloud

Explain the three isomeric alcohols : Given the three isomeric alcohols, 2,2-dimethyl-1-butanol, 2-methyl-2-pentanol, and 2-methyl-3-pentanol, which are chiral

How long is a broken machine out of service : How long is a broken machine out of service and how many machines are awaiting repair - the repair time follows an exponential distribution, and Ray repairs the machines in the order in which they break down.

Explain the aspects of expansionary and contractionary : Explain the aspects of expansionary and contractionary fiscal policy. During which phases of the business cycle would each be appropriate?

What is the banking angle : A velodrome track is banked so that a bicycle traveling at 43.5 km/h will have no tendency to slip to either side when traveling on the path that has a radius of curvature of 59.0 m

How to open a savings account to save for new house : You open a savings account to save for a new house. Everymonth you put $100 into a savings account which pays 5% interest compounded monthly.

Explain what is the value of ecell for a concentration cell : What is the value of Ecell for a concentration cell that combines silver electrodes in contact with 0.10 M silver nitrate and 0.00003 M silver nitrate solutions? ( E = + 0.80 V for Ag/Ag+)

Find the radius of the hole : A tank, full of liquid of depth h, and top surface area A, is at rest on a frictionless table. Find the radius of the hole in terms of the h, k, ?, x, and g the acceleration of gravity

Calculate the present worth-year 0 of a lease : Calculate the present worth (year 0) of a lease that requires apayment of $20,000 now and amounts increasing by 5% per year through year 10. Use an interestrate of 14% per year.

Explain raidum-226 decays to radon-224 : Raidum-226 (atomic mass=226.025402 amu) decays to radon-224 (a radioactive gas) with a half-life of 1.6 x 10^3 year. What volume of radon gas a (25 degrees C and 1.0 atm) is produced by 1.0 g of radium in 5.0 days

User Account

All Pages