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What is the balance in Lee account

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Question 1 - Sam Long anticipates he will need approximately $225,600 in 15 years to cover his 3-year-old daughter's college bills for a 4-year degree.

How much would he have to invest today at an interest rate of 6% compounded semiannually?

Question 2 - Lynn Ally, owner of a local Subway shop, loaned $62,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 10 years with 4% interest compounded semiannually.

How much will Lynn receive at the end of 10 years? (Use the Table provided.)

Question 3 - Molly Hamilton deposited $68,000 at Bank of America at 12% interest compounded quarterly.

What is the effective rate (APY)?

Question 4 - Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 12% interest compounded semiannually. Four Rivers offers 8% interest compounded quarterly. Melvin has $11,100 to invest. He expects to withdraw the money at the end of 8 years.

Calculate interest for each bank and identify which bank gives Melvin the better deal?

Question 5 - Lee Holmes deposited $15,000 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Lee deposits an additional $40,000 at 9% interest compounded semiannually.

At the end of 6 years, what is the balance in Lee's account? (Use the Table provided.)

Reference no: EM132604321

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