What will be total value of account including accumulated

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Problem 1: A savings account at bank X pays 7% interest compounded daily and a similar account at bank Y pays 7.5 % interest, compounded monthly. With the help of APY calculate which account will pay more to an investor who leaves $800 deposit for 3 years.

Problem 2: An individual who makes a $1,800 contribution to his I.R.A. at the end of each year for 25 years. All of his contributions receive a 10% annual rate of interest, compounded annually. What will be the total value of this account, including accumulated interest, at the end of the 20-year period?

Problem 3: An individual who makes a $2,000 contribution to his I.R.A. at the beginning of each year for 20 years. All of his contributions receive a 10% annual rate of interest, compounded annually. What will be the total value of this account, including accumulated interest, at the end of the 20-year period?

 

Reference no: EM132938360

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