Solved Suppose you currently have $4,700 in your savings - Chegg

Question: Suppose you currently have $4,700 in your savings account, and your bank pays interest at a rate of 0.49% per month. If you make no further deposits or withdrawals, how …

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Mar 21, 2024 · Say you have $10,000 in a high-yield savings account that earns 4% APY, and you keep the money in the account for five years. If interest is compounded daily, you’d earn …

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Suppose You Currently Have $4,700 In Your Savings Account, And …

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Suppose you currently have $4,700 in your savings account, and your bank pays interest at a rate of 0.48% per month. If you make no further deposits or withdraws, how much will you have in …

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(i) Suppose You Currently Have $4800 In Your Savings Account, And …

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Apr 14, 2021 · (i) Suppose you currently have $4800 in your savings account, and your bank pays interest at a rate of 0.5% per month. If you make no further deposits or withdrawals, how much …

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FAQs about Solved Suppose you currently have $4,700 in your savings - Chegg Coupon?

How to calculate FV of 10 in a savings account?

It is possible to use the calculator to learn this concept. Input $10 (PV) at 6% (I/Y) for 1 year (N). We can ignore PMT for simplicity's sake. Pressing calculate will result in an FV of $10.60. This means that $10 in a savings account today will be worth $10.60 one year later. ...

How much is 10 a year in a savings account?

Input $10 (PV) at 6% (I/Y) for 1 year (N). We can ignore PMT for simplicity's sake. Pressing calculate will result in an FV of $10.60. This means that $10 in a savings account today will be worth $10.60 one year later. FV (along with PV, I/Y, N, and PMT) is an important element in the time value of money, which forms the backbone of finance. ...

How much interest does a savings account earn?

Interest = $10,000 * 0.04 * 1, which equals $400. Interest rates in the best savings accounts are above 4%. But other accounts earn much less. In fact, the national average savings rate is 0.42%. You can use NerdWallet’s savings calculator to figure out how much interest you could earn with different rates and time periods. ...

How do I calculate a savings account?

To calculate for a savings account where you make deposits and withdrawls, use Investment Account Calculator. The balance in your account that you are starting with, if any. If none, enter 0. How much will you be depositing on a regular basis? How often will you be making deposits into your savings account? ...

Why does a savings account have a different value in the future?

Typically, cash in a savings account or a hold in a bond purchase earns compound interest and so has a different value in the future. A good example of this kind of calculation is a savings account because the future value of it tells how much will be in the account at a given point in the future. ...

How do I calculate the future value of a savings account?

Calculate the future value of a savings account. Calculating on the initial balance and periodic deposits you can find how much your saving wil be worth at some time in the future. ...