EssayNICE | 24/7 Homework Help

A. If the bank compounds interest annually, how much will you have in your account on January 1, 2009? B. What would your January 1, 2009, balance be if the bank used quarterly compounding? C. Suppose you deposit $1,000 in 3 payments of $333.333 each on January 1 of 2007, 2008, and 2009. How much would you have in your account on January 1, 2009, based on 8 percent annual compounding? D. How much would be in your account if the 3 payments began on January 1, 2006? E. Suppose you deposit 3 equal payments in your account on January 1 of 2007, 2008, and 2009. Assuming an 8 percent interest rate, how large must your payments be to have the same ending balance as in part a? Time value of money It is now January 1, 2006, and you will need $1,000 on January 1, 2010, in 4 years. Your bank compounds interest at an 8 percent annual rate. A. How much must you deposit today to have a balance of $1,000 on January 1, 2010? B. If you want to make 4 equal payments on each January 1 from 2007 th