91Ó°ÊÓ

Mike deposits \(\$ 5,000\) in a three-year \(\mathrm{CD}\) account that yields 3.5\(\%\) interest, compounded weekly. What is his ending balance at the end of three years?

Anna has a checking account at Garden City Bank. Her balance at the beginning of February was \(\$ 5,195.65 .\) During the month, she made deposits totaling \(\$ 6,873.22,\) wrote checks totaling \(c\) dollars, was charged a maintenance fee of \(\$ 15,\) and earned \(\$ 6.05\) in interest. Her balance at the end of the month was \(\$ 4,200.00 .\) What is the value of \(c ?\)

Liam deposits \(\$ 3,500\) in a saving account that pays 7\(\frac{1}{2} \%\) interest, compounded quarterly. a. Find the first quarter’s interest. b. Find the first quarter’s ending balance. c. Find the second quarter’s interest. d. Find the second quarter’s ending balance. e. Find the third quarter’s interest. f. Find the third quarter’s ending balance. g. Find the fourth quarter’s interest. h. What is the balance at the end of one year? i. How much interest does the account earn in the first year?

Janine is 21 years old. She opens an account that pays 4.4\(\%\) interest, compounded monthly. She sets a goal of saving \(\$ 10,000\) by the time she is 24 years old. How much must she deposit each month?

Queens Meadow Bank charges a monthly maintenance fee of \(\$ 13\) and a check writing fee of \(\$ 0.07\) per check. Last year, Mark wrote 289 checks from his account at Queens Meadow. What was the total of all fees he paid on that account last year?

Rob deposits \(\$ 1,000\) in a savings account at New York State Bank that pays 4.4\(\%\) interest, compounded monthly. a. How much is in his account at the end of one year? b. What is the APY for this account to the nearest hundredth of a percent?

Find the simple interest on a \(\$ 2,350\) principal deposited for six years at a rate of 4.77\(\% .\)

Suppose \(\$ 600\) is deposited into an account every quarter. The account earns 5\(\%\) interest, compounded quarterly. a. What is the future value of the account after 5 years? b. Write the future value function if x represents the number of quarters. c. Use a graphing calculator to graph the future value function. d. Using the graph, what is the approximate balance after 3 years?

Caroline is opening a CD to save for college. She is considering a 3 -year \(\mathrm{CD}\) or a 3\(\frac{1}{2}\) -year CD since she starts college around that time. She needs to be able to have the money to make tuition payments on time, and she does not want to have to withdraw money early from the CD and face a penalty. She has \(\$ 19,400\) to deposit. a. How much interest would she earn at 4.2\(\%\) compounded monthly for three years? Round to the nearest cent. b. How much interest would she earn at 4.2\(\%\) compounded monthly for 3\(\frac{1}{2}\) years? Round to the nearest cent. c. Caroline decides on a college after opening the 3\(\frac{1}{2}\) -year \(\mathrm{CD},\) and the college needs the first tuition payment a month before the \(\mathrm{CD}\) matures. Caroline must withdraw money from the CD early, after 3 years and 5 months. She faces two penalties. First, the interest rate for the last five months of the CD was lowered to 2\(\%\) . Additionally, there was a \(\$ 250\) penalty. Find the interest on the last five months of the CD. Round to the nearest cent. d. Find the total interest on the 3\(\frac{1}{2}\) year CD after 3 years and 5 months. e. The interest is reduced by subtracting the \(\$ 250\) penalty. What does the account earn for the 3 years and 5 months? f. Find the balance on the CD after she withdraws \(\$ 12,000\) after 3 years and five months. g. The final month of the CD receives 2\(\%\) interest. What is the final month's interest? Round to the nearest. What is the final month's interest? Round to the nearest cent. h. What is the total interest for the 3\(\frac{1}{2}\) year \(\mathrm{CD} ?\) i. Would Caroline have been better off with the 3 -year CD? Explain?

Joby had \(\$ 421.56\) in her checking account when she deposited \(g\) twenty- dollar bills and \(k\) quarters. Write an expression that represents the amount of money in her account after the deposit.