15 Feb A student puts $5000 in a savings account that pays 3.4% annual interest, compounded quarterly. How much money will the student have at the end of 54 months? How much interest wi
. A student puts $5000 in a savings account that pays 3.4% annual interest, compounded quarterly. How much money will the student have at the end of 54 months? How much interest will the student have earned in 54 months?
For questions 2- 7 answer all of the following questions.
How much money will the student have at the end of 5 years?
How much interest will the student have earned in 5 years?
What is the effective yield (APY)?
Hint: you can use https://www.calculatorsoup.com/calculators/financial/compound-interest-calculator.php to calculate ending values and total interest, and to calculate effective yields, you can use https://www.calcxml.com/calculators/annual-yield
2. A student puts $10,000 in a savings account that pays 16% annual interest, compounded annually.
21,003.42
3. A student puts $10,000 in a savings account that pays 16% annual interest, compounded semi-annually.
21,589.25
4. A student puts $10,000 in a savings account that pays 16% annual interest, compounded quarterly.
21,911.23
5. A student puts $10,000 in a savings account that pays 16% annual interest, compounded monthly.
22,138.07
6. A student puts $10,000 in a savings account that pays 16% annual interest, compounded daily.
22,251.51
7. A student puts $10,000 in a savings account that pays 16% annual interest, compounded hourly.
22,251.45
8. Use the results of problems 1 to 6 to make a graph of the number of compounding periods in a year and the APY. The number of compounding periods should go on the x-axis, the APY goes on the y-axis. Pick an appropriate scale. (Your graphing calculator or Excel may help here)
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