Janine opens a savings account with a deposit of $720. The account pays 1.4% interest, compounded daily.
Question:
Janine opens a savings account with a deposit of $720. The account pays 1.4% interest, compounded daily. What is the first day’s interest? Round to the nearest cent.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
iPRT Where I is the interestp720 ...View the full answer
Answered By
Dorcus Mwamisi
I've much experience in tutoring
I've tutored a lot of students in my field of works and they have done greatly in their academics
I
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
Question Posted:
Students also viewed these Mathematics questions
-
When Michelle retires in 12 years, she wants to receive $250.00 payments at the start of every month for 20 years from her RIF that earns 2.60% compounded semi-annually. What beginning of quarter...
-
What is the first day that an individual could sell a capital asset purchased on March 31, 2015 and have a holding period of more than one year?
-
You invest $100 in a savings account with interest compounded annually at 10%. a. How much money does the account have after one year? b. How much money does the account have after five years? c. How...
-
What is a safe edge on a file?
-
If you want to hedge volatility risk in a call option position, how would you go about doing so?
-
A hanging wire is 1.80 m long. When a 60.O-kg steel ball is suspended from the wire, the wire stretches by 2.00 mm. If the ball is pulled down a small additional distance and released, at what...
-
The efficiency ratio measures the relation between outputs from and inputs to a process. According to the WBCSD, a company wanting to become eco-efficient should strive to: 1.Reduce the material...
-
Explain the competitive process when a firm earns a positive economic profit.
-
Obtain the statement of cash flows for Pepsico Inc. (ticker symbol PEP) for the period ending on Dec 31, 2019 from Yahoo! Finance, and find the dividends paid to Pepsico Inc.'s owners in this period....
-
Sunny Inc. is trying to decide whether investing in Project A is a good idea. This project will last 5 years and will not exist after that. Any salvage value will be considered as an additional cash...
-
How much more does $1,000 earn in 8 years, compounded daily at 3%, than $1,000 over 8 years at 3%, compounded semi-annually, to the nearest cent?
-
Miles would like to open up a CD that has an interest rate of 2.4% compounded monthly. His initial deposit is $5,000. How long does he have to keep the money in this account in order to have a...
-
A straight, 2.5-m wire carries a typical household current of 1.5 A (in one direction) at a location where the earths magnetic field is 0.55 gauss from south to north. Find the magnitude and...
-
Trek Bicycles, Inc. is a manufacturer of bicycles and sells its bikes to retail outlets that serve the consumer market. Trek bicycles are priced at $300 and over and are typically sold to consumers...
-
Joe Inc. acquired 10% of Jill Corp. on January 2, 2024, for $90,000 when the book value of Jill was $1,000,000. In 2024, Jill reported a net income of $215,000 and paid dividends of $50,000. The book...
-
The Jasmine Tea Company purchased merchandise from a supplier for $ 3 6 , 9 0 2 . Payment was a noninterest - bearing note requiring Jasmine to make five annual payments of $ 9 , 0 0 0 beginning one...
-
Briefly explain why it is that firm 1 could increase its individual profits by increasing production from the cartel solution but that cartel itself could not increase profits by increasing production
-
provide program called FindSmallest to create a 1D array with 10 integer variables. The value of each integer variable in the 1D array is a random number between 1 and 100. After the 1D array is...
-
How does an increase in accounts receivable affect net income in relation to operating cash flows? Why? How does a decrease in accounts receivable affect net income in relation to operating cash...
-
Use the method of Example 4.29 to compute the indicated power of the matrix. 1 0 1
-
There are 5,280 feet in a mile. Round answers to the nearest unit. a. How many miles does a car traveling at 42mi/h go in one hour? b. How many feet does a car traveling at 42 mi/h go in one hour? c....
-
Determine the distance covered by a car traveling 80 km/h for each unit and time given. Round answers to the nearest unit. a. Kilometers in one hour c. Meters in one minute b. Meters in one hour d....
-
Determine the distance covered by a car traveling 55 km/h for each unit and time given. Round answers to the nearest unit. a. Kilometers in one hour c. Meters in one minute b. Meters in one hour d....
-
6. Steve Brickson currently has an investment portfolio that contains four stocks with a total value equal to $80,000. The portfolio has a beta (b) equal to 1.7. Steve wants to invest an additional...
-
1) Describe the similarities and differences between an early approval adult use registration and a conditional adult use registration. 2) List the paperwork requirements for submitting an...
-
Price ($/m) 600 400 200 0 The graph below shows the price of solar panels for electrical generation in Washington, D.C., over the nearly 3.5 years from July 2020 through the end of December 2023. The...
Study smarter with the SolutionInn App