Mike deposits $5,000 in a 3-year CD account that yields 1.5% interest, compounded weekly. What is his
Question:
Mike deposits $5,000 in a 3-year CD account that yields 1.5% interest, compounded weekly. What is his ending balance, to the nearest cent, at the end of 3 years?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
Answered By
Akash Goel
I am in the teaching field since 2008 when i was enrolled myself in chartered accountants course
Since then i have an experience of teaching of class XI, XII, BCOM, MCOM, MBA, CA CPT.
5.00+
1+ 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
-
Solve the problem. Round to the nearest cent or tenth of a percent. Reduced price = $22.21; markdown rate = 35%. Find the original price and the markdown amount. A. Original price = $14.44 Markdown...
-
Round each monetary amount to the nearest cent or dollar as indicated. 1. $14,769.52, to the nearest dollar 2. $0.7633, to the nearest cent
-
Use a calculator to evaluate A = 2,000e 0.09t to the nearest cent for t = 5, 10, and 20.
-
Stock X has 32% standard deviation of return. Stock Y has 32% standard deviation of return. The correlation between the returns of the two stocks is 64%. Buck's portfolio consists of equal...
-
What is calibration with respect to the BSM model? Explain how to use calibration correctly. When is calibration used incorrectly?
-
Consider a system A consisting of subsystems Al and A2, for which WI = 1 X 1020 and W2 = 2 X 1020 what is the number of configurations available to the combined system? Also, compute the entropies 5,...
-
Explain how the notions of effectiveness, efficiency and equity are related to decision-making, sustainable development and accountability.
-
Why did Toyota wait so long to publically acknowledge and replace the faulty accelerator pedals? Toyota is an extremely successful automaker that has built a reputation for quality by fostering a...
-
Jackson County Senior Services is a nonprofit organization providing three services to seniors who live in their own homes-home nursing, Meals on Wheels, and housekeeping. Revenue and expense data...
-
TQ 5G and Edge Computing 1- a retailer is able to track which products draw the most attention from its customers through the use of 5g-enabled motion sensors placed around the store. with this...
-
Ralph deposited $910 in an account that pays 1.75% simple interest for 3 years. Round to the nearest cent. a. How much interest did the account earn? b. What is the ending balance? c. How much...
-
Regina deposits $3,500 in a savings account that pays 1.05% interest, compounded semi-annually. In ag, round to the nearest cent. a. How much interest does the account earn in the first 6 months? b....
-
If an annual worth analysis is used to compare alternatives having different lives, what implicit assumption is being made about the planning horizon?
-
Howard works in the hotel division of Resorts, Inc. Resorts, Inc. offered Howard a cafeteria plan with $12,000 of benefits. Howard placed $4,000 from the plan in his 401(k), paid for his graduate...
-
For the beam that is subjected to a distributed loading as shown in Fig.1, determine the deflection of the beam at midpoint and stresses of the elements, a) Using 2 and 4 elements in FEA with hand...
-
Why is it important to clearly define the objectives of analyzing the financial reports of a specific organization?
-
Develop a Java Application that: Implement an array-based queue that allows users to create and manage the queue. 1. When the user enters the application: a. The user will then be prompted to enter...
-
Nvidia had a recent earnings call in which they reported record quarterly revenue of $22.1 billion, up 22% from Q3, record quarterly Data Center revenue of $18.4 billion, and a record full-year...
-
On January 1, 2015, Lizzy's Lemonade issues 5%, 20-year bonds with a face amount of $100,000 for $88,443, priced to yield 6%. Interest is paid semiannually. What amount of interest expense will be...
-
The domain of the variable in the expression x 3/x + 4 is________.
-
John's weekly salary is $478.25. His employer is changing the pay period to semimonthly. a. What is John's annual salary? b. What will John's semimonthly salary be to the nearest cent?
-
Ralph earns $72,000 annually as an architect and is paid semimonthly. Alice also earns $72,000 but she is paid biweekly. a. How many more checks does Alice receive in a year when compared to Ralph?...
-
Last year Beth's annual salary was $38,350. This year she received a promotion and now earns $46,462 annually. She is paid biweekly. a. What was her biweekly salary last year? b. What is Beth's...
-
k Two grams of musk oil are required for each bottle of Mink Caress, a popular perfume made by a company in western Siberia. The cost of the musk oil is $1.60 per gram. Budgeted quarterly production...
-
1. Communication and the concept of "communicative intelligence" are introduced in ELM #1 as "the lifeblood of [an] organization." This means that effective professional communication is an essential...
-
a. Begin with a converging lens of focal length f. Place an illuminated object a distance p, in front of the lens. For all positive values of p;: 1. calculate and sketch a graph of the location of...
Study smarter with the SolutionInn App