You have $800 in a savings account that earns 6% interest compounded annually. How much additional interest
Question:
You have $800 in a savings account that earns 6% interest compounded annually. How much additional interest would you earn in two years if you moved the $800 to an account that earns 6 percent compounded semi-annually?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 25% (4 reviews)
Annual compounding ...View the full answer
Answered By
Amit Kumar
I am a student at IIT Kanpur , which is one of the prestigious colleges in INDIA.
Cleared JEE Advance in 2017.I am a flexible teacher because I understand that all students learn in different ways and at different paces. When teaching, I make sure that every student has a grasp of the subject before moving on.
I will help student to get the basic understanding clear. I believe friendly behavior with student can help both the student and the teacher.
I love science and my students do the same.
4.90+
44+ Reviews
166+ Question Solved
Related Book For
Personal Finance
ISBN: 9781259650659
7th Canadian Edition
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Arshad Ahmad, Jordan Fortino
Question Posted:
Students also viewed these Business questions
-
Find the present value of $40,000 due in 4 years at the given rate of interest 8%/year compounded monthly. A. The present value is $28,948.67. B. The present value is $29,433.94. C. The present value...
-
You deposit $10,000 in a savings account that earns 7.5% simple interest per year. What is the minimum number of years you must wait to double your balance? Suppose instead that you deposit the...
-
If you deposited $10,000 in a savings account that earns 10 percent, how much would you have at the end of 10years?
-
In January, the Cabinet Company worked on six job orders for specialty kitchen cabinets. It began job A-62 are as follows: The Cabinet Company produced a total of 34 cabinets for job A-62. Its...
-
Gregson Enterprises, in its first year of operations, reported the following information: Selling price per unit $ 100 Direct materials per unit 5 Direct labor per unit 1 Unit- related overhead per...
-
The 2006 financial statements of 3M Company report net sales of $22.9 billion. Accounts receivable (net) are $2.8 billion at the beginning of the year and $3.1 billion at the end of the year. Compute...
-
A domestic refrigerator consists of (a) A condenser, a compressor and an evaporator (b) A condenser, a throttling valve, a compressor and an evaporator (c) A condenser, a throttling valve and an...
-
For the year ended December 31, 2017 Savory Inc. (Savory) reported net income of $750,000. On December 31, 2016, Savory had the following capital stock outstanding: Preferred shares, no par, $5...
-
Which educational program would be most effective in reducing the body weight of overweight or obese children? Educating parents on the risks of childhood obesity Demonstration on cooking and...
-
Serena, a married filing jointly taxpayer, has the following capital gains and losses in 2022: ? $4,000 short-term capital gain ? $2,000 short-term capital loss ? $2,000 long-term capital gains ?...
-
If you want to have $7,000 in five years, how much do you have to deposit today if your investment earns a rate of 3 percent per annum?
-
Prepare a personal balance sheet and cash flow statement.
-
Draw open-chain (Fischer-projection) structures for L-(+)-ribose and L-(-)-glucose (see Exercise 24-2). What are their systematic names? Exercise 24-2 Give a systematic name for (a) D-(-)-ribose and...
-
U.S. Treasury Bills are quoted based on an Act / 360 / 360 discount yield, P B = P B = 1 y B N / 360 1 y B N / 360 , where N N is the number of days from settlement date to maturity date. (a)...
-
Geometric Series (a) In a Fractional Reserve system of banking, each bank need only keep a fraction , say 5 % 5 % , of its deposits and can lend out 1 1 . The loan recipient will then deposit 1...
-
Two positive charges having magnitude \(+q\) each are separated by a distance \(6 \mathrm{~mm}\) apart. Compute the electric field at a point located \(3 \mathrm{~mm}:\) (a) on the line joining of...
-
Show that one iteration is sufficient to find the minimum of a quadratic function by using the Newton's method.
-
A single-phase step-down transformer is rated $15 \mathrm{MVA}, 66 \mathrm{kV} / 11.5 \mathrm{kV}$. With the $11.5 \mathrm{kV}$ winding short-circuited, rated current flows when the voltage applied...
-
Define the following terms in your own words: (a) Hypothesis-testing procedure. (b) .05 significance level. (c) Two-tailed test.
-
Explain the regulation of the secretions of the small intestine.
-
1. How did Karen benefit from her parents' advice and her own financial planning? 2. What decisions does Karen need to make regarding her future? 3. How could various personal and economic factors...
-
Using time value of money tables, calculate the following: a. The future value of $450 six years from now at 7 percent. b. The future value of $800 saved each year for 10 years at 8 percent. c. The...
-
1. What actions have the Blakes taken that would be considered to be wise financial planning choices? 2. What areas of financial concern do the Blakes face? What actions might be appropriate to...
-
Use this information to answer the following question. The selected accounts and balances for Keystone Market appear as follows: Advertising Expense $ 14,000 Common Stock 100,000 Dividends 21,000...
-
Please answer the following questions for my research paper: 1. Evolution of Canadian Digital Banking System 2. Launching of Canadian Payment Systems Modernizations 3. How Canadian Adapt to Digital...
-
State the center of the circle: (x-1)+(y+1) 16 Just state final answer. Do not leave spaces.
Study smarter with the SolutionInn App