A mother wants to invest $12,000.00 for her son's future education. She invests a portion of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A mother wants to invest $12,000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $720.00, how much money was invested the CD account? The total interest earned after one year is $720.00. How much money was invested in the CD account? S (Round to the nearest cent, if necessary.) A mother wants to invest $12,000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $720.00, how much money was invested the CD account? The total interest earned after one year is $720.00. How much money was invested in the CD account? S (Round to the nearest cent, if necessary.)
Expert Answer:
Answer rating: 100% (QA)
Lets assume the amount invested in the CD account is represented by ... View the full answer
Related Book For
Fundamentals Of Corporate Finance
ISBN: 9780135811603
5th Edition
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
Posted Date:
Students also viewed these accounting questions
-
Sue decided to invest the $1500 in savings from her part-time job into a 6 month short-term investment account at the bank. The account earns 4.5% simple interest per year. a) What is the accumulated...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
A mother wants to help her child's higher education fund. she wishes to have $15,000 available each year for 6 years. her child starts college in 15 years and she can save 6% before school starts if...
-
Data Set 14 in Appendix B lists highway fuel consumption amounts (mi/gal) for cars categorized by size (small, midsize, large). If we use those highway fuel consumption amounts arranged into the...
-
The company recently replaced the heating/cooling system for its building. The old system cost $160,000, and was 80% depreciated. The new system cost $210,000, which was paid in cash. The new system...
-
Automotive Assemblers is considering buying new equipment with an investment value of $30,000. The equipment has a 5-year life and no salvage value at the end. There are many uncertainties in the...
-
In February 2007, The Elliot Group, Inc., an Illinois real estate developer, made a deal with the Village of Arlington Heights to develop property in that village. Arlington Market, LLC, was...
-
Lundberg Company had the following trial balance columns on its work sheet: .:. Data for adjusting the accounts are as follows: (a) Factory overhead to be applied to work in process ending inventory...
-
Calculate the total billing amount for Jonas and his associate for their ( 1 ) first client assessment session and ( 2 ) second client assessment session. State whether they are the same or different...
-
Your client, Leona Ledford, was personally served with a summons and complaint on October 23 in the case of Masters v Ledford Her answer is due in 30 days. You will mail the answer to the court. What...
-
A partial tabular summary for Pharoah Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Assets Liabilities Stockholders' Equity...
-
The most recent financial statements for Locke, Inc., are shown here: INCOME STATEMENT BALANCE SHEET Assets $131,700 Debt $43,500 Sales Costs $62,000 51,400 Equity 88,200 Taxable $ 10,600 Total...
-
GUI Assignment You will be creating a seating arrangement application using JavaFX. The project will comprise of two sections: the interface and the Java code. The application will feature a 3x3...
-
2. A stationary 250 g apple is held by a string as illustrated in the figure. The apple is shot by an 18 g arrow at an initial velocity of 10 m/s and penetrates the apple reaching a height H. Assume...
-
Write a MASM (6.11) program to display on the screen the Ace of Hearts playing card with the characters and background colours, red and white correspondingly, as shown in the image below. Use Dos...
-
Complete a written analysis of leadership within the film (use the topics you have covered in your readings, assignments. (100 POINTS) This assignment provides the opportunity to synthesize your...
-
Convert 6.5 feet to cm (1 feet = 30.48cm): Select one: O a. 19.81 O b. 200.12 O c. 253.5 O d. 198.12
-
Study the pictures/images below. Obviously these was focus on LT sociology, anthropology and poltical science. Try to do some analysis by finding clues that are synonymous with the main concepts....
-
Download the spreadsheet from the books Web site containing the data for Figure 11.1. a. Compute the average return for each of the assets from 1929 to 1940 (the Great Depression). b. Compute the...
-
Consider the following data for the airline industry for April 2019 (EV = enterprise value, Book = equity book value). Discuss the potential challenges of using multiples to value an airline. Company...
-
What is the role of net working capital in projects?
-
The financial statements for the business of Jets Ski Equipment are shown below. Additional information 1. All purchases and sales of inventories are on credit. 2. On 1 July 2019, J. Waters injected...
-
Some of the most recent financial statements for Hyland Pty Ltd are shown below. Additional information 1. All purchases and sales of inventories are on credit. 2. On 1 July 2020, the shareholders...
-
The comparative statements of financial position of Cresta Ltd as at 30 June 2019 and 2020, and the income statement and statement of changes in equity for the year ended 30 June 2020 are shown...
Study smarter with the SolutionInn App