An electrician invested $9,000 in an investment account paying 2.45% interest compounded semiannually. After 30 years,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
An electrician invested $9,000 in an investment account paying 2.45% interest compounded semiannually. After 30 years, the value of the account will have a balance of $18,685.71. If the electrician's investment was compounded continuously instead of twice per year, what would be the difference in the account balance after 30 years? An electrician invested $9,000 in an investment account paying 2.45% interest compounded semiannually. After 30 years, the value of the account will have a balance of $18,685.71. If the electrician's investment was compounded continuously instead of twice per year, what would be the difference in the account balance after 30 years?
Expert Answer:
Answer rating: 100% (QA)
To find the difference in the account balance after 30 years if the investment was compounded contin... View the full answer
Related Book For
Posted Date:
Students also viewed these finance questions
-
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...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...
-
For each polynomial function, find (a) (-1), (b) (2), and (c) (0). f(x) = x + 5x
-
As the surfaces of a shaft and a bearing wear out, the frictional resistance of a thrust bearing decreases it is generally assumed that the wear is directly proportional to the distance traveled by...
-
A shaft, supported on two bearings at its ends, carries two flywheels ' \(L\) ' apart. Mass moment of inertia of the two flywheels are \(I_{a}\) and \(I_{b}\), I being the polar moment of inertia of...
-
Refer to the data for Builder Bee Equipment in P5-48B. However, assume Builder Bee Equipment uses the average cost method. Requirements 1. Prepare a perpetual inventory record using average cost....
-
Assume that on November 3, 2014, Harris Company receives a 60-day, 6.5 percent, $11,000 note, payable in full with interest at maturity, and that the company prepares monthly financial statements....
-
[10] 1. For the integral 2 LIV x+y2 dx dy, do these three things, in order, by hand: 0 Graph the region of integration, rewrite the integral in terms of polar coordinates, and evaluate the integral.
-
Franklin Joiner, director of health, education, and welfare, had just left a meeting with the states newly elected governor and several of the other recently appointed department heads. One of the...
-
Which one of the following cannot act as a buffer solution? 1.0 M KCl and 1.0 M HCl 0.40 M HNO 2 and 0.10 NaNO 2 0.10 M HC 2 H 3 O 2 and 0.10 MNaC 2 H 3 O 2 0.20 M NH 3 and 0.25 MNH 4 Cl 0.50 M HCN...
-
(4) Given: bond-energy curves for two engineering materials. Select the better material for each application. a) a mold for a casting process (pouring liquid metal into mold) b) a device designed to...
-
1. Colt Manufacturing has two? divisions: 1)? pistols; and? 2) rifles. Betas for the two divisions have been determined to be beta ?(pistol)=0.8 and beta ?(rifle)=1.0. The current? risk-free rate of...
-
How does the electronic monitoring of employee communication in organizations fit clearly with classical aspects of workplace communication?
-
A portfolio has a standard deviation of 25%. The correlation of the portfolio and the market is 1. If the risk-free rate is 3.2%, the expected return on the market portfolio is 11%, and the standard...
-
calculate the compound amount and compound interest for the following investment. Click here for Table 11-1 . Round your answers to the nearest cent. Principal Time Period (years) Nominal Rate (%)...
-
1. Rider Inc.'s December 31, 2017 balance sheet showed total common equity of $6,050,000 and 200,000 shares of stock outstanding. During 2018, the firm had $450,000 of net income, and it. paid out...
-
Comptech Ltd is a manufacturer of optical equipment. In September 2019, Ed Thompson the Chief Research Officer, attended a conference in Switzerland that focused on optical developments for the 21st...
-
Marty Kimble, who retired many years ago after winning a huge lottery jackpot, wants to start a new company that will sell authentic sports memorabilia. He plans to name the company Pro Athlete...
-
What data are required to construct a breakeven graph?
-
Use the model in File C09 to solve this problem. West Coast Chemical Company (WCCC) is considering two mutually exclusive investments. The projects expected net cash flows are as follows: a....
-
How does an auditor make a preliminary judgment about materiality during the planning phase?
-
In the Hochfelder case all of the following were factors in the case except a. The Securities Exchange Act of 1934. Data From Exchange Act 1934 When the Securities Act was passed, the Interstate...
-
Refer to the example of an auditors report issued in 1915. List the differences between the report styles in 1915 and today (refer to Chapter 1). Indicate in what ways this report would be deficient...
Study smarter with the SolutionInn App