Luke deposited $3800 into a savings account that earns 6.50% annually but is compounded 2 times...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Luke deposited $3800 into a savings account that earns 6.50% annually but is compounded 2 times per year. He plans to leave the funds in the accounts for 5.00 years. However, at the end of 3.00 years, Luke has to withdraw $800 What amount will be in the account at the end of the original 5.00 years Do not use dollar signs or commas in your answer include two decimals in your answer. CHECK ANSWER Luke deposited $3800 into a savings account that earns 6.50% annually but is compounded 2 times per year. He plans to leave the funds in the accounts for 5.00 years. However, at the end of 3.00 years, Luke has to withdraw $800 What amount will be in the account at the end of the original 5.00 years Do not use dollar signs or commas in your answer include two decimals in your answer. CHECK ANSWER
Expert Answer:
Answer rating: 100% (QA)
The image appears to contain a financerelated question that is partially obscured but from what can be made out it involves compounding interest Here ... View the full answer
Related Book For
Posted Date:
Students also viewed these finance questions
-
For each problem, show your work steps. A correct answer with no work shown gets half credit (which means you fail the assignment). An incorrect answer with no work receives 0 credit. With time value...
-
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...
-
Considering these data where 'P1' estimates are analyst forecasts of future stock prices: Stock PO P1 A B C D B 52.5 59 0.4 1.1 24.5 29 0.26 2.1 36.4 43 0.23 1.5 38 42 0.33 1.4 Market Risk Premium...
-
Blue Hosta Company recently purchased a new vehicle. The company also had to pay for the company's logo to be painted on the vehicle, for a safety inspection, and for an annual insurance policy on...
-
Here is a pie chart prepared by the Census Bureau to show the origin of the more than 50 million Hispanics in the United States in 2010. About what percent of Hispanics are Mexican? Puerto Rican?...
-
Using rules of thumb for a \(200 \mathrm{~m}^{2}\) floor area Denver residence, determine (a) the auxiliary heating energy required, (b) the solar projected area, (c) the concrete storage mass needed...
-
Statement of Cash FlowsIndirect Method Refer to all of the facts in Problem 12-3. Statement of Cash FlowsIndirect Method Refer to all of the facts in Problem 12-3. Presented here are comparative...
-
Suppose the government of Freedonia spends money on only defense, and gets revenue through income taxes. In 1933, the government spent $150 Million on defense and collected $110 Million worth of...
-
Punk Corporation purchased 90 percent of Soul Companys voting common shares on January 1, 20X2, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 10...
-
1. What is ERP architecture? And what is necessary for ERP implementations to be Successful? 2. List 5 types of major functional modules of ERP and explain why it is necessary to have Good enterprise...
-
Based on the title of the study: An investigation into the role of digital marketing in the enhancement of service within the medical industry. state why and to whom is it important to conduct this...
-
"What aspects must be observed regarding the relevance of INVENTORY MANAGEMENT throughout the supply chain? Conclude with your opinion about the most efficient way of handling INVENTORY MANAGEMENT."
-
technology is a critical factor of everything we do today, what do you feel is the effect of technology on the two? how would this related to the technologies you mentioned?
-
How is income generated from the investment of an endowment treated under the Restricted Fund method when it is restricted?
-
(1) Identify the issues related to manpower planning as evident in the case. (A) Lack of support B) Employees Resistance C) Positive Thinking D)Positive reinforcement. (2) Identify the issues related...
-
For the optimization problems below, write down the equivalent linear program, if it is possible to reformulate as linear programs, otherwise explain. min{max[|2x1 + 3x2, 12] 21 +2max[1, 2] 1} A...
-
Write a paper by answer the following question: Should Recycling Be Mandatory?
-
The manufacturer of a cable company sells cable for $30 per foot. The cost, C, of producing x feet of cable is C = 12.5x + 210. The company makes a profit when the amount of money received from...
-
If x > 0, what is the solution to the equation -| + 3 1 2x 10x 10x || 5 ?
-
A cylindrical shape container 40 cm high inside with an internal diameter of 20 centimeters (cm) is 80 percent filled with fruit punch. If Kara pours 12 fluid ounces of fruit punch to each plastic...
-
Thermos flask is an example of ................ system.
-
In a ................, mass, momentum and energy may flow.
-
The thermodynamic properties which depend on the mass of the system are called ................ properties.
Study smarter with the SolutionInn App