The desired accumulated amount is $45,000 after 10 years invested in an account with 3.6% interest compounded
Question:
The desired accumulated amount is $45,000 after 10 years invested in an account with 3.6% interest compounded monthly.
Use the present value formula to determine the amount to be invested now, or the present value needed.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
n 1 r 0036 t ...View the full answer
Answered By
Diksha Bhasin
I have been taking online teaching classes from past 5 years, i.e.2013-2019 for students from classes 1st-10th. I also take online and home tuitions for classes 11th and 12th for subjects – Business Studies and Economics from past 3 years, i.e. from 2016-2019. I am eligible for tutoring Commerce graduates and post graduates. I am a responsible for staying in contact with my students and maintaining a high passing rate.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
Question Posted:
Students also viewed these Mathematics questions
-
The desired accumulated amount is $75,000 after 5 years invested in an account with 4% interest compounded semiannually. Use the present value formula to determine the amount to be invested now, or...
-
The desired accumulated amount is $100,000 after 4 years invested in an account with 4% interest com-pounded quarterly. Use the present value formula to determine the amount to be invested now, or...
-
The desired accumulated amount is $15,000 after 30 years invested in an account with 3% interest compounded monthly. Use the present value formula to determine the amount to be invested now, or the...
-
Consider the following multiplicative demand function where QD = quantity demanded, P = selling price, and I = disposable income: QD = 1.6 P -1.5 Y .2 QD = 1.6 P ^-1.5y.2 The coefficient of I...
-
This year Jim created an irrevocable trust to provide for Ted, his 32-year-old nephew, and Ted's family. Jim transferred $70,000 to the trust and named a bank as the trustee. The trust was directed...
-
Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2014. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. During 2016, he had the...
-
Define project financial management and explain its key features.
-
Zippy motorcycle manufacturing produces two popular pocket bikes (miniature motorcycles with 49cc engines): the Razor and the Zoomer. In the coming week, the manufacturer wants to produce a total of...
-
What strategies can organizations employ to ensure equity in hiring and promotion processes, and how can these strategies be balanced with the need for merit-based decision-making?
-
In its accrual-basis income statement for the year ended December 31, 2014, Dart Company reported revenue of $1,750,000. Additional information follows: Accounts receivable 12/31/13...
-
Use the compound interest formula to compute the total amount accumulated and the interest earned. Round all answers to the nearest cent. $5600 for 7 years at 2.7% compounded daily.
-
Marcus receives an inheritance of $6500. He decides to invest this money in a 5-year certificate of deposit (CD) that pays 1.86% interest compounded semiannually. How much money will Marcus receive...
-
What are the three important questions concerning the uncertainty of liabilities?
-
The Beer Game Simulation in the link Please provide more information about the topic you want to discuss. What is your biggest concern or issue that you would like to talk about? takeaway from the...
-
Factor by grouping. -wx-4w +36w+9x
-
Consider now a similar setting as the one from the previous exercise, nut suppose now that there are N consumers of type and N consumers of type 02. Preferences are the same as before and = 10,0 =...
-
The following matrix is an orthogonal matrix. What are the values of a, b, and c? 1 2 a 8 28 C -18-18-18
-
Simplify by using the dustributive law and combining like term. Simplify all coefficients completely . 4 h ( 2 h + 9 ) - 7 h ( 7 h - 5 )
-
Is it possible, in a one-way, repeated-measures ANOVA, for df Treatment to be 2 and df Residual to be 75?
-
(a) As Section 17.3 discusses, high-frequency sound waves exhibit less diffraction than low-frequency sound waves do. However, even high-frequency sound waves exhibit much more diffraction under...
-
Whats the probability, the next time one pulls a card from a well-shuffled deck of 52 cards, that it is not a jack, queen, king, or ace?
-
If there are 28 students in a classroom and 18 of them are boys, what is the probabilityif a student is picked at randomof selecting a boy?
-
Paolo, a kindergarten student was given a pack of colored construction paper with 10 pages each of red, orange, yellow, green, blue, indigo, violet, black, and white. His favorite color is green....
-
A) Translate the following C into RV641 assembly. Be sure to follow the calling (Refer to slide22 of lec6_postZoom.pdf) and comment each line of your assembly. Remember that long long is 64 bits in...
-
Given a Binary Tree, find the maximum sum path from a leaf to root. Input: 1 A Input: 10 -27 4 23 Output: Explanation Following the path 3-1, results in a sum of 4, which is the maximum path sum from...
-
On December 1 , 2 0 1 5 , your company pays $ 2 4 , 0 0 0 for rent on your store that covers the next 6 months. When you paid the cash, you debited Prepaid Rent.. The adjusting journal entry on...
Study smarter with the SolutionInn App