An amount of $2300 earns $500 interest in 3 years and 2 months. What is the effective

Question:

An amount of $2300 earns $500 interest in 3 years and 2 months. What is the effective annual rate if interest compounds monthly?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

See More Books

Question Posted: Feb 26, 2016 03:52 AM

See More Questions

If a bank pays 6% interest with continuous compounding, what is the effective annual rate?
What is the effective annual yield if the semiannual periodic interest rate is 4.3%?
What is the effective annual rate of interest if $100 grows to $150 in six years compounded quarterly?
The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $736. b. Actual sales for...
The following table lists Major League Baseballs (MLBs) leading pitchers, their earned run average (ERA), and their salary (in millions of dollars) for 2008. The entire data set, labeled...
1. Marketing is often criticized because it "creates a consumer need for items they don't actually need". Support or refute this claim. 2. Based on analysis, could this change based on the industry...
A SIF uses a single, pneumatic, final element assembly consisting of a 3/2 pilot-operated poppet solenoid valve, a spring-return pneumatic piston actuator, and a floating ball valve. The application...
Mikey W. Smitty is confident that demand for his Western Rap CD will substantially exceed the break-even point computed in Problem 6-3. So, Mikey is contemplating having his CD cut at a classier (and...
Hoi Chong Transport, Limited, operates a fleet of delivery trucks in Singapore. The company has determined that if a truck is driven 96,000 kilometers during a year, the average operating cost is...
Your group has been analyzing quality control problems. Suppose that the probability of a defective shape is 0.03, the probability of a defective paint job is 0.06, and that these events are...
If $1100 accumulates to $1350 in 4 years and 6 months compounded semiannually, what is the effective annual rate of interest?
Find the nominal annual rate of interest compounded quarterly that is equal to an effective rate of 9.25%.
Martin Merchandising has hired you to examine whether the company should use the LIFO or FIFO inventory costing method. The company uses a perpetual inventory system and has supplied the following...
1. With the changes taking place in the shipping industry, what were the ship owners' motivations for outsourcing vessel and crew management to third-party ship managers? 2. How was Eurasia able to...
In small businesses, HRM responsibilities are often integrated into various organizational roles. Gray Plumbing, Heating, and Air (a fictitious company) is in a growth cycle. They recognize one...
As a X Engineer in a design consultancy company, you have purchased a high specification computing system. The computing system has a cost basis of USD 4 0 0 0 and a ten - year depreciable life. The...
Using Hofstede's 6 dimensions (refer to the 6D model in the textbook), describe the cultural and organizational effects of Starbucks (a US organization), opening cafes in China. According to...
She would like to buy 100 shares of stock at some point during the day if the price falls to $260.51, therefore she places a order at 12:21 PM EDT. When she places a day order, if the price does not...
The cost and revenue functions in Fig. 17. The cost of producing x units of goods is C(x) dollars and the revenue from selling x units of goods is R(x) dollars. What is the profit from the...
How does the organizational structure of an MNC influence its strategy implementation?
Find the sales charge and the sales charge percent for one share of the ASCPX mutual fund stock if the stock was offered at $4.94. Use Table 15 - 4. Round to the nearest hundredth of percent?
Calculate the number of shares purchased with a $5,000 investment in a no loan mutual fund with a NAV of $21.47. Round to the nearest thousandth of a share?
Calculate the return on investment for 5,000 shares of mutual fund purchased with an offer price of $32.16 if the shares where sold with a NAV of $34.72. The shares paid a dividend of $0.26 per share...
Blue Ships Ltd (BSL) owned a vessel (Blue Whale) which is chartered to Black Eagle Co (BEC). They agreed to the Standard Boat Charter clauses which contents required BEC to ensure insurance covered...
Able raises llamas on his ranch. Many of the llama are very valuable because of their excellent coats. His most prized llama wanders off the ranch. Able is concerned because llamas face many natural...
You own a hotel in a fairly quiet neighborhood west of the City of Boston. Except for an occasional disturbance, petty theft in the hotel room, disorderly conduct in the bar or restaurant, there have...

An amount of $2300 earns $500 interest in 3 years and 2 months. What is the effective

Question:

Step by Step Answer:

PV 230000 FV 280000 n 38 C Y 12 280000 230000 1 i 38 i 28000023000...View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these Finance questions