Find the interest rate (with annual compounding) that makes the statement true (rounded to the nearest dollar)

Question:

Find the interest rate (with annual compounding) that makes the statement true (rounded to the nearest dollar) $8,500 grows to $12,161 in 7 years.

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

Step by Step Answer:

Related Book For book-img-for-question

College Algebra Graphs and Models

ISBN: 978-0321845405

5th edition

Authors: Marvin L. Bittinger, Judith A. Beecher, David J. Ellenbogen, Judith A. Penna

See More Books

Question Posted: Aug 05, 2013 03:14 AM

See More Questions

Find the interest rate to the nearest tenth on the proceeds for the following simple discount notes. $5,000; discount rate 8.1%; length of loan 6 months.
Find the interest rate (or rates of return) in each of the following situations. a. You borrow $700 and promise to pay back $749 at the end of 1 year. b. You lend $700 and receive a promise to be...
Find the interest rate implicit in a loan of $100,000 that the borrower discharges with two annual installments of $55,307 each, paid at the end of each of the next two years. Required: Calculations...
A circular transistor of 10-mm diameter is cooled by impingement of an air jet exiting a 2-mm-diameter round nozzle with a velocity of 20 m/s and a temperature of 15C. The jet exit and the exposed...
Suppose you believe your portfolio, which has a beta of 1.0, has been selected to outperform other portfolios of similar risk, but you know you cannot predict which way the market will move. If it...
A property investor receives rental payments of $1400 at the start of each month for 5 years. If the required rate of return is 6.54% per annum, compounded monthly, what is the value of the property...
Correlation between Residuals and Explanatory Variables. Consider a generic sequence of pairs of numbers $\left(x_{1}, y_{1} ight), \ldots,\left(x_{n}, y_{n} ight)$ with the correlation coefficient...
On January 1, 2015, Port Company acquires 8,000 shares of Solvo Company by issuing 10,000 of its common stock shares with a par value of $10 per share and a fair value of $70 per share. The price...
Assume you are considering buying a Food truck to sell food at local events. The equipped truck costs $24,000.00, and has an expected salvage value of $5,000.00 at the end of an expected 10 year...
Companies planning to introduce a new product to the market must define the "target" for the product. The key question they ask is, "Who do we hope to attract with our new product?" Age and sex are...
Find the amount of interest earned by each of the following deposits: $27,630.35 at 4.4% compounded quarterly for 3.7 years.
Find the compound amount of $25,000 is invested at 6% compounded continuously for the following number of years.
You have been hired by a venture capitalist to evaluate a concept engine proposed by an inventor, who claims that the engine consumes 100 MW at a temperature of 500 K, rejects 40 MW at a temperature...
What is the output of the following application? A. -1 B. 0 C. 1 D. The Provider class does not compile. E. The Bank class does not compile. F. None of the above. package finance; enum Currency {...
Which best describes what the new keyword does? A. Creates a copy of an existing object and treats it as a new one. B. Creates a new primitive. C. Instantiates a new object. D. Switches an object...
Given the following code, what values inserted, in order, into the blank lines allow the code to compile? (Choose two.) A. package, new, int B. package, class, long C. import, class, null D. //,...
Which modifier can be applied to an abstract interface method? A. final B. interface C. protected D. void E. None of the above
Fill in the blanks: The ___________________ access modifier allows access to everything the ___________________ access modifier does and more. (Choose three.) A. package-private, protected B....
Give some examples of DBMS utilities and interfaces.
Time Solutions, Inc. is an employment services firm that places both temporary and permanent workers with a variety of clients. Temporary placements account for 70% of Time Solutions' revenue;...
Actress Nola Talent sued her coworker, actor Burt Dirt, for slander, citing his speech at a press interview where he labeled her a "floozy" and an "incompetent excuse for an actress." In her suit she...
Kayser Company owns 25% of Fort Company. For the current year Fort reports net income of $180,000 and declares and pays a $50,000 cash dividend. Record Kaysers equity in Forts net income and the...
The cost of the trading securities of Cepeda Company at December 31, 2010, is $62,000. At December 31, 2010, the fair value of the securities is $59,000. Prepare the adjusting entry to record the...
For the data presented in BE16-4, show the financial statement presentation of the trading securities and related accounts.
Microsoft Corporation makes Xbox video game consoles. For Microsoft's financial year YYYY, please make use of the following provided information regarding the inventory of those Xbox consoles:...
3. You purchased a 3 year coupon bond one year ago. Its par value is $1,000 and coupon rate is 6%, paid annually. At the time you purchased the bond, its yield to maturity was 6.5%. Suppose you sell...
Discuss the following topic(s) in the forum and submit proof of your participation in the online discussions: 1) Professional certification and the practising accountants 2) Cost data and managerial...

Find the interest rate (with annual compounding) that makes the statement true (rounded to the nearest dollar)

Question:

Step by Step Answer:

We have PV 8500 FV 12161 ...View the full answer

College Algebra Graphs and Models

Students also viewed these Accounting questions