If $20,000 is invested at 4% compounded monthly, what is the amount after (A) 5 years? (B)

Question:

If $20,000 is invested at 4% compounded monthly, what is the amount after
(A) 5 years?
(B) 8 years?

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

Step by Step Answer:

Related Book For book-img-for-question

College Mathematics for Business Economics Life Sciences and Social Sciences

ISBN: 978-0321614001

12th edition

Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen

See More Books

Question Posted: Apr 14, 2016 07:31 AM

See More Questions

If $4,000 is invested at 8% compounded continuously, graph the amount in the account as a function of time for a period of 6 years.
The following are several situations involving compound interest. Required: Using the appropriate table, solve each of the following: 1. Hope Dearborn invests $40,000 on January 1, 2019, in a savings...
The following are several situations involving compound interest. Required Using the appropriate table, solve each of the following: 1. Hope Dearborn invests $40,000 on January 1, 2007 in a savings...
Corporation Growth has $83,000 in taxable income, and Corporation Income has $8,300,000 in taxable income. (Refer to Table 2.3) What is the tax bill for each firm? Suppose both firms have identified...
Recently, an Internet service provider ( ISP) in the UK implemented a no- strings US- style flat-rate plan whereby its commercial subscribers can send and receive unlimited volume (measured in...
Oxford Corporation began operations in 2010 and reported pretax financial income of $225,000 for the year. Oxfords tax depreciation exceeded its book depreciation by $40,000. Oxfords tax rate for...
Have you ever bought a new (or used) car? What were the negotiations like? Did you enjoy the negotiations? Why or why not?
Lee Wong, CPA, is auditing the financial statements of the Alexandria Corporation, which has a batch-processing IT-based system for shipping and invoicing that it purchased from a software vendor....
State the reasons why you believe unemployment among high school graduates vs unemployment amongst college graduates (bachelor's or higher) represents a challenge for the economy?
A car travels around a 90 bend in 15 s. The radius of the bend is 50 m. a. Determine the angular speed of the car. b. Determine the speed of the car.
If $2,000 is invested at 7% compounded (A) annually (B) quarterly (C) monthly what is the amount after 5 years? How much interest is earned?
If $23,000 is invested at 13.5% compounded continuously, what is the amount after 15 years?
Which method do you think is the most accurate? Which is the least accurate?
What are the principal types of bailments ?
Identify the likely effects on a cinema chain of uneven patterns of customer demand. Critically assess the methods that the cinema could use to overcome problems encountered.
David Bess rented three outdoor booth spaces at the Traders World flea market to display his inventory of Beanie Babies for sale. He stored his inventory in a locked trailer, which he left parked at...
What are the functions of the Clean Air Act and the Clean Water Act?
What are the four main elements of the IMP interaction model? What has it got to offer that other perspectives may not?
In 2022, Nina contributes 10 percent of her $100,000 annual salary to her 401(k) account. She expects to earn a 7 percent before-tax rate of return. Assuming she leaves this (and any employer...
9.Consider the reaction 3NO2(g)+H2O=2HNO3(aq)+NO(g) where Delta H=-137 kJ.How many kilojoules are released when 92.3g of NO2 reacts?
Use the revenue function from Problem 69 and the given cost function: R(x) = x(75 - 3x) Revenue function C(x) = 125 + 16x Cost function where x is in millions of chips, and R(x) and C(x) are in...
For Problem solve each equation to four decimal places. 1.02 4t = 2
For Problem solve each equation to four decimal places. 1.005 12t = 3
Sunland Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which is publicly traded, has a May 31 year end. On February 18, 2024, Sunland signed a...
Kubin Company's relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows: Average Cost per Unit Fixed administrative...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At...

If $20,000 is invested at 4% compounded monthly, what is the amount after (A) 5 years? (B)

Question:

Step by Step Answer:

P 20000 r 4 m 12 A ...View the full answer

College Mathematics for Business Economics Life Sciences and Social Sciences

Students also viewed these Finance questions