FREE Trial

If 8,000 is invested for 5 years at 6% compound per annum, how much interest is earned over the five

Question:

If £8,000 is invested for 5 years at 6% compound per annum, how much interest is earned over the five years?

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 0% (1 review)

To calculate the interest earned on an investment compounded annually you can use the fo…View the full answer


answer-question
Answered By
tutor-profile-image
Owino Otieno
My proficiency as a tutor lies in my ability to understand and respond to questions, provide explanations, and offer detailed information on various topics. I can help with academic subjects such as mathematics, science, history, literature, and more. I can also provide assistance with writing, proofreading, and language learning. I am capable of adapting to different learning styles and can present information in a clear and concise manner. I can break down complex concepts into simpler terms, provide examples and illustrations, and engage in interactive discussions to enhance the learning experience. Additionally, I can offer guidance on problem-solving strategies, critical thinking, and exam preparation.
0.00 0 Reviews 10+ Question Solved
Related Book For  answer-question
Frank Woods Business Accounting Volume 2

Frank Woods Business Accounting Volume 2

ISBN: 9781292085050

13th Edition

Authors: Frank Wood, Alan Sangster

See More Books
Question Details
Chapter # 27- Interest, annuities and leasing
Section: Review Questions
Problem: 6
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: September 10, 2023 00:27:50
See More Questions

Students also viewed these Business questions

Q:
1.The most important interest rate to use when comparing loans: 2.The interest rate that is quoted by a lender: 3.The interest rate charged per period multiplied by the number of periods per year:...
A:
1 The most important interest rate to use when comparing loans Annual Percentage Rate APR 2 The interest rate that is quoted by a lender Stated Interest Rate 3 The interest rate charged per period mul......
Q:
1. The most important interest rate to use when comparing loans... 2. The interest rate that is quoted by a lender: 3. The interest rate charged per period multiplied by the number of periods per...
A:
1 Annual Percentage Rate APR 2 Stated Interest Rate 3 Effective Annual Rate EAR 4 Balloon Loan 5 Pure Discount Loan 6 Amortized Loan 7 A 40 000 1 4 10......
Q:
All parts will require you to use the Google spreadsheets you created to answer, just update it with the information. Consider the student loan information here: balance of $42,350 with proposed...
A:
A Student Loan 1 Final payment To calculate the final payment we can use the following formula Final payment Remaining balance 1 Interest rate Loan te......
Q:
Describe the process of testing software developed using both top-down and bottom-up development order. Which method results in the fewest resources required for testing? What types of errors are...
A:
Software testing under top down development order starts with an implementation of the top most module and stubs for each of the second level modules......
Q:
Give three reasons people patronize restaurants.
A:
Three reasons people patronize restaurants are 1 SOCIALIZE People look for place to socializ......
Q:
A 0.4723-g sample of primary-standard-grade Na2CO3 required 34.78 mL of an H2SO4 solution to reach the end point in the reaction
A:
M Na2CO......
Q:
Discuss how to implement the secant method in the root-finding procedure of solving the optimal exercise price S ti from the following algebraic equation in the GrantVoraWeeks algorithm (Fu et al.,...
A:
Click to View...
Q:
A bond that matures in 7 years sells for $1,020. The bond has a face value of $1,000 and a yield to maturity of 10.5883 percent. The bond pays coupons semiannually. What is the bonds current yield?
A:
The problem asks you to solve for the current yield given the following facts N 14 I 10 5883 2......
Q:
A typical running track is an oval with 74-m -diameter half circles at each end. A runner going once around the track covers a distance of 400 m . Suppose a runner, moving at a constant speed, goes...
A:
To find the centripetal acceleration during the turn at each end of the track we can......
Q:
A market research firms three clients each requested that the firm conduct a sample survey. Four available statisticians can be assigned to these three projects; however, all four statisticians are...
A:
a Min 150x 11 210x 12 270x 13 170x 21 230x 22 220x 23 180x 31 230x 32 225x 33 1......
Q:
If the interest on the investment in Question 27.6 had been compounded every six months, how much interest would have been earned over the four years? Data From Question 27.6 If 8,000 is invested for...
A:
To calculate the interest earned when interest is compounded semi annually you can use the formul......
Q:
Interest of 800 is charged and included in a loan of 5,400, i.e. the 4,600 is received. The loan has to be repaid at 1,350 per quarter over the next 12 months. What is the real rate of interest of...
A:
To find the real rate of interest on the loan you can use the formula for calculating the annual per......
Q:
Management of a company divided its sales force into two groups. The situation is precisely that of the previous exercise, only now a manager decided the assignment of the groups. The 95% confidence...
A:
a No The lack of randomization does not make these conditions more likely......
Q:
Describe the ANOVA table and how to calculate the different values in the table.
A:
The ANOVA table is a summary of the statistical analysis of variance ANOVA and is used to determine whether there is a statistically significant diffe......
Q:
How can the parameters in vector b be determined using the matrix form?
A:
1 The first step is to express the problem in matrix form This means writing the problem as a system......
Q:
Give examples of residual plots when the residuals are evenly distributed and when there are clear trends. Also describe how the models should be changed when clear trends are discernible.
A:
Residual plots are useful for assessing the goodness of fit of a regression model Here are examples......
Q:
Give an example of an intrinsically linear model.
A:
An intrinsically linear model is a model that appears to be nonlinear but by using an appropriate ma......
Q:
(a) If you toss 10 coins, what percent of the time will you get the three most likely macrostates (6 heads and 4 tails, 5 heads and 5 tails, 4 heads and 6 tails)? (b) You can realistically toss 10...
A:
a The three most likely macrostates are 6 heads and 4 tails 5......
Q:
1. You own a franchise of rental car agencies in Florida. You recently read a report indicating that about 80 percent of all tourists visit Florida during the winter months in any given year, and...
A:
1 For reasons identified in the text peak load pricing is probab......
Q:
A supermarket chain is interested in exploring the relationship between the sales of its store-brand canned vegetables (y), the amount spent on promotion of the vegetables in local newspapers (x1)...
A:
a b The MINITAB output is Regression Analysis Sales versus x1 x2 xlx2 The regression equation is Sal......
Q:
Prepare a consolidated balance sheet from the following details as at 31 March 20X3. At the balance sheet date, Sibling B owed Sibling A 1,000 and Parents for Siblings owed Sibling B 1,500. During...
A:
To prepare a consolidated balance sheet for Parents for Siblings as of 31 March 20X3 we need to comb......
Q:
What could be the benefit to a group if companies within the group were to sell goods to other companies in the group at below cost?
A:
They could show far less prof......
Q:
Draw up a consolidated balance sheet as at 31 December 20X7 from the following: At the balance sheet date, Sonny owes Pop and Mom 1,600. During the year Pop and Mom sold goods which had cost 3,000 to...
A:
Click to View...
Saunders Comprehensive Review For The NCLEX-PN Examination 4th Edition - ISBN: 1416047301 - Free Book