You deposit $3,000 in a savings account that earns 8% simple interest per year. How many years
Question:
You deposit $3,000 in a savings account that earns 8% simple interest per year. How many years will it take to double your balance? If, instead, you deposit the $3,000 in another savings account that earns 7% interest compounded yearly, how many years will it take to double your balance?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
Simple interest FP1iN 6 000 3 ...View the full answer
Answered By
Saleem Abbas
Have worked in academic writing for an a years as my part-time job.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
If you deposited $10,000 in a savings account that earns 10 percent, how much would you have at the end of 10years?
-
You have set a goal to save $10 000 in a savings account that earns interest at 2.54% compounded quarterly. How much must you deposit every three months for 5 years if the deposits are made at the...
-
If you deposited $10,000 in a savings account that earns 2 percent, how much would you have at the end of ten years? Use a convenient format to display your computations.
-
The best measure of a firm's sustainable income is a .income before extraordinary items. b .net income. c. income before extraordinary item and change in accounting principle. d. income from...
-
The Color World Paint Company prepares and packages paint products. The company has two departments: (1) Blending and (2) Packaging. Direct materials are added at the beginning of the blending...
-
A certain small grocery store has a single checkout stand with a full-time cashier. Customers arrive at the stand randomly (i.e., a Poisson input process) at a mean rate of 30 per hour. When there is...
-
Would the combination of a high current ratio and a low inventory turnover ratio suggest a firm is maintaining too high an inventory level? Why or why not?
-
Canton Supplies, Inc., is a service firm that employs approximately 100 individuals. Managers of Canton Supplies are concerned about meeting monthly cash obligations and want to develop a forecast of...
-
How to protect your ownership of the company you founded? Given the case of purchasing 9.2% stake of TWTR?
-
The manager of a dairy is in the process of deciding which of two new carton-filling machines to use. The most important attribute is the consistency of the fills. In a preliminary study she measured...
-
Read the Wall Street Journal over a oneweek period and identify the business investment news using one of the categories(1) new products or product expansion, (2) equipment and process selection, (3)...
-
Compare the interest earned on $15,000 for 25 years at 7% simple interest with the amount of interest earned if interest were compounded annually.
-
What is the difference between the distribution of income and the distribution of wealth? Describe the distribution of income and the distribution of wealth in the United States.
-
What, according to you, are the steps to be followed in controlling administrative overheads?
-
Fuji Life Insurance Co. global money management (advanced). Hiko Yamamoto, the deputy treasurer of Fuji Life Insurance Co. (FLI), was reviewing one-year investment opportunities for the 100 billion...
-
Why should firms consider financing international trade in a third currency that is neither the exporters nor the importers currency? Show how financing and hedging can be effectively bundled.
-
Speculating on the collapse of Argentinas currency board. Dr. Lawrence Krohn is the New Yorkbased lead currency strategist for Latin American currencies at Standard Bank. On the eve of its...
-
Currency swaps and the cost of debt. Michelin S.A., the French multinational tire manufacturer, needs to borrow $300 million to expand its U.S. plant in Georgia. It can issue a US$-denominated...
-
Excuses given for not finishing homework assignments Match this description of variables to a bar chart, Pareto chart, pie chart, or frequency table. Some are counts and others are shares. If not...
-
Refer to the Conservation Ecology (Dec. 2003) study of the causes of forest fragmentation, presented in Exercise 2.166 (p. 97). Recall that the researchers used advanced high-resolution satellite...
-
You are about to borrow $10,000 from a bank at an interest rate of 10% compounded annually. You are required to make five equal annual repayments in the amount of $2,638 per year, with the first...
-
Compute the value of P in the accompanying cash flow diagram, assuming that i = 9 S250 S250 $200 $200 $150 $150 $100 $100 Years
-
Kersey Manufacturing Co., a small fabricator of plastics, needs to purchase an extrusion molding machine for $120,000. Kersey will borrow money from a bank at an interest rate of 9% over five years....
-
4. Methane burns in air with an equivalence ratio of =0.85, determine the composition of the products: What are the Mass Fractions of each species in the Products?
-
1. Describe the health and safety requirements of the area in which the installation activity is to take place, and the responsibility these requirements place on the learner 2. Describe the...
-
1. Which is easier for nucleation in solids, homogeneous or heterogeneous nucleation? What are the common defects present in solid solution (list at least five kinds of defects)? Are the defects...
Study smarter with the SolutionInn App