You have $800 in a savings account that earns 6% interest compounded annually. How much additional interest
Question:
You have $800 in a savings account that earns 6% interest compounded annually. How much additional interest would you earn in two years if you moved the $800 to an account that earns 6 percent compounded semi-annually?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 25% (4 reviews)
Annual compounding ...View the full answer
Answered By
Amit Kumar
I am a student at IIT Kanpur , which is one of the prestigious colleges in INDIA.
Cleared JEE Advance in 2017.I am a flexible teacher because I understand that all students learn in different ways and at different paces. When teaching, I make sure that every student has a grasp of the subject before moving on.
I will help student to get the basic understanding clear. I believe friendly behavior with student can help both the student and the teacher.
I love science and my students do the same.
4.90+
44+ Reviews
166+ Question Solved
Related Book For
Personal Finance
ISBN: 9781259650659
7th Canadian Edition
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Arshad Ahmad, Jordan Fortino
Question Posted:
Students also viewed these Business questions
-
Find the present value of $40,000 due in 4 years at the given rate of interest 8%/year compounded monthly. A. The present value is $28,948.67. B. The present value is $29,433.94. C. The present value...
-
You deposit $10,000 in a savings account that earns 7.5% simple interest per year. What is the minimum number of years you must wait to double your balance? Suppose instead that you deposit the...
-
If you deposited $10,000 in a savings account that earns 10 percent, how much would you have at the end of 10years?
-
In January, the Cabinet Company worked on six job orders for specialty kitchen cabinets. It began job A-62 are as follows: The Cabinet Company produced a total of 34 cabinets for job A-62. Its...
-
Gregson Enterprises, in its first year of operations, reported the following information: Selling price per unit $ 100 Direct materials per unit 5 Direct labor per unit 1 Unit- related overhead per...
-
3. A Corporation issues 10,000 shares of $10 par value common stock for $150,000. Prepare the journal entry to record the issuance of this stock. Account Title Debit Credit
-
For the manufacture of vinyl chloride, assemble a preliminary database. This should include thermophysical property data, MSDSs for each chemical giving toxicity and flammability data, and the...
-
Chaz transfers cash of $60,000 to a newly formed corporation for 100% of the stock. In its initial year, the corporation has net income of $15,000. The income is credited to its earnings and profits...
-
When Great Britain voted to leave the eurozone, the pound depreciated 17% against the dollar. It also raised fears that the eurozone, which uses the euro as a common currency, would fall apart....
-
Office Warehouse Inc. currently makes four products. The Sales Director has asked you to run a preliminary analysis on last year's sales data, which has been cleaned and is given on the Original Data...
-
If you want to have $7,000 in five years, how much do you have to deposit today if your investment earns a rate of 3 percent per annum?
-
Prepare a personal balance sheet and cash flow statement.
-
1. How might Deloittes lattice approach help motivate employees and improve job satisfaction and performance? 2. How can managers determine whether a Deloitte employee is working at a decelerated...
-
Find the mean for the set of grouped data. Interval 0.5-2.5 Frequency The mean is (Round to two decimal places if needed.) 2 2.5-4.5 2 4.5-6.5 5 6.5-8.5 7
-
Is social media encouraging a health body image? My opinion: No, social media does not encourage a health body image, instead, it is harmful for our body. My points: 1. One of the ways social media...
-
Rashid is playing a game where he selects a card from a deck of four cards, labeled 1, 2, 3, or 4. The possible cards and probabilities are shown in the chart below. Card 1 2 3 4 20% 32% 39% 9%...
-
Simplify and write your answer in the form a + bi. 5 2+1
-
How do threads facilitate inter-process communication in modern operating systems, and what are some of the common IPC mechanisms used with threads?
-
What is a best-fit line (also called a regression line)? How is a best-fit line useful?
-
Explain the regulation of the secretions of the small intestine.
-
1. How did Karen benefit from her parents' advice and her own financial planning? 2. What decisions does Karen need to make regarding her future? 3. How could various personal and economic factors...
-
Using time value of money tables, calculate the following: a. The future value of $450 six years from now at 7 percent. b. The future value of $800 saved each year for 10 years at 8 percent. c. The...
-
1. What actions have the Blakes taken that would be considered to be wise financial planning choices? 2. What areas of financial concern do the Blakes face? What actions might be appropriate to...
-
A circuit that detects a pattern 110 and 1010, from serial input data, with an overlap in the patterns is to be developed. The circuit is supposed to give an output of 'I' which coincides with the...
-
Consider the function f(x) = tan(x). a. The domain of f is all real numbers except for b. The range of f is c. The graph of has vertical asymptotes at x d. The zeros of f are at x = e. Given that t...
-
circuit detects one of the desired patterns then 1-bit Z output will be logic-1, otherwise logic-0. D type rising A synchronous sequential circuit detects 110 or 101 from its serial 1-bit input, X....
Study smarter with the SolutionInn App