Les Hinckle made a deposit in the bank on January 1, 2005. The bank pays interest at

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

Question:

Les Hinckle made a deposit in the bank on January 1, 2005. The bank pays interest at the rate of 8% compounded annually. On January 1, 2012, the deposit has accumulated to $30,000. How much money did Les originally deposit on January 1, 2005?

Related Book For answer-question

Economics

ISBN: 978-1285738321

12th edition

Authors: Roger A. Arnold

See More Books

Posted Date: Jul 23, 2018 12:25 AM

See More Questions

How much money did you make last year? What is wrong with that statement?
Val Hooper deposited $11,600 in the bank on January 1 a few years ago. The bank pays an interest rate of 10% compounded annually, and the deposit is now worth $30,052. For how many years has the...
A hose discharges water at a rate of 8 m3/min with a velocity of 50 m/s from the bow of a fireboat. Determine the thrust developed by the engine to keep the fireboat in a stationaryposition. 9
Saeed made the following purchases of ordinary shares in Hyban plc: In June 2017, the company made a 1 for 20 rights issue at 1.50 per share and Saeed took up the shares which he was offered....
An alternating copolymer of styrene and vinyl acetate can be turned into a graft copolymer by hydrolyzing it and then adding ethylene oxide. Draw the structure of the graft copolymer.
How would proponents of the term premium theory explain why a yield curve becomes more steep from one time period to the next?
What is the Personnel-Equipment Interactions Model?
Find the interest rates, or rates of return, on each of the following: 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 paid $749 at...
Research: What is a sovereign nation, how many sovereign nations are recognized as members by the United Nations and how many sovereign nations are recognized by the US State Department. Compare the...
Consider the unadjusted trial balance of Burrows Landscaping at December 31, 2023, and the related month-end adjustment data: The following adjustments need to be made on December 31 before the...
You need to do SWOT analysis. You must compare and contrast two (2) different LMSS using a SWOT (strengths, weaknesses, opportunities, and threats) analysis on each system that you have identified as...
In the sketch alongside, QR is a diameter of the circle. PR is a tangent to the circle at R. PS= SR. Prove that (1) (2) (3)* In the sketch alongside, CD is a tangent to both circles (at C and D)....
The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Find how much money will be in the account after the given number of years...
A company is deciding on at least three of five similar processes that should be implemented. The net present value (NPV) and capital required in thousands of dollars for each process are shown in...
For Time 0, compute profit before tax, profit after tax, retained earnings on the Income Statement For Time 0, compute net fixed assets, total assets, total liabilities and equity on the Balance...
1. Calculate EFN (reconciled with Income Statement) 2. Prepare a projected income statement and balance sheet for 2019 (reconciled) Cash Marketable securities Accounts receivable Inventory Total...
Sarah is a cash-method, calendar-year taxpayer, and she is considering making the following cash payments related to her business. Calculate the after-tax cost of each payment assuming she is subject...
For the following arrangements, discuss whether they are 'in substance' lease transactions, and thus fall under the ambit of IAS 17.
You and your partner are planning on opening a new shoe store in downtown Edmonton. Of course, in opening a new establishment, there are many negotiations that have to occur. With your partner, you...
In a perfectly competitive market, firms always operate at the lowest per-unit cost. Is the preceding statement true or false? Explain your answer.
Give a numerical example to illustrate the difference between complete crowding out and incomplete crowding out.
Diagrammatically represent a Lorenz curve that signifies a Gini coefficient of zero.
The potential problem with Yorktons approach to identifying ESG factors is the: A. promotion of uniform accounting standards. B. subjective assessment of ESG scores and rankings. C. inconsistent...
Strattons estimated conglomerate discount just prior to the announcement is: A. USD17 billion. B. USD0. C. USD17 billion. Elaine Lee is an analyst at an investment bank covering the energy sector....
The most relevant industry risk factors affecting Titian are: A. social. B. governance. C. environmental. Theresa Blass manages the Toptier Balanced Fund (the Fund) and recently hired John Yorkton, a...

Les Hinckle made a deposit in the bank on January 1, 2005. The bank pays interest at

Question:

Expert Answer:

Compound interest formula AP 1i n P initial investment i intere... View the full answer

Economics

Students also viewed these accounting questions