1. If you deposit $1000 today at an interest rate of 6% , how much money...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. If you deposit $1000 today at an interest rate of 6% , how much money will you have in the bank in five years if simple interest is used and if compound interest is used? A. Simple interest - $1,262.48; Compound interest - $1,240.00 B. Simple interest - $1,240.00; Compound interest - $1,262.48 C. Simple interest - $1,338.23; Compound interest - $1,300.00 D. Simple interest - $1,300.00; Compound interest - $1,338.23 1. If you deposit $1000 today at an interest rate of 6% , how much money will you have in the bank in five years if simple interest is used and if compound interest is used? A. Simple interest - $1,262.48; Compound interest - $1,240.00 B. Simple interest - $1,240.00; Compound interest - $1,262.48 C. Simple interest - $1,338.23; Compound interest - $1,300.00 D. Simple interest - $1,300.00; Compound interest - $1,338.23
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below The image shows a question about simple ... View the full answer
Related Book For
Posted Date:
Students also viewed these banking questions
-
A manufacturer owns three machines the first acquired on 1.1.2006 for 110,000, the second on 1.7.2008 for 90,000 and the third on 1.10.2010 for 130,000. He expects to use each machine for ten years...
-
Show how to classify a quadratic form Q(x) = x T Ax, when and det A 0, without finding the eigenvalues of A. Verify the following statements: a. Qis positive definite if det A > 0 and a > 0. b. Q is...
-
With regard to a partnership business which of the following statements are correct? (a) Every partner has to participate in management (b) Every partner needs to contribute equal amounts as capital...
-
Following are financial statements (historical and forecasted) for the Global Products Corporation. A. Assume that the cash account includes only required cash. Determine the dollar amount of equity...
-
A car maintains a constant speed v as it traverses the hill and valley shown if Fig. 5-45. Both the hill and valley have radius of curvature R. (a) How do the normal forces acting on the car at A, B...
-
Why are the sovereign debtors of the eurozone considered to have a problem that is different from these of any other heavily indebted country, like the United States?
-
In 1988, the Upper Deck Company was a company with an idea for a better baseball card: one that had a hologram on it. By the 1990s, the firm was a major corporation worth at least a quarter of a...
-
You are designing a grocery delivery business. Via the Internet, your company will offer staples and frozen foods in a large metropolitan area and then deliver them within a customer-defined window...
-
When two electric charges are held a distance r apart, the electrostatic force between them is FE. The distance between the charges is then changed to 1r. (Enter numerical value only) The new...
-
4. (Chapter 3) Skycell, a major European cell phone manufacturer, is making production plans for the coming year. Skycell has worked with its customers (the service providers) to come up with...
-
A path consisting of 4 links has the following characteristics: 1st link: 100 Mbps Ethernet (from PC to R1) 2nd link: Gigabit Ethernet (with a delay of 10s) (R1 to R2) 3rd link: Gigabit Ethernet...
-
Question 1: How does allowing more time to learn benefit both the organization and employee? Question 2:Rather than point the finger at an employee, how can management use failure as an opportunity...
-
a) A neat polymer and its fibre reinforced composite undergo isothermal crystallisation separately under three different temperatures 260 C, 280 C and 300 C. The relative volume crystallinity...
-
1. How could Walmart be so successful? 2. How couldWalmart monitor its operation very closely? 3. How does Walmart establish the relationships with suppliers? Do you agree with the Walmart's...
-
Demonstrate how the study (a) will advance the scientific knowledge base; (b) is grounded in your field; and (c) addresses something that is not known, something that is new or different from prior...
-
Discuss how and what we can a administrative professionals within our organizations to assure biases associated with race and racism are overcome. How can we make these actions sustainable and...
-
After conducting secondary research, you will most likely need to gather primary, firsthand data. Primary data provides a complete picture. Familiarize yourself with how to generate and use primary...
-
A copper wire (density = 8.96 g/cm 3 ) has a diameter of 0.25 mm. If a sample of this copper wire has a mass of 22 g, how long is the wire?
-
RJS Foods reported that its net income was $65,000 last year. The firms interest expense was reported to be $40,000, and its marginal tax rate was 35 percent. According to the companys balance sheet,...
-
Robert bought a new issue of a 10-year bond with a coupon rate equal to 8 percent. If Robert sells the bond at the end of the year when its market price is $925, what return would he earn? What...
-
Explain how the federal income tax structure affects the choice of financing (use of debt versus equity) of U.S. business firms.
-
A beam problem under the pure bending moment is solved using five rectangular finite elements, as shown in the figure. Assume \(E=200 \mathrm{GPa}\) and \(v=0.3\) are used. The thickness of the beam...
-
A study of 16,405 adult daughters of women who immigrated to California from other countries measured the economic status of the daughters by the median household income Y for the ZIP code they lived...
-
Explain why you either agree or disagree with this interpretation of the results from estimating a regression model: This study concludes that the data are statistically substantial because there are...
Study smarter with the SolutionInn App