Question: Kim invested a sum of money 4 yr ago in a savings account that has since paid interest at the rate of 7%/year compounded monthly.

Kim invested a sum of money 4 yr ago in a savings account that has since paid interest at the rate of 7%/year compounded monthly. Her investment is now worth $19,830.81. How much did she originally invest? (Round your answer to the nearest cent.)

Step by Step Solution

★★★★★

3.54 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To find out how much Kim originally invested we can use the formula for comp... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Use Problem 35 to get good upper and lower bounds for the sum of the first 10 million terms of the harmonic series?

Give asymptotic upper and lower bounds for T(n) in each of the following recurrences. Assume that T(n) is constant for n ≤ 2. Make your bounds as tight as possible, and justify your answers. a....

Give asymptotic upper and lower bounds for T(n) in each of the following recurrences. Assume that T(n) is constant for sufficiently small n. Make your bounds as tight as possible, and justify your...

Anthony invested a sum of money 4 years ago in a savings account that has since paid interest at the rate of 2%/year compounded quarterly. His investment is now worth $25,289.44. How much did he...

Anthony invested a sum of money 2 years ago in a savings account that has since paid interest at the rate of 5% / year compounded quarterly. His investment is now worth $27,789.33. How much did he...

1) how long will it take $10,000 to grow to $12,000 if the investment earns interest at the rate of 4%/year compounded monthly? (Round your answer to one decimal place.) 2) Find the interest rate...

Kim invested a sum of money 4 yr ago in a savings account that has since paid interest at the rate of 7% /year compounded monthly. Her investment is now worth $19,830.81 . How much did she originally...

Suppose you want to save $25,000 for a dream vacation in 7 years. You currently have $10,000 in a savings account that earns an annual interest rate of 3%, compounded monthly. If you don't add any...

5. An investing group has $50,000 to invest. They put the money in an account that has an annual interest rate of 6%, compounded monthly. How much money will the group have at the end of 10 years?...

Describe the conditions of the Great Depression; specifically - what was occurring with the Gross Domestic Product, unemployment, prices, and banks? Question 2 You read about four key contributors to...

In what ways does strategic leadership differ from non-strategic leadership? In what ways do these distinctions differ?

Sketch a graph of y = 3 x on - 5 , 1 and use geometry to find the exact value of - 5 1 3 x d x Choose the correct graph below. = A . A . A . B . 2 1 3 olve this View an example Get more help - c . a...

The transition elements in any period have the same or nearly the same outer electron shells and add electrons successively to inner shells. How does this bear upon their chemical similarity?

The first audit of the books of Fenimore Company was conducted for the year ended December 31, 2022. In examining the books, the auditor found that certain items had been overlooked or incorrectly...

The assembly consisting of a uniform slender bar (mass m/5) and a rigidly attached uniform disk (mass 4m/5) is freely pinned to point O on the collar that in turn slides on the fixed horizontal...

Suppose that as a consumer you have $34 per month to spend for munchies, either on pizzas which cost $6 each or on twinkies which cost $4 each. Suppose further that your preferences are given by the...

Determine whether each of these mappings is one-one, many-one or one-many. x x 2 + 5 x R

Rewrite the expression as a product of two binomials. \f

Set up the integral (using shells) for the volume of the torus obtained by revolving the region inside the circle x2 + y2 = a2 about the line x = b, where b > a. Then evaluate this integral.

Find the Taylor polynomial of order 4 based at 2 for f(x) = x4 and show that it represents f(x) exactly?

The Parallel Axis theorem also holds for lines that are perpendicular to a lamina. Use this fact to find the moment of inertia of the rectangular lamina of Problem 24 about an axis per pendicular to...

Williams Corporation is investigating the effects of educational background on employee performance. A potential relevant variable in this case is the self-rated social status of the employee. The...

Ms. Gene Dempsey manages the emergency care center at Bell Grove Medical Center. One of her responsibilities is to have enough nurses so that incoming patients needing service can be handled...

Refer to the Buena School District bus data. a. Conduct a test of hypothesis to reveal whether the mean maintenance cost is equal for each of the bus manufacturers. Use the .01 significance level. b....