Question: 39 years ago a couple opened a joint checking account and deposited $400 dollars. The bank offers a stable 10% annual interest on all deposits.

39 years ago a couple opened a joint checking account and deposited $400 dollars. The bank offers a stable 10% annual interest on all deposits. The couple made no more deposits since then, and in fact completely forgot that they have that account! If only they knew that they now have $______ in it! (Do NOT use "$" in your answer. Round your answer to TWO decimal places, for example, 1,000.23)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

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 Finance Questions!

45 years ago a couple opened a joint checking account and deposited $600 dollars. The bank offers a stable 6% annual interest on all deposits. The couple made no more deposits since then, and in fact...

Need Help ASAP Please! 20 years ago a couple opened a joint checking account and deposited $600 dollars. The bank offers a stable 5% annual interest on all deposits. The couple made no more deposits...

Hello can you please help me create Bank reconciliation statements for these accounts. need a response as soon as possible, let me know of you need more information. thank you :) Transactions Date...

Hello, can you help me create Bank Reconciliation statements please. Let me know if you need anything else, thanks. Transactions Date Deposit No. Check No. Description 1. 9/02/21 Ted Edwards met with...

Final Backgrounder Saskatchewan 831 489.6 420.2 14.2% Alberta 1,569 2,214.4 1,791.5 19.1% British Columbia 3,277 2,591.1 2,215.0 14.5% Yukon 167 73.1 66.3 9.3% Northwest Territories 99 53.4 44.9...

Colin Cameron Appliance-Myrtle Beach has just purchased a tranchise from Colin Cameron Appliance (CCA) Click the icon to view the additional information) Following is the chart of accounts for Colin...

Please answer all (1) - (11) Brighton Food Co, Lid. (Brightow Food) is a privately owned limited company with several shareholders. It has been in the food business for many years. Mr. John Chan is...

Please see attached file for complete questions set. 1.W&B Corp. has current liabilities of $460,000, a quick ratio of .83, inventory turnover of 5.9, and a current ratio of 1.5. What is the cost of...

List all assumptions you have used for your reccomendations such as interest rate, inflation, rate of return, etc. (for a financial plan/analysis) Sheldon and Amy Cooper have come to you, a financial...

Develop your own M-file to determine the smallest positive real number used in MATLAB. Base your algorithm on the notion that your computer will be unable to reliably distinguish between zero and a...

Assume that Beta Inc. entered into an agreement to build a ship for $1,000 million and a reliable estimate of the project's total cost is $800 million. Project costs incurred by beta Inc. are as...

Canvas 3 . 4 5 pts Question 2 2 An unqualified audit opinion: Is the most favorable opinion auditors can express. Is not issued by auditors who hold CPA certification. Should be ignored by investors...

10) For a bond that pays cash interest (i.e., not a zero coupon bond), YTM is (a) always equal to the coupon rate (b) always equal to the current yield (c) is always less than the coupon rate (d) can...

Premium refund checks will be issued; new premium rates will be prorated and applied as payroll deductions starting June 1.Prepare an appropriate request approval letter to be sent to each employee...

Carl Bott, a systems analyst in your department, has requested approval to take a three-week leave without pay immediately following his two-week paid vacation in February. Carl and his brother want...

Technology. When you took the first can from the 12-pack of ReFresh Lemon Zest soda you bought yesterday, you knew something was wrong.You couldnt see any damage, but it was obvious the can was not...