7100 dollars is placed in an account with an annual interest rate of 7. 75%. How...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
7100 dollars is placed in an account with an annual interest rate of 7. 75%. How much will be in the account after 30 years, to the nearest cent? 7100 dollars is placed in an account with an annual interest rate of 7. 75%. How much will be in the account after 30 years, to the nearest cent?
Expert Answer:
Answer rating: 100% (QA)
To find the amount in the account after 30 years we need to use the formula for compound int... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
An investment account with an annual interest rate of 7% was opened with an initial deposit of $4,000. Compare the values of the account after 9 years when the interest is compounded annually,...
-
How much will be withheld from her weekly check for Social Security tax? Medicare tax? Total FICA taxes?
-
How much will be required on February 1 to pay off a $3000 loan advanced on the previous September 30 if the variable interest rate began the interval at 10.7%, rose to 11.2% effective November 2,...
-
Write the surface x 2 + y 2 z 2 = 2 (x + y) as an equation r = (, z) in cylindrical coordinates.
-
Consider the steel spring in the illustration. (a) Find the pitch, solid height, and number of active turns. (b) Find the spring rate. Assume the material is A227 HD steel. (c) Find the force Fs...
-
In Problems 1 through 10, find a function y = f (x) satisfying the given differential equation and the prescribed initial condition. dy dx || 1 1-x +2 (0) = 0
-
Choose one of the companies you regularly patronize (e.g., Facebook, the Gap, etc.). Using information contained on the company website along with news sources, assess the extent to which the company...
-
Consider the following condensed financial statements of Money Freedom, Inc. The companys target rate of return is 10% and its WACC is 7%: Requirements 1. Calculate the companys profit margin....
-
(a) Identify and explain the various ways through which government can intervene and assist upcoming Small entrepreneurs to grow and sustain their enterprises. (b) Explain the rationale behind SWOT...
-
For this assignment, we are going to change our point of view. You are now working for Woolly, and you are preparing Woolly's response to Mammoth's RFP to support the transition of the 12 staff from...
-
Bellcamp's Juice's Inc. manufacturers and sells apple and orange juice. Product line data for 2019-2021 are shown below. Apple Juice Gallons (in thousands) Price ($s/gallon) Variable Cost (S/gallon)...
-
Use a calculator to evaluate the amortization formula \[m=\frac{P\left(\frac{r}{n}ight)}{1-\left(1+\frac{r}{n}ight)^{-n t}}\] for the values of the variables \(P, r\), and \(t\) (respectively) given...
-
If possible, find the sum of the infinite geometric series in Problems 19-24. \(1+\frac{1}{2}+\frac{1}{4}+\cdots\)
-
Find the amount of periodic payment necessary for each deposit to a sinking fund in Problems 35-46. Amount Needed Frequency n A 46. $120,000 quarterly Rate r 7% Time t 30 yr
-
At Mr. Furry's Dance Studio, every man must dance the last dance. If there are five men and eight women, in how many ways can mixed gender couples be formed for the last dance?
-
You look at your budget and decide that you can afford \(\$ 250\) per month for a car. What is the maximum loan you can afford if the interest rate is \(3 \%\) and you want to repay the loan in 4...
-
(iii) Find the optimal weight for an efficient portfolio whose expected turn is 16%. re-
-
In July 2013, cnet.com listed the battery life (in hours) and luminous intensity (i. e., screen brightness, in cd/m2) for a sample of tablet computers. We want to know if screen brightness is...
-
The Sprite Toy Company needs to raise funds for a major expansion of its manufacturing operations. Sprite has determined that it will issue $100 million of financing, but it has not decided whether...
-
Florida Electric Company (FEC) uses only debt and equity. It can borrow unlimited amounts at an interest rate of 10 percent as long as it finances at its target capital structure, which calls for 45...
-
Clearwater Glass Company examined its cash management policy and found that it takes an average of five days for checks that the company writes to reach its bank and thus be deducted from its...
-
The most appropriate response to Nkomos Question 1 would be that the present value of future residual earnings is expected to be: A. zero. B. positive. C. negative. Mangoba Nkomo, CFA, a senior...
-
The most appropriate response to Nkomos Question 2 would be that the firms return on equity (ROE ) is: A. equal to the firms cost of equity. B. lower than the firms cost of equity. C. higher than the...
-
Based upon the information in Exhibit 2, the intrinsic value per share of the equity of Jackson Breweries is closest to: A. R97.67. B. R130.22. C. R186.03. Mangoba Nkomo, CFA, a senior equity analyst...
Study smarter with the SolutionInn App