(a)Ken invested $6,000 in an a savings account that pays interest at the rate of 1% per...

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

Question:

(a)Ken invested $6,000 in an a savings account that pays interest at the rate of 1% per quarter. At the end of five years, Ken withdraws only the interest. How much does he withdraw? (3 marks)

(b) How long will it take for an amount of $1,000 to treble if interest is paid at 15 percent per annum if: (i) compounded semi-annually?(2 marks) (ii) compounded quarterly?

Posted Date: May 18, 2024 06:03 PM

See More Questions

Katz Hat Shop received a shipment of hats for which it paid the wholesaler $2,970. The price of the hats was $3,000, but Katz was given a $30 cash discount and required to pay freight charges of $50....
Frames S and S are moving relative to each other along the x and x axis. Observers in the two frames set their clocks to t = 0 when the origins coincide. In frame S, event 1 occurs at x 1 = 1.0 cy...
What is an impulse-response function?
Prepare and analyze a scatter plot (Learning Objective 3) Lube-for-Less is a car care center specializing in ten-minute oil changes. Lube-for-Less has two service bays, which limits its capacity to...
While examining cash receipts information, the accounting department determined the following information: opening cash balance $150, cash on hand $1,125.74, and cash sales per register tape $990.83....
Value a Constant Growth StockFinancial analysts forecast Best Buy Company (BBY) growth for the future to be 15.00 percent. Their recent dividend was $1.29. What is the value of their stock when the...
INCOME Everyday Flowers and Workshops Sales of Product Income Special Occasions Total Income COST OF GOODS SOLD Flower Purchases and Supplies Supplies and materials - COS Total Cost of Goods Sold...
Question 16 (1 point) What was the effect of the 1924 Johnson-Reed Immigration Act that established immigration quotas based on national origin?
SHERIDAN Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $72,900 $32,600 Accounts receivable 85,800 71,300 Inventory 170,100 186,800 Land 73,700 100,200 Equipment 259,700 200,200...
What is the role of risk management in finance and why is it important? 2. How does inflation impact the purchasing power of money over time? 3. What are the different types of financial markets and...
The following are the financial statements of Rich Corporation: Rich Corporation Statements of Financial Position December 31 2023 2022 Assets Cash.... $40,890 $ 38,040 Accounts receivable.. 37,180...
discuss the role of inclusive leadership in driving organizational change and creating environments where individuals from diverse backgrounds feel valued, respected, and empowered to contribute...
calculate total number produced and profit ATC Valve Production Production Time per Unit (in Hours) Item Set-Up Cost Casting Machining Final Assembly Unit Cost List Price Number Produced Min Max...
The best statistical technique to determine statistical significance between two or more groups means on a continuous variable using only a single independent variable is
A line l passes through the points with coordinates (0, 5) and (6, 7). a. Find the gradient of the line. b. Find an equation of the line in the form ax + by + c = 0.
Accounts receivable are typically collected within three months from the date of sale. Can they be considered cash equivalents? Explain.
What is a credit card discount? How does it affect amounts reported on the statement of earnings?
Using the allowance method, is bad debt expense recognized in (a) the period in which sales related to the uncollectible amounts were made or (b) the period in which the seller learns that the...

(a)Ken invested $6,000 in an a savings account that pays interest at the rate of 1% per...

Question:

Expert Answer:

Students also viewed these finance questions