Question: Grayson is saving for a used car. He needs $14,000. How much must he invest at 3% annual interest rate to have $14,000 in two

Grayson is saving for a used car. He needs $14,000. How much must he invest at 3% annual interest rate to have $14,000 in two years? Round to the nearest dollar. a. 12983 b. 12417 c13720 d13196 e. none of the above

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 Accounting Questions!

Submit Grayson is saving for a used car. He needs $14,000. How much must he invest at 3% annual interest rate to have $14,000 in two years? Round to the nearest dollar.

1. Which account below would be credited to record this transaction: purchase merchandise for resale on cred? A. Inventory B. Cash C. Accounts payable D. Accounts receivable E. None of the above 2....

Which of the following is one gauge of the company's ability to meet its short term obligations? a. gross margin b. asset turnover c. profit margin d. working capital e. none of the above 2. Ellen...

Grayson is saving for a used car. He needs $14,000. How much must he invest at 4% annual interest rate to have $14,000 in two years? Round to the nearest dollar. (the table below may help you answer...

Grayson is saving for a used car. He needs $14,000. How much he invest at 4% annual interest rate to have $14,000 in two years? Round to the nearest dollar a. $12,983 b. $12,417 c. $13,720 d. $12,944...

1.The concept that an item is not large enough to influence the users of a financial statement is A, cost effectiveness b. Materiality c. reliability d. relvance e. none 2. The quality that allows...

3. Use the present value and future value formulas to solve the following problems. Confirm your answers with your financial calculator. Show both methods of calculation in your answers. When...

Q1. Biff deposited $9,000 in a bank account, and 10 years later he closes out the account, which is worth $18,000. What is the annual interest rate over the 10 years? a. 6.45% b. 7.18% c. 9.10% d....

During its first year of operations, Henley Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end. The credit manager estimates that $35,000 of these receivables will...

The man has a weight W, and the coefficient of static friction between his shoes and the floor is s. Determine where he should position his center of gravity G at d in order to exert the maximum...

? _ _ _ _ i n d i c a t e t h e c a s h a f i r m s p e n d s , o r o t h e r a s s e t s i t u s e s u p , t o c a r r y o u t t h e b u s i n e s s a c t i v i t i e s n e c e s s a r y t o g e n e...

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...

Describe how to determine the vocabulary level of business messages.

Format business letters using the full block, modified block, and simplified styles.

Use a three-step process to develop effective business messages.