Gregory invested his savings of $1,100 in a savings account that was earning simple interest at 2.52%

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

Question:

Gregory invested his savings of $1,100 in a savings account that was earning simple interest at 2.52% p.a. He also invested $3,925 in his friend's business at 0.44% p.m.

a. What is the interest rate per month that is equivalent to 2.24% p.a.?

b. What was the total interest earned from both investments at the end of 3 months?

Related Book For answer-question

Engineering Economic Analysis

ISBN: 9780195168075

9th edition

Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle

See More Books

Posted Date: Jan 11, 2022 11:40 PM

See More Questions

A depositor puts $25,000 in a savings account that pays 5% interest, compounded semiannually. Equal annual withdrawals are to be made from the account, beginning one year from now and continuing...
What is the population size What is the arrival rate per salesperson per hour What is the service rate per hour How many people should be employed in the home office
What is the baud rate of the standard 10-Mbps Ethernet?
Consider a country that imports steel and exports automobiles. The value per unit of cars exported is measured in units of thousands of dollars per car by the random variable X. The value per unit of...
6. The company has an inventory of 1,000 units of pens that must be sold immediately at reduced prices. Otherwise, the inventory will become worthless. The unit cost that is relevant for establishing...
The table below lists weights (carats) and prices (dollars) of randomly selected diamonds. For the prediction interval, use a 95% confidence level with a diamond that weighs 0.8 carats. Find the (a)...
Identify requirement categories.
Apple invested more than $1 billion in the North Carolina data center shown in Figure 6-2. For Apple to spend such a sum, it must perceive the iCloud as being a key component of its future. Using the...
Case Study: Aldi is a discount supermarket. It is one of the most popular Aldi stores in Wollongong, making an average of $100,000 in weekly sales. The store currently operates with 26 employees,...
Whispering issued an 9%, 10-year $1,800,000 bond to build a monorail mass transit system. The city received $1,587,988 cash from the bond issuance on January 1, 2025. The bond yield is 11%. Interest...
Find the gradients of the following scalar fields: a) f(x, y) = y ln(x) + x sin(2x + y) b) g(x, y, z) = x + y + z
Tim Bradshaw in London December 14, 2018 Facebook has been hit with the broadest data protection investigation yet in Europe after the social media group revealed another leak of private photos...
The Argentine peso (ARS) is officially trading at ARS 4. 65 = US$1, with increasing volume of forex transactions channeled through the black market at ARS 6 = US$1. Interest rates on bank loans under...
It is said that only cash costs are relevant for capital budgeting decision. However, depreciation which is a non-cash cost is a prominent part of cash flow analysis for such an investment decision....
In the calculation of bent rays (Sect. 2.2.2) or the massive string above, show that the quantity (z) = r/1 + r (z)2 is constant along the path (or string). From that observation, deduce the solution...
Estimate the constant rate of withdrawal from a 1,400 ha reservoir in a month of 30 days during which the reservoir level dropped by 0. 7 m in spite of an average inflow into the reservoir of 0. 5...
What does the following figure represent? 0
Which of the ocean zones shown would be home to each of the following organisms: lobster, coral, mussel, porpoise, and dragonfish? For those organisms you identify as living in the pelagic...
What is the advantage of comparing financial statements across periods or against industry benchmarks rather than in looking at statements associated with a single date or period?
For Evergreen Environmental Engineering (EEE), determine the working capital, current ratio, and acid test ratio. Evaluate the company's economic situation with respect to its ability to pay off...
A decision has been made to perform certain repairs on the outlet works of a small dam. For a particular 36-inch gate valve, there are three available alternatives: Leave the valve as it is. Repair...
For each of these changes in a metal, predict whether the average time interval between collisions of an electron with a lattice ion increases or decreases: (a) spatial density of the lattice ions is...
In a particle accelerator, the particles in a beam of protons are traveling toward a target at a speed equal to $0.100 c_{0}$. If the beam has a radius of $0.100 \mu \mathrm{m}$ and carries a...
Even though silver is a better electrical conductor than copper, most electrical cables are made from copper. The main reason is cost: The per-kilogram price of silver is about 100 times the...

Gregory invested his savings of $1,100 in a savings account that was earning simple interest at 2.52%

Question:

Expert Answer:

li saring of 1100 Interest Earned 2152 pia 2 Also Intest... View the full answer

Engineering Economic Analysis

Students also viewed these accounting questions