Question: How long, in years, will it take an initial deposit of $5,000 into an account that earns 4.75% compounded monthly to grow to $10,000, if

How long, in years, will it take an initial deposit of $5,000 into an account that earns 4.75% compounded monthly to grow to $10,000, if no other funds are deposited, and no withdrawals are made during the term?

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 Mathematics Questions!

29. (5.1) How long, in years, will it take an initial deposit of $5,000 into an account that earns 4.75% compounded monthly to grow to $10,000, if no other funds are deposited, and no withdrawals are...

I would like some guidance with the questions below. Thank you Q1. In terms of risk, preferred stock is safer than common stock because it has a prior claim on assets and income. a. True b. False Q2....

What is the cash price of a car, which can be paid off in 4 years, if the monthly payments are $450 at 12% compounded monthly? 12. Jimmy won $ 100 000 on a lottery and, after applying a significant...

ASAP please :) Will give you good rating. Thank you :) :) Bless you :) After graduation, you plan to work for Dynamo Corporation for 12 years and then start your own business. You expect to save and...

A financial analyst tells you that investing in stocks will allow you to double your money of $1,000 in 5 years. What annual rate of return is the analyst assuming you can earn? 10.41% 9.87\% 8.76\%...

Please can you solve these questions for me MAT 0460 EXAM THREE REVIEW MAT 0460 EXAM THREE REVIEW 1. Identify 5 solutions for y = 2*, and then sketch its graph. Rewrite as the sum or difference of...

how long, in years, will it take an initial depoit of % 5 0 0 0 into an account that earns 4 . 7 5 % compounded monthly to grow to $ 1 0 , 0 0 0 , if no other funds are deposited, and no withdrawals...

1. Solid State, Inc. has a total equity of $560,000; sales of $2,250,000; total assets of $995,000; and current liabilities of $310,000. What is Solid State's debt ratio? A. 66.7% B. 31.2% C. 43.7%...

175 points If I invest $5,000 in a stock market index and it averages 9% per year, how long until I double my investment? (Assume annual compounding) Round answer to the nearest year, do not type the...

Find the simple interest for each of the following. Round to the nearest cent. 1. $12,500 at 10 % simple interest for 280 days. 2. $8250 at 9% simple interest for 8 months. 3. A loan of $6000 at 11%...

Bank X has 8 subprime mortgage loans to sell to investors. X is supposed to receive $100 as the principal + interest by each borrower. However, many borrowers are low-credit ones, so the true values...

Q1: What are the main phases of database design? Explain two of phases: Q2: What is Factors that Influence Physical Database Design? Q3 What is different between Denormalization and normalization ?...

reusing the same content means content serving. a . Trueb. False

Mr. Redporwayt, had the following income and expenses for the year As an employee Salary, gross of SSS/Philhealth/Pag-ibig contributions P 540,000 Mandatory government benefits: SSS contributions P...

In preparing the pro forma income statement for a rooms department, how do you think the average room rate and occupancy figures could be established? LO1

What adjustments generally have to be made to the net income figures to convert them to a cash flow basis? LO1

In preparing a feasibility study for a motor hotel to be located in an area where there are several other motor hotels, what factors would you consider to determine which of the other operations are...