Suppose you deposit $8,400 in an account with an annual interest rate of 6.2% compounded quarterly. How

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

Question:

Suppose you deposit $8,400 in an account with an annual interest rate of 6.2% compounded quarterly. How many years will it take for the account to be worth $12,000 (round to the nearest tenth)?

Related Book For answer-question

Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

See More Books

Posted Date: May 29, 2023 05:43 AM

See More Questions

1. Joshua Vermier of Sacramento, California, received a raise after his first year on the job to $43,800 from his initial salary of $42,000. What was Joshuas raise stated as a percentage? Inflation...
Calculate all of the problems in the document below in an Excel spreadsheet or on a financial calculator. Please show your work in order to get credit. For each problem, state the inputs given, what...
Given the price in Omani Rial per unit is p = x 10x + 15 A) The revenue function. B) The marginal revenue function C) The marginal revenue at x=10 units D) Interpret the result.
1. If the nominal policy interest rate is 5% and the expected rate of inflation is 3%, what is the value for the vertical intercept of the LM curve? 2. If the expected rate of inflation were to...
Identify and discuss the four kinds of quality costs.
The number of unique monthly visitors in millions to Facebook can be approximated by V(x) = 16x 2 + 7x + 32, where x is the number of years after 2008. Estimate the year when Facebook averaged 55...
Plaintiffs James and Betty Tonkovich own approximately 850 acres of in Belmont County, Ohio. Plaintiffs belong to a group of landowners known as Belmont Leasing Group, which leases land for oil and...
Manson Industries incurs unit costs of $8 ($5 variable and $3 fixed) in making a sub-assembly part for its finished product. A supplier offers to make 10,000 of the assembly part at $6 per unit. If...
What is Data Manipulation Language in SQL ? What are the Benefits of DML? What is DML command with example?
Ellipses Corp is a small business that operates in Herndon, VA. The company is located at10 Period Lane, Herndon, VA 20170. Its federal Employer Identification Number is 77-7777777, and its...
A weightlifter works out at the gym each day. Part of her routine is to lie on her back and lift a 44kg barbell straight up from chest height to full arm extension, a distance of 0.50m. (A) How much...
Ann contracts with Gamal, a financial planner, who is required by the state to have a license. Gamal does not have a license. Their contract is enforceable if a. the purpose of the statute is to...
A law that restricts most vendors from doing business in a high-traffic area might be upheld under constitutional provisions covering a. equal protection. b. procedural due process. c. substantive...
Are minors legally bound to every contract that they enter into?
When there is a direct conflict between a federal law and a state law, the federal law is invalid. (True/False)
Dilution occurs when a trademark is used, without permission, in a way that diminishes the distinctive quality of the mark. (True/False)
The price-demand function for a product manufactured in a company is given by P = 100-2x and its total cost function is given by C(x) = 300 + 8x What is the marginal profit of production of 35 units....
A horizontal annulus with inside and outside diameters of 8 and 10 cm, respectively, contains liquid water. The inside and outside surfaces are maintained at 40 and 20oC, respectively. Calculate the...
1. What is planned buying? 2. Distinguish between needs and wants, and explain why it may be better to act as if no needs exist. 3. Describe the types of information you need to be your own expert...
1. Irad Liu, of Commerce, Texas, is in the 25 percent marginal tax bracket and is considering the tax consequences of investing $2000 at the end of each year for 30 years in a tax-sheltered...
1. Distinguish between the balance sheet and cash-flow statement. 2. How should assets and liabilities be valued for the balance sheet? 3. Distinguish between fixed and variable expenses.
Comparing your answer to Problem 6, what do you conclude? Problem 6, Draw the indifference curve in the expected returnstandard deviation plane corresponding to a utility level of .05 for an investor...
Calculate the expected return and variance of portfolios invested in T-bills and the S&P 500 index with weights as follows:
Suppose that expectations about the U.S. equity market and the T-bill rate are the same as they were in 2018, but you find that a greater proportion is invested in T-bills today than in 2018. What...

Suppose you deposit $8,400 in an account with an annual interest rate of 6.2% compounded quarterly. How

Question:

Expert Answer:

The answer of the above asked question is given below Answer First to solve thi... View the full answer

Personal Finance

Students also viewed these mathematics questions