What rate of interest (as a percent), compounded monthly, is needed for $1000 to grow to $8500

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

Question:

What rate of interest (as a percent), compounded monthly, is needed for $1000 to grow to $8500 value in twenty years? Round final answer to the nearest whole percent. Write a concluding statement.

Related Book For answer-question

Precalculus

ISBN: 978-0321716835

9th edition

Authors: Michael Sullivan

See More Books

Posted Date: Jul 16, 2021 01:31 PM

See More Questions

What rate of interest is required for $740.48 to earn $42.49 interest from September 10, 2015, to March 4, 2016?
What rate of interest compounded quarterly will yield an effective interest rate of 7%?
What rate of interest compounded continuously will yield an effective interest rate of 6%?
JD is a 25 year old patient who sustained massive head trauma and neurological injury in a motorcycle accident. He is not brain dead, but after 4 weeks in MICU and several neuro consults, the...
Gary Construction Associates accepted a contract to build an office building on January 2, 2015. The company will complete the contract within two years. Gary provided the following information...
1. Based on the principles of the SLII model, how would you describe the runners in Group 1? What kind of leadership do they want from David and what kind of leadership does David seem prepared to...
A $70-\mathrm{kg}$ student is falling toward Earth. (a) Draw one free-body diagram for Earth and one for the student. Assume that air resistance can be ignored. (b) Calculate the student's...
Sandy Johnson owns a small variety store. The following transactions took place during March of the current year. Journalize the transactions in a general journal using the perpetual inventory...
Compare California's government to the U . S . government in two of the following aspects: executive branch, legislative branch, judicial branch, constitutional amendment process.
Fulcrum Industries manufactures dining chairs and tables. The following information is available: Dining Chairs Tables Total Cost 600 470 2,400 Machine setups Inspections Labor hours Problem 2. 200...
Margaret runs a used car business. She purchased a fleet of cars from a rental operation that cost $8,000 per car and sold one to a customer for $11,000. Which term refers to the $8,000 purchase of...
What is malware? Name and explain three types of malware.
What is a key attribute (e.g., a primary key)? What coding techniques can be used to create good primary key attributes?
a. What are the five generic control goals of information processes? b. Explain the difference between the following pairs of control goals: (1) ensure input validity and ensure input accuracy; (2)...
How are the applications approach and the centralized database approach to business event processing similar? How are they different?
Describe library controls.
Operating margin is the same as gross margin in CVP analysis. True False
The graph of the sequence whose general term is an = n - 1 is which of the following? [8.1] A. B. TITTT 3-2-1 23.45 2.3.4
The polar coordinates of a point are given. Find the rectangular coordinates of the point. (8.1, 5.2)
After the Challenger disaster in 1986, a study was made of the 23 launches that preceded the fatal flight. A mathematical model was developed involving the relationship between the Fahrenheit...
Geometry The medians of a triangle are the line segments from each vertex to the midpoint of the opposite side (see the figure). Find the lengths of the medians of the triangle with vertices at A =...
Based upon the information in Exhibit 1, the market value added of the hypothetical firm is closest to: A. R 65 million. B. R 113 million. C. R 168 million. Mangoba Nkomo, CFA, a senior equity...
The most appropriate response to Nkomos Question 1 would be that the present value of future residual earnings is expected to be: A. zero. B. positive. C. negative. Mangoba Nkomo, CFA, a senior...
The most appropriate response to Nkomos Question 2 would be that the firms return on equity (ROE ) is: A. equal to the firms cost of equity. B. lower than the firms cost of equity. C. higher than the...

What rate of interest (as a percent), compounded monthly, is needed for $1000 to grow to $8500

Question:

Expert Answer:

Precalculus

Students also viewed these mathematics questions