Ximena received a gift of $69564 from her rich aunt which she is investing at a rate

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

Question:

Ximena received a gift of $69564 from her rich aunt which she is investing at a rate of 3.1%. How much money will she have in 15 years, compounding monthly? Round your answer to the nearest $0.01.

Related Book For answer-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

See More Books

Posted Date: Apr 06, 2024 09:24 AM

See More Questions

1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...
The interest of a compound interest investment or loan can be computed with the formula I=AP (where A is given below) . The end amount of a compound interest investment or loan can be computed with...
Why it is important to align an organization's learning policy with its long-term strategy and goals? Explain in brief.
The lifespans of gorillas in a particular zoo are normally distributed. The average gorilla lives 20.8 years; the standard deviation is 3.1 years. Use the empirical rule (68 - 95 - 99.7%) to estimate...
The 10-yr, 24-hr storm hyetograph for Virginia Beach, Virginia, was determined in Example 11.3. From this data, estimate the 10-yr, 6-hr storm hyetograph at the same location.
Is chloroform, CHCl 3 , a polar molecule? If it is, draw the dipole moment vector for the entire molecule and show where the + and regions of the molecule are.
The breakeven point on a CVP graph is a. the intersection of the sales revenue line and the total expense line. b. the intersection of the fixed expense line and the total expense line. c. the...
During 2014, William purchases the following capital assets for use in his catering business: New passenger automobile (September 30). $21,500 Baking equipment (June 30) 6,500 Assume that William...
Kazibwe, a businessman does not maintain a complete set of books for his business transactions. The following is a summary of his cash transactions for the year ended December 31, 2015. Receipts Kshs...
How often do you use the language of choice ("I want to get up earlier in the morning") vs the language of obligation ("I have to get up so early in the morning?") How, in your life, could you use...
Explain the role of executive leadership in building the strategic vision in corporations.
Is downsizing a good strategy for revamping an organizations competitiveness when it is facing major competitive threats in the market?
Why is EVA an important component of the strategic management process?
How does a business evaluate its strategic choices?
Staffing decisions are considered an important component of strategic planning and the management process. Why? How is strategy implementation process connected to the decisions resulting from a...
Explain that the following statement is TRUE or FALSE: Gray Company sells two products, X and Y. For the coming year, Gray predicts the sale of 5,000 units of X and 10,000 units of Y. The...
Calculate the Lagrange polynomial P 2 (x) for the values (1.00) = 1.0000, (1.02) = 0.9888, (1.04) = 0.9784 of the gamma function [(24) in App. A3.1] and from it approximations of (1.01) and (1.03).
Why will a projectile that moves horizontally at 8 km/s follow a curve that matches the curvature of Earth?
How does the brightness of light on a surface change when a point source of light is brought twice as far away?
Is it correct to say that the planets of the solar system are simply projectiles falling around the Sun?

Ximena received a gift of $69564 from her rich aunt which she is investing at a rate

Question:

Expert Answer:

To calculate the future value of Ximenas investment after 15 years compo... View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these finance questions