Question: You are saving $66 every two weeks in a saving account earning 4% interest compound bi- weekly. How much will you have in your saving

You are saving $66 every two weeks in a saving account earning 4% interest compound bi- weekly. How much will you have in your saving account in three years?

Step by Step Solution

★★★★★

3.51 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To answer your question I will use the compound interest formula to find the fut... View full answer

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 Operating System Questions!

You have applied for a job with a local bank. As part of its evaluation process, you must take an examination on time value of money analysis covering the following questions: a. Draw time lines for...

Jimmy Johnson is 25 years old. He and his wife Jane, 27 years old, have two children, Emmitt and Patricia, ages 3 and 5 respectively. Jimmy wants to retire in 35 years and build boats. He would like...

a. Draw time lines for (1) a $100 lump sum cash flow at the end of Year 2, (2) an ordinary annuity of $100 per year for 3 years, and (3) an uneven cash flow stream of -$50, $100, $75, and $50 at the...

Use any method to evaluate the limit or show that it does not exist. lim (x,y) (0,0) x - y x + y

(a) Sketch, by hand, the graph of the function f(x) = ex, paying particular attention to how the graph crosses the y-axis. What fact allows you to do this? (b) What types of functions are f(x) = ex...

Jake pays the following amounts to his former spouse during the current year. Regular alimony payments Child support Residence as part of a property settlement $ 12,000 10,000 115,000 What amount can...

develop an understanding of basic intervention concepts and approaches;

Raleigh Department Store converted from the conventional retail method to the LIFO retail method on January 1, 2009, and is now considering converting to the dollar-value LIFO retail inventory...

Which of the following might someone undertaking financial statement analysis want to know? Question 7 options: 1) How efficiently the managers of the organisation are using its resources. 2) How...

In a piston assembly, the specifications for the clearance between piston rings and the cylinder wall are very tight. In a lot of assemblies, let X be the number with too little clearance and let Y...

Suppose that initially the gasoline market is in equilibrium, at a price of $4.00 per gallon and a quantity of 75 million gallons per month. Then a war in the Middle East disrupts imports of oil into...

You notice several adult guests playing in the pool. Their play is getting slightly more aggressive and loud and several guests who were near them have moved away. How would you respond?

Kubin Companys relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $...

1. You are developing a multimedia product to be sold on CD-ROM. You wish to use the following media assets within this product. How would copyright and intellectual property laws affect your use of...

Question 15: You are required to read through the case study and complete the blank parts of the behavioural management plan. Case Study: Alex is 4 years old. He has been at the centre for a few...

Ted purchases a car costing $40,616. He makes a down payment of $4,000 and finances the rest of the cost with a 10-year loan. The loan interest rate is j12 = 3.6% and the monthly loan payments are...

help Question 7 What is the additional percent fee when using QuickBooks Payments Instant Deposits? > 2. 1.5 1 O 2.5

(a) As Section 17.3 discusses, high-frequency sound waves exhibit less diffraction than low-frequency sound waves do. However, even high-frequency sound waves exhibit much more diffraction under...

The Davidson Corporations balance sheet and income statement are provided here. a. Construct the statement of stockholders equity for December 31, 2018. No common stock was issued during 2018. b. How...

After all foreign and U.S. taxes, a U.S. corporation expects to receive 2 pounds of dividends per share from a British subsidiary this year.The exchange rate at the end of the year is expected to be...

1. What has happened to Apples dividend per share, dividend yield, and dividend payout over the past 4 years? Provide an explanation for what took place. 2. Compare this information with other firms...

Flint Hills Trading Company's most recent financial statements showed dismal performance. There was a net loss of $10,000 and the statement of cash flows showed a net cash decrease in all categories....

Small Company reported cost of goods sold of $179,000 on its 2012 income statement. The company's beginning inventory was $35,000. The ending inventory was valued at $40,000. The Accounts Payable...

Ryff Corporation's balance sheet at December 31, 2002, showed the following: Short-term investments, at fair value $46,500 Ryff Corporation's trading portfolio of stock investments consisted of the...