You make two savings bank deposits, $4,000 today, and $2,400 in 2 years time. Your bank pays

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

Question:

You make two savings bank deposits, $4,000 today, and $2,400 in 2 years time. Your bank pays an interest rate of 2%. What will your balance be (from these two deposits only) after 5 years (3 years after your second deposit)?

Answer should be a number given as a %. That is, for example 3.18% should be answered as 3.18 rather than 3.18% or 0.0318

Posted Date: May 10, 2024 05:07 AM

See More Questions

7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...
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...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
Show how each transformation may be accomplished by using a nitrile as an intermediate. You may use any necessary reagents. (a) Hexan-1-ol heptan-1-amine (b) Cyclohexanecarboxamide cyclohexyl ethyl...
1. What methods did Smart USA use to test market the Smart Fortwo car among prospective customers? 2. What trends are influencing the market potential of the Smart Fortwo car? 3. How does Smart USA...
Given the following information, calculate the target cash balance using the BAT model: Annual interest rate.................6% Fixed order cost....................$25 Total cash...
Explain the economists view of pricing.
A certain outpatient medical procedure has five steps that must be performed in sequence. (a) Assuming that the time (in minutes) required for each step is an independent random variable, find the...
6. (24, 32, k) ls aralarnda asal ise, k'nin 20'den kk pozitif ka deeri vardr? A) 8 B) 9 C) 10 D) 11 E) 12
You are to create a direct messenger program. In particular, the program will perform as follows: 1. It must behave as either a client or a server, depending on the command line arguments supplied...
Required information Vancouver Shakespearean Theater's board of directors is considering the replacement of the theater's lighting system. The old system requires two people to operate it, but the...
Identify some conceptual variables that present interesting challenges to operationalization and discuss them. Pair off, and, in each pair, develop a hypothesis that links your two variables in a...
For each variable, suggest a valid and reliable measurement procedure. Specify how the value for each case would be ascertained. Given your suggested operationalization of the variable, at what level...
Imagine that you are trying to answer a research question about the relationship (if any) between a countrys petroleum resources and its political system. How would you define these variables in...
Democratic, authoritarian, autocratic, totalitarian, liberal we hear words like this all the time in the news to describe governments and states. But how would you define these terms in a way that...
Come up with your own examples of pairs of variables (and the cases for which they are defined) that pose interesting problems in identifying the best choice of the IV and the DV.
Choose a Multinational company or a local company in your community and write on the information technology upgrades, system applications, security access, user support ,IT trends affecting the...
We all experience emotions, but some people disguise their true feelings better than others. Do you think this is a helpful or harmful thing to do? Under what conditions do you think it would be most...
Assume that the Polish currency (called zloty) is worth $.32. The U.S. dollar is worth .7 euros. A U.S. dollar can be exchanged for 8 Mexican pesos. Last year a dollar was valued at 2.9 Polish zloty,...
One year ago, you sold a put option on 100,000 euros with an expiration date of 1 year. You received a premium on the put option of $.05 per unit. The exercise price was $1.22. Assume that 1 year...
Explain how each of the following conditions would be expected to affect the value of the Mexican peso. SITUATION a. Mexico suddenly experiences a high rate of inflation. b. Mexico's interest rates...

You make two savings bank deposits, $4,000 today, and $2,400 in 2 years time. Your bank pays

Question:

Expert Answer:

To calculate the balance after 5 years 3 years after the second deposit we can use the formula for c... View the full answer

Students also viewed these finance questions