You need $15,000 in 3 years for a new car. If you can deposit money into...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You need $15,000 in 3 years for a new car. If you can deposit money into an account that pays an APR of 5.5% based on daily compounding, how much would you need to deposit? You need $15,000 in 3 years for a new car. If you can deposit money into an account that pays an APR of 5.5% based on daily compounding, how much would you need to deposit?
Expert Answer:
Answer rating: 100% (QA)
To calculate the amount you need to deposit today to reach 15000 in 3 years with an APR of 55 compou... View the full answer
Related Book For
Posted Date:
Students also viewed these finance questions
-
Predetermined Overhead Rate, Applied Overhead, Unit Cost Gomez, Inc., costs products using a normal costing system. The following data are available for last year: Budgeted: Overhead $353,500 Machine...
-
For each problem, show your work steps. A correct answer with no work shown gets half credit (which means you fail the assignment). An incorrect answer with no work receives 0 credit. With time value...
-
Using the SCS method, determine the time of concentration (in hours) for a catchment with a flow length of 250ft and a slope of 2% (i.e. 0.02). The runoff occurs as sheet flow and the surface is...
-
a1a2 (d) Suppose a Cobb Douglass production function with two inputs and exponents inside the production function y = xx22 that are less than one. Derive the profit maximizing choices of x1, x2, andy...
-
Britton Industries has operating income for the year of $3,000,000 and a 40% tax rate. Its total invested capital is $20,000,000 and its after-tax percentage cost of capital is 8%. What is the firm's...
-
PUH Limited leases all of its assets. In its Balance Sheet, PUH shows a current liability of 750,000 and a long-term debt of 1,640,000 for lease commitments. What type of expenses will a user of PUHs...
-
Why do many companies allocate fixed costs separately from variable costs?
-
If the ending inventory of a firm is overstated by $50,000, by how much and in what direction (overstated or understated) will the firms operating income be misstated?
-
Use logarithmic differentiation to differentiate the following function. f(x)=(x+2)5(3x-4) f'(x)=
-
Identify the fallacies committed in the following dialogue. You should be able to find at least one case of each fallacy presented in this section. Food for Thought "Let's hit the produce section...
-
Describe how the Communication and Negotiation course will help you in the future and if you find this course to be useful? 2. Please describe how your experience was in the Negotiation Game that was...
-
2 FERGS Plc has export orders from a company in Singapore for 300,000 widgets and from a company in Indonesia for 150,000 widgets. The unit cost to FERGS of producing widgets is 0.60. The unit sales...
-
Joe received a $1500 bonus. He decided to invest it in a 2-year certificate of deposit (CD) with an annual interest rate of 1.22% compounded daily. Answer the questions below. Do not round any...
-
If Mr. Jones wanted to invest 3,000,000 yen in the Japanese stock market, how many dollars would he need if the exchange rate was $1 for 150 yen? If Mr. Jones wanted to invest 3,000,000 yen in the...
-
An investor on the "Shark Tank" has offered an entrepreneur a deal with his company. Part of the deal is the investor wants a royalty on his investment. The investor will "lend" the entrepreneur...
-
A broker's client is buying their first home for $400,000 and will have an LVR of approximately 85%. The client has had two credit cards for many years but for the last 4 years has not used them, so...
-
Think about a moral exemplar/role model in your life. Who is that person? What virtues do they have that you find worthy of having yourself? Can you think of a situation where they acted on a virtue?...
-
Evaluate the integral, if it exists. Jo y(y + 1) dy
-
Bank A pays 8 percent interest, compounded quarterly, on its money market account. The managers of Bank B want the rate on its money market account to equal Bank As effective annual rate, but...
-
Some economists contend that the deficit spending practices followed by the U.S. government artificially inflate prices and interest rates. Explain their rationale. Can you think of any arguments...
-
Analysts have evaluated the Sivar Silver Company and discovered that if sales are $800,000 the following will exist: Degree of operating leverage (DOL) 4.0X Degree of financial leverage (DFL) 2.0x...
-
Feng Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $42,300. The machines useful life is estimated at 10 years, or 363,000 units of...
-
In early January 2004, LabTech purchases computer equipment for $147,000 to use in operating ac tivities for the next four years. It estimates the equipments salvage value at $30,000. Prepare tables...
-
Cemer Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. The negotiated purchase price is $225,000 for the lot plus $120,000 for the...
Study smarter with the SolutionInn App