You are considering four possible options for your new savings account. You plan to deposit $13,000 and
Question:
You are considering four possible options for your new savings account. You plan to deposit $13,000 and leave this amount in the account for 20 years with no additional deposits or withdrawals. All of these account options would earn 6% interest, but each one has a different compounding frequency, listed below. What would be the value of each account at the end of the 20-year period?
a. Annually
b. Semiannually
c. Quarterly
d. Monthly
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (12 reviews)
a Account value at end of 20 years Value of 13000 x 10...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
TCP: the client sends only 1 message to the server hello from TCP Client and the server responds with the uppercase message. Update the program / make a simple chat program so that The client can...
-
In rotogravure, a method of printing by rolling paper over engraved, chrome-plated cylinders, the printed paper can be flawed by undesirable lines called bands. Bands occur when grooves form on the...
-
RAP Computers assembles personal computers from generic parts it purchases at a discount, and it sells the units by phone orders it receives from customers responding to the companys ads in trade...
-
When should control risk be set at a maximum?
-
The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is shown as follows: Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows:...
-
Required information Skip to question [ The following information applies to the questions displayed below. ] VIP - MD is a health maintenance organization ( HMO ) located in North Carolina. Unlike...
-
An experiment was conducted to test the efficacy of chloromycetin in checking typhoid. In a certain hospital chloromycetin was given to 285 out of the 392 patients suffering from typhoid. The number...
-
The best example of a constant perpetuity would most likely be ________. a. An annuity due b. Dividends from common stock c. Preferred stock d. An ordinary annuity
-
If you were to open a savings account that earns 3% interest and is compounded quarterly, what would be the total amount in your account after 10 years if you made an opening deposit of $9,500?
-
Define ethical and unethical behavior. Give three specific examples of ethical behavior and three specific examples of unethical behavior.
-
Collin Products received notice of a $25,100 income tax deficiency plus $3,700 interest. The deficiency related to an incorrect method of accounting for business inventory. Required: a. Compute the...
-
A space capsule orbits Earth at an altitude of 1. Draw a force diagram of the space capsule. 2. Write a set of equations describing your force diagram. Use only the forces identified on your diagram....
-
(a) Choose the correct time series plot. (i) 45 (iii) 40 35 WV 30 chmor fras 25 20 35 30 25 15 10- 5 45 40 0 35 30- 25 20 15. 10- 5 0 4 Slope, b = MSE = 12.64 8 4 12 8 12 Plot (iv) What type of...
-
Mr . A rented an apartment from Mr . B overlooking Sungai Setia for the purpose of watching the annual boat race and the competition for the best decorated boat. These events are to take place the...
-
Can someone share the how you would calculate Basic Earnings per share with the following information? Net Income of 10,000,000 Preferred Stock - (20,000 shares authorized, 10,000 issued, 5%, $100...
-
A student makes the following argument: Tariffs on imports of foreign goods into the United States will cause the foreign companies to add the amount of the tariff to the prices they charge in the...
-
What are the principal alloying elements in SAE 4340 steel?
-
Maple, Inc., is an S corporation with a single shareholder, Bob Maple. Bob believes that his stock basis in the entity is $50,000, but he has lost some of the records to substantiate this amount....
-
In Problem 44, how much of the Whitman loss belongs to Ann and Becky? Beckys stock basis is $41,300. In problem At the beginning of the year, Ann and Becky own equally all of the stock of Whitman,...
-
Whindy Corporation, an S corporation, reports a recognized built-in gain of $80,000 and a recognized built-in loss of $10,000 this year. Whindy holds an $8,000 unexpired NOL carryforward from a C...
-
Depreciation Methods at Google Values: Asset Cost: $1,000,000 Useful Life: 5 years Salvage Value: $100,000 Requirements: Apply the conservatism principle to determine asset impairment. Calculate...
-
Consider the following data for Amazon: Selling price per unit: $50 Variable cost per unit: $30 Fixed costs: $200,000 i) Calculate the contribution margin per unit. ii) Determine the break-even point...
-
Sophia was recruited to serve as the Chief Human Resources Officer (CHRO) of Epsilon Corporation, a privately-held company in the automotive industry, effective June 1, 2022. Throughout the fiscal...
Study smarter with the SolutionInn App