Jim Duggan made an investment of $10,000 in a savings account 10 years ago. This account paid
Question:
Jim Duggan made an investment of $10,000 in a savings account 10 years ago. This account paid interest of 51/2% for the first 4 years and 61/2% interest for the remaining 6 years. The interest charges were compounded quarterly. How much is this investment worth now?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (19 reviews)
a F 16 10000 1 00554 16 1244211 F 10 1244211 1 00654 24 1831924 b 1831924 1 i ...View the full answer
Answered By
Rishabh Ojha
During my undergraduate i used to participate as TA (Teaching Assistant) in several electronics and computers subject. I'm passionate about learning Computer Science as my bachelors are in Electronics but i learnt most of the Computer Science subjects on my own which Machine Learning also. At Present, i'm a working professional pursuing my career as a Machine Learning Engineer and i want to help others learn during my free hours, that's all the motivation behind giving tuition. To be frank i have no prior experience of tutoring but i have solved problems on opensource platforms like StackOverflow and github. ~Thanks
4.90+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Jim had $100,000 in deposits in a savings account at a bank in Page, Arizona. The bank collapsed and Jim did not receive anything for his deposits. The bank was chartered by the state of Arizona and...
-
How much will $1,000 deposited in a savings account earning a compound annual interest rate of 6 percent be worth at the end of the following number of years? a. 3 years b. 5 years c. 10 years
-
A woman desires to have $400,000 in a savings account when she retires in 20 years. Because of the effects of inflation on spending power, she stipulates that her future "nest egg" will be equivalent...
-
A square garden has an area of 900 square feet. If a sprinkler (with a circular pattern) is placed in the center of the garden, what is the minimum radius of spray the sprinkler would need in order...
-
The sales S (in millions of dollars) for Jazz Pharmaceuticals for the years 2006 through 2014 can be approximated by the model S = 27.215t2 409.06t + 1563.6, 6 ( t ( 14 Where t represents the year,...
-
Antonio Kinnard, the accounting manager of Sparks Antique Company, is preparing his company's cash budget for the next quarter. Sparks desires to maintain a cash cushion of $4,000 at the end of each...
-
Subsidiaries Corporate Governance. Can subsidiaries fulfill stakeholders demands and simultaneously comply with the MNEs corporate governance?
-
Sun Company is trying to determine the value of its ending inventory as of March 31, 2014, the companys year-end. The following transactions occurred, and the accountant asked your help in...
-
Scores on a university exam are Normally distributed, with a mean of 78 and a standard deviation of 8. The professor teaching the class declares that a score of 70 or higher is required for a grade...
-
Describe the basic characteristics of the cash basis and the accrual basis of accounting.
-
A couple borrowed $80,000 at 7% to purchase a house. The loan is to be repaid in equal monthly payments over a 30-year period. The first payment is paid exactly at the end of the first month....
-
Consider the cash flow: Year Cash Flow o -$100 1 +50 2 +60 3 +70 4 +80 5 +140 Which one of the following is correct for this cash flow? (a) 100 = 50 + 10(A/G, i, 5) + 50(P/F.i,5) (b) 50(P/A, i, 5) +...
-
Find the biases, standard deviations, and MSEs of the estimators of the two coefficients.
-
Shirts were purchased for $13.50 each and were marked up by $18.75. During Christmas, they were discounted by $6.85 per shirt. a. What was the rate of markdown? 36.53 % Round to two decimal places b....
-
For your organization and incident investigations, how can you use Dr. Reason's Swiss Cheese model in the development of your company's or your future company's incident investigation program? Is...
-
A professor is a member of a professional organization and is mostly interested in the newsletters sent and in participating in conferences. What benefit is the professor primarily seeking?Explain
-
When I invested $50,000 in this mutual funds at the beginning of the 3rd year, how much the invested money would be worth at the end of the year 8??State each step of calculation and explain the...
-
How can an organization ensure that they are asking the right questions during the market research process?
-
Below is a sample balance sheet that includes two years: 1. Calculate How have the different items in the balance sheet changed in percentages between the end of 2003 and 2004? 2. Compute Use...
-
What are technical skills At what level are they most important and why?
-
Jason bought a put option on a $100,000 Treasury bond futures contract with an exercise price of 105 for a premium of $2,000. If on expiration the futures contract sells for 110, determine Jason's...
-
The plant manager at Automaton Robotics is looking at the summarized incremental rate of return information shown below for five mutually exclusive alternatives, one of which must be chosen. The...
-
The U.S. Bureau of Reclamation is considering five national park projects shown below, all of which can be considered to last indefinitely. At a MARR of 7.5% per year, determine which should be...
-
For these alternatives, the sum of the incremental cash flows is: (a) $2500 (b) $3500 (c) $6000 (d)$8000 Year 10,000 +2,500 +2,500 +2,500 +2,500 +2,500 -14 ,000 +4,000 +4,000 +4,000 +4,000 +4,000
-
Mint, now part of Intuit, entered the market in 2005 with comprehensive online money management systems that by aggregating financial information from online bank and credit card accounts tell users...
-
Which benefit has federal regulations that directly tie the physician's benefit to the employees' benefit (if offered to physician must also be offered to employee)? a. Flexible Spending Account...
-
Which of the following is a prohibited act under Chapter 673? Question 20Select one: a. To use a suspended license b. To prepare a fraudulent return c. To use the license of another person d. All of...
Study smarter with the SolutionInn App