On Olgas 16th birthday, her uncle invested $2,000 in an account that was locked into a 1.75%

Question:

On Olga’s 16th birthday, her uncle invested $2,000 in an account that was locked into a 1.75% interest rate, compounded monthly. How much will Olga have in the account when she turns 18? Round to the nearest cent.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Algebra Advanced Algebra With Financial Applications

ISBN: 9781337271790

2nd Edition

Authors: Robert Gerver, Richard J. Sgroi

See More Books

Question Posted: Sep 12, 2022 03:20 AM

See More Questions

How much will you have in 36 months if you invest $ 75 a month at 10% interest?
An investor deposits $10,000 in an account that earns 3.5% interest compounded quarterly. The balance in the account after n quarters is given by An = 10,000(1 + 0.035/4)n, n = 1, 2, 3, . . . (a)...
An investor deposits $10,000 in an account that earns 2.25% interest compounded monthly. The balance in the account after n months is given by An = 10,000 (1 + 0.0225/12)n n = 1, 2, 3, . . . . (a)...
The par yield curve for U.S. Treasury bonds is currently flat across all maturities at 5.50 percent. You have observed following "paired" transaction by your bond portfolio manager: Bond G H...
Compute the put value in the above tree using synthetic construction.
Let (x) = 3x 2 - 4 and g(x) = x 2 - 3x - 4. Find each of the following. (g)(x)
2. A company is translating account balances from another currency into dollars for its December 31, 2016, statement of financial position and its calendar year 2016 earnings statement and statement...
A thin uniform rectangular sign hangs vertically above the door of a shop. The sign is hinged to a stationary horizontal rod along its top edge. The mass of the sign is 2.40 kg and its vertical...
Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par...
1. (a) Below is process flow diagram for patient registration procedure (drawn using ISO 5807 symbols). Identify data sources, data storage, data transmission as you feel appropriate. (b) The Edraw...
Ken filled out this information on the back of his bank statement. Find Kens revised statement balance. Does his account reconcile? Checking Account Summary Ending Balance Deposits Checks Outstanding...
Sally deposits $4,000 in a certificate of deposit that pays 2.12% simple interest. What is her balance after 1 year?
On January 1, 2020, Athena Corporation borrowed $110,000 cash on a $155,000, 24-month 0% note. Athena uses the straight-line method of amortization. Required: 1. Record the borrowing in Athena's...
3. Different positions of Vermiform appendix.
Define Image?
What is Dynamic Range?
Define Brightness?
What is Chromatic Adoption?
Determine whether Rolles Theorem applies to the following functions on the given interval. If so, find the point(s) that are guaranteed to exist by Rolles Theorem. g(x) = x 3 - x 2 - 5x - 3; [-1, 3]
(a) Use integration by parts to show that (b) If f and g are inverse functions and f' is continuous, prove that (c) In the case where f and t are positive functions and b > a > 0, draw a diagram to...
Joe makes an hourly wage of $8.10. For hours worked over 40, he is paid at a rate of $12.15 per hour. Last week, Joe worked 45 hours. a. What is Joe's gross pay for this pay period? b. What is Joe's...
Leslie works for Blanck Corporation. His annual salary is $57,285.50. a. What is Leslie's annual Social Security deduction? b. What is Leslie's annual Medicare deduction? c. Leslie is paid every...
Let A represent the number of the paycheck for the year. For example, if the paycheck was the fifth of the year, A is 5. Let B represent the biweekly gross pay. Let C represent the biweekly union...
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows:...
1-When accounting for an acquisition, goodwill is the difference between what two things? 2- What factors should be considered when deciding whether an acquisition should be financed with cash or...
What is the main friction Fluidity aims to address? REAL STATE

On Olgas 16th birthday, her uncle invested $2,000 in an account that was locked into a 1.75%

Question:

Step by Step Answer:

Answer 20706 given data principal p 2000 Rate r 175 ...View the full answer

Financial Algebra Advanced Algebra With Financial Applications

Students also viewed these Mathematics questions