Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 01, 2024

2a) How much money would need to be deposited today in order to grow to $50,000 in an account earning 3.5% compounded quarterly after

2a) How much money would need to be deposited today in order to grow to $50,000 in an account earning 3.5% compounded quarterly after 20 years? Round to the nearest cent. 2b) How long would it take for a deposit of $10,000 to triple if placed into an account paying 2.75% interest compounded continuously? Round your answer to one decimal place.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Business Mathematics with Canadian Applications

Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs

11th edition

134141083, 978-0134141084

Students also viewed these Mathematics questions

Question

★★★★★

What is wrong with the following code fragment? int[] a; for (int i = 0; i Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★

For the years 2011-2013, Robbins Soccer Company had net income and average shares outstanding as follows: What was the percentage of change in earnings per share (EPS) in 2012? In 2013? 2012 2011 Net...

Answered: 1 week ago

Question

★★★★★

American Olean15 makes product families i = 1, c, 10 of tile at plants p = 1, c, 4 to meet demands di,k (square feet) at sales distribution points (SDPs) k = 1, c, 120. Variable costs of production...

Answered: 1 week ago

Question

★★★★★

2. Experiment with peer editing.

Answered: 1 week ago

Question

★★★★★

The worker is using the bar to pull two pipes together in order to complete the connection. If he applies a horizontal force F to the handle of the lever, determine the moment of this force about the...

Answered: 1 week ago

Question

★★★★★

thank you! On January 1, you deposited $7,800 in an investment account. The account will earn 8 percent annual compound interest, which will be added to the fund balance at the end of each year....

Answered: 1 week ago

Question

★★★★★

You work for county social services, child welfare division, and you are working with Lisa, who recently had her three young children (April is 5, Joshua is 6 and Justine is 9 years of age) removed...

Answered: 1 week ago

Question

★★★★★

The use of primary elections completely eliminates the influence of political bosses or political machines in Texas. Question 24 options: True False

Answered: 1 week ago

Question

★★★★★

Gibson Valves produces cast bronze valves on an assembly line, currently producing 1600 valves per shift. If the production is increased to 2000 valves per shift, labor productivity will increase by

Answered: 1 week ago

Question

★★★★★

1. Consider the following: Time Period 1 2 3 4 Total cost Receipts $20,000 $30,000 $50,000 $60,000 Total Cost Disbursements $15,000 $36,000 $59,000 $44,000 The organization must maintain a $5,000...

Answered: 1 week ago

Question

★★★★★

Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of...

Answered: 1 week ago

Question

★★★★★

1) World Coffee, Incorporated has provided the following information pertaining to the store's month ended October 31, 2022: Sales revenue $100,000 Supplies expense $1,500 Interest expense 6,900 Rent...

Answered: 1 week ago

Question

★★★★★

11. Ratio analysis is frequently used to analyse financial statements. Using appropriate examples, explain several limitations of using ratio analysis to assess the financial performance and position...

Answered: 1 week ago

Question

★★★★★

A city maintains a solid waste landfill that was 12 percent filled at the end of Year 1 and 26 percent filled at the end of Year 2. During those periods, the government estimated that total closure...

Answered: 1 week ago

Question

★★★★★

E plc operates a marginal costing system. For the forthcoming year, variable costs are budgeted to be 60% of sales value and fixed costs are budgeted to be 10% of sales value. If E plc increases its...

Answered: 1 week ago

Question

★★★★★

A Limited has fixed costs of 60 000 per annum. It manufactures a single product which it sells for 20 per unit. Its contribution to sales ratio is 40%. A Limited's breakeven point in units is: A 1200...

Answered: 1 week ago

Question

★★★★★

The following data relate to the overhead expendi- ture of a contract cleaners at two activity levels: What is the estimate of the overheads if 16200 square metres are to be cleaned? A 88095 B 89674...

Answered: 1 week ago

Previous Question Next Question