FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A bank offers a CD that pays a simple interest rate of 8.0%. How much must you put in this CD now in order to

image text in transcribed

A bank offers a CD that pays a simple interest rate of 8.0%. How much must you put in this CD now in order to have $2500 for a home-entertainment center in 5 years. The present value that must be invested to get $2500 after 5 years at an interest rate of 8.0% is $. (Round up to the nearest cent.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Short Term Financial Management

Short Term Financial Management

Authors: Terry S. Maness, John T. Zietlow

3rd Edition

0324202938, 978-0324202939

More Books

Students also viewed these Finance questions

Question

Describe how some memories are automatically encoded into long-term memory.

Answered: 1 week ago

Question

★★★★★
Polo Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The companys products include such brands as Polo by Ralph Lauren,...

Answered: 1 week ago

Question

★★★★★
A bank offers a CD that pays a simple interest rate of 8.0%. How much must you put in this CD now in order to have $2500 for a home-entertainment center in 5 years. The present value that must be...

Answered: 1 week ago

Question

★★★★★
Raymond wants to be sure that his life insurance policy will provide enough to take care of his wife and their four (4) kids. Raymond is 35 years old and sole provider in the family. He is currently...

Answered: 1 week ago

Question

★★★★★
1. Use the experimental data below to produce a graph that effectively conveys the information. 2. Answer the questions below. Number of kinds of colonies Number of kinds of colonies Test subject...

Answered: 1 week ago

Question

★★★★★
Amesbury Construction assembles residential houses. It uses a job-costing system with two direct-cost categories (direct materials and direct labor) and one indirect-cost pool (assembly support)....

Answered: 1 week ago

Question

★★★★★
as a consultant to help one of the companies below uncover bottlenecks and issues with their operations. tell me about the company history, current operation management system, challenges, and what...

Answered: 1 week ago

Question

★★★★★
BurgerFun Inc. is a fast food restaurant that serves 6 items. Burgers Soda Fries Onion Rings Coffee Ice Cream Sales per month 1500 $ Total Direct Materials 289.00 Total Direct Labor KW per item $...

Answered: 1 week ago

Question

★★★★★
completed using the amortization keys on your calculator BA II Plus Texas Instruments. Make sure to show the value of the P1/P2 keys as part of your work. 1. You have just purchased a new house and...

Answered: 1 week ago

Question

★★★★★
describe and design support documentation for the recruitment and selection process

Answered: 1 week ago

Question

★★★★★
1. What effects might a shortage of engineers have on the UK economy and UK engineering businesses?

Answered: 1 week ago

Question

★★★★★
identify the steps in the recruitment and selection process and explain the aims of recruitment and selection, describing how specified policies and procedures contribute to these aims

Answered: 1 week ago

Previous Question Next Question