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

Question

1 Approved Answer

A bank oflers a CD that pays a simple interest rate of 40%. How much must you put in this CD now in order to

image text in transcribed
A bank oflers a CD that pays a simple interest rate of 40%. How much must you put in this CD now in order to have $4,000 for a home-entertainment center in 6 years. The present value that must be invested to get $4,000 after 6 years at an interest rate of 4.0% 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

Practical Financial Management

Practical Financial Management

Authors: William R. Lasher

4th Edition

ISBN: 0324260768, 9780324260762

More Books

Students also viewed these Finance questions

Question

★★★★★
The goal at U.S. airports handling international flights is to clear these flights within 45 minutes. Lets interpret this to mean that 95% of the flights are cleared in 45 minutes, so 5% of the...

Answered: 1 week ago

Question

★★★★★
Bank Reconciliation The following data were gathered to use in reconciling the bank account of McCurdy Company: Balance per bank $ 17,550 Balance per company records 8,515 Bank service charges 25...

Answered: 1 week ago

Question

★★★★★
=+ Using the software of your choice, draw 100 samples of size 50 from this population of homes, find the proportion of homes with fireplaces in each of these samples, and make a histogram of these...

Answered: 1 week ago

Question

★★★★★
Common-size and trend percents for Aziz Companys sales, cost of goods sold, and expenses follow. Determine whether net income increased, decreased, or remained unchanged in this three-yearperiod....

Answered: 1 week ago

Question

★★★★★
On July 1, 2020, Yorkton Company purchased for $480,000 equipment having an estimated useful life of eight years with an estimated residual value of $20,000. Depreciation is calculated to the nearest...

Answered: 1 week ago

Question

★★★★★
Ms. T. Potts, the treasurer of Ideal China, has a problem. The company has just ordered a new kiln for $512,000. Of this sum, $64,000 is described by the supplier as an installation cost. Ms. Potts...

Answered: 1 week ago

Question

★★★★★
6.2 Estimate horizontal and vertical tail sizes for a twin-turboprop regional transport with wing area of 40 m, aspect ratio of 10, taper ratio of 0.5, leading-edge sweep of 5 deg, and tail moment...

Answered: 1 week ago

Question

★★★★★
1. Jane wants to set aside funds to take an around the world cruise in four years. Assuming that Jane has $20,000 to invest today in an account expected to earn 6% per annum, how much will she have...

Answered: 1 week ago

Question

★★★★★
Can you show that the non-dimensionally, power of hydraulic machines as P 3D5 e D2 D'wD

Answered: 1 week ago

Question

★★★★★
The purpose of this research assignment is to have you, complete research on a topic that may have an impact on Strategic Planning in Supply Chain. Please add a maximum of three exhibits ( graphs,...

Answered: 1 week ago

Question

★★★★★
Five faculty members will be issued laptop computers with network interface controllers (NICS). The faculty members want to use their laptops in their classrooms and offices. There are also...

Answered: 1 week ago

Question

★★★★★
Draft a list of generic competencies that would be important for an associate professor and professor within a context similar to that of Zenon University.

Answered: 1 week ago

Question

★★★★★
How does Hlg Textil AG apply the principles and practices from its home base to the local company in Slovakia?

Answered: 1 week ago

Question

★★★★★
Understand how a local companys HRM practices are adapted to those of its international owners and management.

Answered: 1 week ago

Previous QuestionNext Question