[Solved] A certificate of deposit is purchased for

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 12, 2024

A certificate of deposit is purchased for $18,000 and is held for 10 years. If the certificate earns 5% compounded quarterly, what is it worth

A certificate of deposit is purchased for $18,000 and is held for 10 years. If the certificate earns 5% compounded quarterly, what is it worth at the end of 10 years?

The certificate of deposit is worth $ at the end of 10 years. (Do not round until the final answer. Then round to the nearest cent as needed.)

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

Shape Optimization And Optimal Design

Authors: John Cagnol

1st Edition

ISBN: 0824705564, 978-0824705565

More Books

Students also viewed these Mathematics questions

Question

★★★★★

Explain how asset-based financing works. What is the most common method of asset-based financing? What are the advantages and disadvantages of using this method of financing?

Answered: 1 week ago

Question

★★★★★

Assume you re running the Apache web server. What is the name of the directory used to configure virtual web servers? include the full path

Answered: 1 week ago

Question

★★★★★

What are some of the challenges global marketers encounter when developing advertising and promotion campaigns? How does the type of product affect the promotional strategies?

Answered: 1 week ago

Question

★★★★★

Assume that you are considering selecting assets from among the following four candidates: Assume that there is no relationship between the amount of rainfall and the condition of the stock market....

Answered: 1 week ago

Question

★★★★★

A certificate of deposit is purchased for $18,000 and is held for 10 years. If the certificate earns 5% compounded quarterly, what is it worth at the end of 10 years? The certificate of deposit is...

Answered: 1 week ago

Question

★★★★★

Please help asap !! This is really urgent! Thank you so much On 30 June 2019, Frankie Ltd decided to adopt the revaluation model for equipment. The equipment in the balance sheet as at 30 June 2019...

Answered: 1 week ago

Question

★★★★★

1 Type 2 Sales 3 Sales 4 Sales A B C D TransactionNumber Applied ToTransaction Number CustNum CustName E G 1001 1002 1836 Runner's Market 1168 Bigmart 1003 1167 Goodway 5 Sales 1004 6 Sales 1005 1841...

Answered: 1 week ago

Question

★★★★★

Name: SIN DOB Marital status: Address: Phone number: Email address 12 Name SIN: DOB: Keith Dox 805 127 115 August 13, 1987 Married 18 Page Place, Your City, YP, L3A2N7 XXXX) 369-7851...

Answered: 1 week ago

Question

★★★★★

Firms CANNOT create: targeting strategies. consumer targets. segmentation strategies. positioning strategies. consumer segments

Answered: 1 week ago

Question

★★★★★

Ripwaters (Pty) Ltd wants to build a housing estate in Limpopo, outside an urban area on a piece of undeveloped land. The proposed housing estate will bring about the transformation of an area of 10...

Answered: 1 week ago

Question

★★★★★

2 Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 Sales 2017. $378,457 2016 $289,929...

Answered: 1 week ago

Previous Question Next Question