Ali invested his savings of $1,850 in a savings account that was earning simple interest at 2.23%

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

Question:

Ali invested his savings of $1,850 in a savings account that was earning simple interest at 2.23% p.a. He also invested $2,575 in his friend's business at 0.24% p.m.

a.What is the interest rate per month that is equivalent to 2.23% p.a.?

%Round to two decimal places

b.What was the total interest earned from both investments at the end of 6 months?

Round to the nearest cent

Posted Date: May 19, 2024 09:15 PM

See More Questions

Argue whether or not you believe using a sample of students from your schools cafeteria (you recruit the next 100 people to visit the cafeteria to participate) may or may not yield biased estimates...
Rank the numbers of shells in these noble-gas atoms from most to fewest: a. Argon b. Radon c. Helium d. Neon
Arlington Corporations financial statements (dollars and shares are in millions) are provided here. a. What was net operating working capital for 2015 and 2016? b. What was Arlingtons 2016 free cash...
Taylor Company estimates three percent of its $$600,000$ credit sales will prove uncollectible. What journal entry will Taylor Company use to record this estimate?
Sandblasting equipment acquired at a cost of $36,000 has an estimated residual value of $6,000 and an estimated useful life of 10 years. It was placed into service on April 1 of the current fiscal...
I need assistance with both of the NPV Analysis Grids. Assume All Info is Correct Thus Far.
(3) Find the sum of the series .3 H... 3. 33. 3! 35. 5! 37. 7!
Make sure if you are going to observe a group of people, say at a meeting, that you have permission to observe, especially with children. What is the importance of this statement when it comes to...
Explain the "Hypothetical Monopolist Test" also called SSNIP, what it is and how it is used.
Bob Andy Music Mart received his bank statement for the month of December which showed an overdraft balance of 113,209. Being anxious of his cash situation he conducted an audit of his cash book...
With reference to "What global trade deals are really about (hint: it's not trade) Ted Talk - Haley Edwards - What does she mean by "The rules that we pass are the rules of the game?
Describe the two optimal matches for quality and price. Describe the two optimal matches for promotion and distribution?
Comparing two sequences of characters arises in several applications including the life sciences and information retrieval. Suppose you are given two sequences of characters drawn from a common...
If the annual fixed costs are 54,000 dinars, the occupation expense represents 20%, the contribution margin is 25%, and the unit selling price is 40 dinars. Required: Calculate the closing point of...
For an indictment, a. A simple majority of. b. A two-thirds majority of. c. At least 12. jurors must vote to indict. d. All.
In the normal order, the first presents its opening arguments. a. Prosecution b. Defense. c. Prosecution or defense, depending on the court's order. d. Prosecution in some districts and the defense...
Which side presents its case first? a. The prosecution. b. The defense. c. The prosecution or defense, depending on the court's order. d. The prosecution in some districts and the defense in other...

Ali invested his savings of $1,850 in a savings account that was earning simple interest at 2.23%

Question:

Expert Answer:

Students also viewed these finance questions