Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 06, 2024

Amanda deposited $40,000 in an account that pays 4% annually. How long will it take her to triple the money if interest is paid every

Amanda deposited $40,000 in an account that pays 4% annually. How long will it take her to triple the money if interest is paid every quarter?

When I try to work this out in excel I keep getting !NUM.

N =

I = 4% OR 1% EA QUARTER

PV = 40,000

PMT = 0

FV = 120,000

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

Liars Poker Rising Through The Wreckage On Wall Street

Authors: Michael Lewis

1st Edition

0393246108,0393247147

More Books

Students also viewed these Finance questions

Question

★★★★★

Is it socially responsible for organizations to undertake political activity or join with others in a trade association to influence the government? Discuss.

Answered: 1 week ago

Question

★★★★★

=+a. List the factors that are expected to affect demand and supply for energy in the near term.

Answered: 1 week ago

Question

★★★★★

=+a. Coca-Cola builds a new bottling plant in the United States. b, Delta sells one of its existing airplanes to Korean Air. c. Ms, Moneybags buys an existing share of Disney stock. d. ACalifornia...

Answered: 1 week ago

Question

★★★★★

Sansomite Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, Sansomites inventory consisted of suitcases costing $1,200....

Answered: 1 week ago

Question

★★★★★

Consider a commercial property currently in the final stages of development. You expect the 175,000 square foot building to be ready for occupancy in one year. The first lease is expected to be...

Answered: 1 week ago

Question

★★★★★

What is the total amount of advanced premium tax credit that Cynthia received in 2021? - Use the information on Form 1095-A to claim the credit or reconcile advance credit payments . Cynthia is an...

Answered: 1 week ago

Question

★★★★★

Complete the payroll register for the period's gross pay. Pay will be disbursed on February 13, 2017 starting with check number 6628. Prevosti Farms and Sugarhouse pays its employees according to...

Answered: 1 week ago

Question

★★★★★

Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations....

Answered: 1 week ago

Question

★★★★★

Excel Activity: Financial Statements, Cash Flow, and Taxes Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Laiho Industries: Balance Sheets as of December 31...

Answered: 1 week ago

Question

★★★★★

QUESTION 5 Installing a muffler at Barut Garage, Inc. involves a five work tasks. Azra has timed workers performing these tasks seven times, with the results in minutes) shown in the following table....

Answered: 1 week ago

Question

★★★★★

Sandhill Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. SANDHILL COMPANY BALANCE SHEET...

Answered: 1 week ago

Previous Question Next Question