Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 14, 2024

At the time of hergrandson's birth, a grandmother deposited $ 11 comma 000 11,000 in an account. The account was paying 4.0 4.0 % interest

At the time of hergrandson's birth, a grandmother deposited $11 comma 000

11,000 in an account. The account was paying 4.0

4.0% interest compounded monthly.

a. If the rate did notchange, what was the value of the account after 20

20 years?

b. If the money had been invested at 4.0

4.0% compoundedquarterly, what would the value of the account have been after 20

20 years?

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

Transportation A Global Supply Chain Perspective

Authors: John J. Coyle, Robert A. Novak, Brian Gibson, Edward J. Bard

8th edition

9781305445352, 1133592961, 130544535X, 978-1133592969

More Books

Students also viewed these Mathematics questions

Question

★★★★★

Roeher Company sold $9,000 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Roeher makes the sale, (b) Roeher grants an allowance of $700 when some of...

Answered: 1 week ago

Question

★★★★★

3. Luis was hired to make some jewelry for a special occasion. He needs to make the jewelry out of an alloy that is 54: silver and he requires 10 ounces. He has a large amount of 45% silver and also...

Answered: 1 week ago

Question

★★★★★

What is investment?

Answered: 1 week ago

Question

★★★★★

University endowments are financial assets that are donated by supporters to be used to provide income to universities. There is a large discrepancy in the size of university endowments. The...

Answered: 1 week ago

Question

★★★★★

At the time of hergrandson's birth, a grandmother deposited $ 11 comma 000 11,000 in an account. The account was paying 4.0 4.0 % interest compounded monthly. a. If the rate did notchange, what was...

Answered: 1 week ago

Question

★★★★★

C. Journalize the following transactions of Copper Corp. (Omit explanations.) (1) On February 20, Copper declared a $60,000 cash dividend. (2) On March 22, Copper paid the cash dividend declared on...

Answered: 1 week ago

Question

★★★★★

The new toilet paper company "Bear Bottom Bounce" recognized the opportunity to ramp up production and marketing during the second quarter of 2020. Task time estimates for the growth of their...

Answered: 1 week ago

Question

★★★★★

Changes in Current Operating Assets and Liabilities Blue Circle Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts...

Answered: 1 week ago

Question

★★★★★

Include references for Die 18f a hotel and that will help address an aspect of sustainability (one of the 3Ps/EES). Explain what this technology is how will it function in a hotel Housekeeping or...

Answered: 1 week ago

Question

★★★★★

FID Enterprises reports year - end information from 2 0 2 4 as follows: Sales ( 1 6 1 , 2 5 0 units ) $ 9 6 4 , 0 0 0 Cost of goods sold ( 6 4 5 , 0 0 0 ) Gross margin 3 1 9 , 0 0 0 Operating...

Answered: 1 week ago

Question

★★★★★

Annual Report Baldwin Balance Sheet ASSETS C59559 Dec. 31 2022 DEFINITIONS: Common Size: The common size column simply represents each item as a percentage of total assets for that year. Cash: Your...

Answered: 1 week ago

Previous Question Next Question