Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 30, 2024

Camille is investing $5,000 in an account paying 6.75% semi-annually for three years. What is the future value? Correct Answer: $6,101.87 I have the answer

Camille is investing $5,000 in an account paying 6.75% semi-annually for three years. What is the future value?

Correct Answer: $6,101.87

I have the answer to the problem but I am not getting this value. I keep getting:

FV = 5,000 (1+0.0675)^3*2

FV=$7399.07 which is incorrect...Please explain

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

Personal Finance For Dummies

Authors: Eric Tyson

5th Edition

0470038322, 978-0470038321

More Books

Students also viewed these Finance questions

Question

3. Less effective managers fail to develop similar expectations, . . . _ _ _ _ your own manager1al style. It also requires that you be a pos1 so, as a consequence, the productlvlty of the1r...

Answered: 1 week ago

Question

★★★★★

For fiscal year 2012, Mango Computer, Inc., reported net sales of $19,323 million, net income of $1,997 million, and no significant discontinued operations, extraordinary items, or accounting...

Answered: 1 week ago

Question

★★★★★

Image attached is for question 2 . 1 . Draw an entity relationship diagram to represent the following and resolve if there is many - to - many relationship between entities.: a Each CLUB must be...

Answered: 1 week ago

Question

★★★★★

JAVA - Integer numLengths is read from input. Then, numLengths integers are read from input and inserted at the end of lengthList. Output every element that is divisible by 2 in lengthList. End each...

Answered: 1 week ago

Question

★★★★★

2. Find out if LOWE\'S stock pays dividends. This is the distribution of profits to the shareholders (owners). What is the annual % yield of dividends for your company? (not the $ amount). Look at...

Answered: 1 week ago

Question

★★★★★

Q4. (a) (b) Mutex and semaphore are kernel resources that provide synchronization services. Differentiate between semaphore and mutex. Explain the bounded buffer producer-consumer problem and explain...

Answered: 1 week ago

Question

★★★★★

Aramex is a well-recognized global brand for individual customers and business customers alike. It provides logistics and transport services including international and domestic express delivery,...

Answered: 1 week ago

Question

★★★★★

51) The red letter \"K\" that appears on all Kellogg\'s cereal boxes is an example of a ________. A) brand valuation B) brand license C) trade character D) brand E) co-brand 52) Chicken of the Sea...

Answered: 1 week ago

Question

★★★★★

Chad, Andre, and Bobby are dividing an estate consisting of a house , a small farm , and a painting using the method of seal bids . Their bids on each of the items are given in the table below. Use...

Answered: 1 week ago

Previous Question Next Question