Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 07, 2023

I put $2000 into a bank account some years, it has been earning an interest of 7% and today I have $14000 in the account.

I put $2000 into a bank account some years, it has been earning an interest of 7% and today I have $14000 in the account. How many years has my deposit been in the account?

Step by Step Solution

★★★★★

3.44 Rating (144 Votes )

There are 3 Steps involved in it

Step: 1

To solve this problem we can use the formula for compound inte... blur-text-image

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

Advanced Accounting

Authors: Gail Fayerman

1st Canadian Edition

9781118774113, 1118774116, 111803791X, 978-1118037911

More Books

Students also viewed these Finance questions

Question

★★★★★

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

Answered: 1 week ago

Question

★★★★★

KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...

Answered: 1 week ago

Question

★★★★★

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Answered: 1 week ago

Question

★★★★★

Problem 4.2 Ask the user to enter his/her age, with the prompt: "How old are you? Please enter your age as a number between 0 and 120. -> ". Check that what was entered is a number between 0 and 120....

Answered: 1 week ago

Question

★★★★★

For fiscal year 2004, Nike reported after-tax core profit margins on.84 percent on an asset turnover of 2.759. An analyst forecasts that this margin and turnover will persist in the future on a sales...

Answered: 1 week ago

Question

★★★★★

What is the total level of U.S. investments in Belgium? Of Belgian investments in the United States? Success in international business often depends on a firm obtaining information about foreign...

Answered: 1 week ago

Question

★★★★★

The density function of a random variable X is f (x) = a + bx2, 0 x 1. If we know that E(X) = 35, what are the values of a and b?

Answered: 1 week ago

Question

★★★★★

Family Supermarkets (FS) has a kaizen (continuous improvement) approach to budgeting monthly activity costs for each month of 2011. Each successive month, the budgeted cost-driver rate decreases by...

Answered: 1 week ago

Question

★★★★★

Exercise 1312 (Algo) Volume Trade-Off Decisions [LO13-5] Benoit Company produces three products-A, B, and C. Data concerning the three products follow (per unit): The company estimates that it can...

Answered: 1 week ago

Question

★★★★★

Refer to Figure 10.40. Given: q2 = 13.6 kN/m; x1 = 4.3 m; x2 = 1.5 m; z = 1.8 m. If the vertical stress increase at point A due to the loading is 2.3 kN / m2, determine Line load q Line load 92

Answered: 1 week ago

Question

★★★★★

Following is information on two alternative investment projects being considered by Tiger Company. The company requires a 4 e teturn from its investments. (PV of \$1. FV of \$1. PVA of \$1, and FVA...

Answered: 1 week ago

Question

★★★★★

Thomas Anderson manufactures and sells homemade wine, and he wants to develop a standard cost per litre. The following are required for production of a 150-litre batch: 72.00 litres of grape...

Answered: 1 week ago

Question

★★★★★

A contract in writing was entered into between buyer A and seller B for the sale of 200,000 tons of quartz sand to be delivered in four loads of 50,000 tons per week as required, with each delivery...

Answered: 1 week ago

Question

★★★★★

Part A In the following paragraph, you will read about the study of emerging explorer Prof. Harrison. Conjugate the verbs in parentheses to agree with the subjects. My friends and I ______________...

Answered: 1 week ago

Question

★★★★★

ABC factory produces 24,000 units. The cost sheet gives the following information: Direct Materials Rs. 1,20,000 Direct Labour Rs. 84,000 Variable overheads Rs. 48,000 Semi variable overheads Rs....

Answered: 1 week ago

Question

★★★★★

Jayson Walker is a member of a consumer - driven health plan ( CDHP ) that is funded by a health savings account ( HSA ) established by his employer, Brock Industries. Brock's CDHP also uses a high -...

Answered: 1 week ago

Question

★★★★★

On January 1, 2018, Dodd, Inc., declared a 25% stock dividend on its common stock when the fair value of the common stock was $30 per share. Stockholders' equity before the stock dividend was...

Answered: 1 week ago

Question

★★★★★

What is the difference between direct materials and indirect materials?

Answered: 1 week ago

Question

★★★★★

Consider the elements and indicators among reporting frameworks (Illustration 10.3). In Illustration 10.3 Required (a) Describe key financial indicators given in a financial statement presented in...

Answered: 1 week ago

Question

★★★★★

You, CA, have recently been assigned as audit senior for the audit of Open Arms Society (OAS), a not-for-profit organization set up three years ago to help integrate students with disabilities in...

Answered: 1 week ago

Question

★★★★★

Terrier Enterprises (TE) is a family-owned company founded by Bob Terrier that owns and operates many well-known consumer product brands that are sold throughout Canada. Its head office is located in...

Answered: 1 week ago

Question

★★★★★

For the data involving regression of DI (Y) on IQ (X) in Problem 4 in Chapter 5, assume that the sample of 17 observations (with the outlier removed) consists of males only. Now suppose that another...

Answered: 1 week ago

Question

★★★★★

Repeat Problem 9 using LN_BLDTL as the dependent variable. Problem 9 This problem involves data from Problem 15 in Chapter 5. Treat LN_BRNTL as the dependent variable and dosage level of toluene...

Answered: 1 week ago

Question

★★★★★

A team of anthropologists and nutrition experts investigated the influence of protein content in diet on the relationship between AGE and height (HT) for New Guinean children. The first two...

Answered: 1 week ago

Previous Question Next Question