[Solved] If you deposit $1000 in a bank account th

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 09, 2024

If you deposit $1000 in a bank account that pays 12% interest compounded annually, how much would be in your account after 6 years? A.

If you deposit $1000 in a bank account that pays 12% interest compounded annually, how much would be in your account after 6 years?

A. $506.63 B. $1,120.00 C. $1,720.00 D. $1,973.82 E. $2,012.20

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

The Handbook Of News Analytics In Finance

Authors: Gautam Mitra, Leela Mitra

1st Edition

ISBN: 047066679X, 978-0470666791

Students also viewed these Finance questions

Question

★★★★★

There are five accounting exams. Bob's typical score on each exam is a random variable with a mean of 80 and a standard deviation of 5. His final grade is based on the sum of his exam scores. (a)...

Answered: 1 week ago

Question

★★★★★

Please answer in this format! Following are financial data for Syke and Under Shield. $ millions Net income Net sales Total assets Syke Current 1 Year Year prior $ 3,635 $ 3,833 31,798 36,430 21,629...

Answered: 1 week ago

Question

★★★★★

7.65 Coal Burning Power Plant A coal-burning power plant tests and measures three specimens of coal each day to monitor the percentage of ash in the coal. The overall mean of 30 daily sample means...

Answered: 1 week ago

Question

★★★★★

Major League Bat Company manufactures baseball bats. In addition to its goods in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as...

Answered: 1 week ago

Question

★★★★★

View a. Depreciation on the company's equipment for the year is computed to be $11,000 b. The Prepaid Insurance account had a $5,000 debit balance at December 31 before adjusting for the costs of any...

Answered: 1 week ago

Question

★★★★★

The observer is in air nearly above the object submerged in water (index of refraction 1.33). The depth of the object is 2.5cm. Find the apparent depth of the object. ( Hint: Use Snell's law of...

Answered: 1 week ago

Question

★★★★★

Case Study Elegant Firm Parti: Recently you attended a presentation by Dr Ales, renowned entrepreneur and business leader, who spoke at length about the development of an accounting information...

Answered: 1 week ago

Question

★★★★★

1. Prepare a differential analysis to determine whether Wantum - Cardz should accept the special sales order. 2. Now assume that the Hall of Fame wants special hologram baseball cards. Wantum - Cardz...

Answered: 1 week ago

Question

★★★★★

JAGUAR LAND ROVER PLC: BOND VALUATION Jaguar Land Rover Automotive plc (JLR), a wholly owned subsidiary of the Indian company Tata Motors Limited, announced, on March 3, 2015, an issue of Senior...

Answered: 1 week ago

Question

★★★★★

Exercise 14-36 (Algo) Comparing Business Units Using Economic Value Added (EVA) (LO 14-4) Lauderdale Corporation is organized in three geographical divisions (regions) with managers responsible for...

Answered: 1 week ago

Question

★★★★★

make a copy of Capstone project (task_manager.py) and save it in the Dropbox folder for this project. Also, copy and paste the text files (user.txt and tasks.txt) that accompanied the previous...

Answered: 1 week ago

Question

★★★★★

(Appendices) Kelly, age 35, spends most of her time at home taking care of her home and children. However, she works all day Friday and Saturday in her husbands computer store. She receives no...

Answered: 1 week ago

Question

★★★★★

(Appendices) One of the most critical problems in unemployment compensation at the present time is the inadequate financing of benefits, which caused the majority of states to deplete their trust...

Answered: 1 week ago

Question

★★★★★

(Appendices) Although workers compensation laws differ among the states, they have certain common features. Explain whether each of the following persons would be eligible for workers compensation...

Answered: 1 week ago

Previous Question Next Question