FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

John has $10,000 to invest in a 3-year fixed-term deposit account that offers a 4% annual interest rate. He wants to know how much his

John has $10,000 to invest in a 3-year fixed-term deposit account that offers a 4% annual interest rate. He wants to know how much his investment will be worth at the end of the term, assuming the interest is compounded annually. Calculate the future value of John's investment at the end of the 3-year term.

Step by Step Solution

★★★★★

3.45 Rating (148 Votes )

There are 3 Steps involved in it

Step: 1

The detailed answer for the above question is provided ... 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

blur-text-image

Step: 3

blur-text-image

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

Personal Finance

Authors: Thomas Garman, Raymond Forgue

12th edition

9781305176409, 1133595839, 1305176405, 978-1133595830

More Books

Students also viewed these Banking questions

Question

★★★★★
The enthalpy of adsorption of hydrogen gas on the metal surface X is -247 kJ mol-. Calculate the residence time of a hydrogen molecule on the metal surface at 420 K. (Assume that To = 1.0x10- s)....

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

★★★★★
Ques 1: What is the major complaint by firms concerning the Sarbanes-Oxley act of 2012? A. the legislative maximum allowable compensation for a CEO. B. the legal requirement to disclose project...

Answered: 1 week ago

Question

★★★★★
Complete the given table. Number of Days Outstanding Accounts Receivable Estimated % Uncollectible Total Estimated Uncollected Accounts 045 days $ 752,000 2 % $enter a dollar amount 4690 days 255,000...

Answered: 1 week ago

Question

★★★★★
In a recent newspaper release, the president of Wanzo Company asserted that something has to be done about depreciation. The president said, "Depreciation does not come close to accumulating the cash...

Answered: 1 week ago

Question

★★★★★
For the following exercises, use the parametric equations for integers a and b: x(t)=acos((a+b)t) y(t)=acos((a b)t) If a is 1 more than b, describe the effect the values of a and b have on the graph...

Answered: 1 week ago

Question

★★★★★
Let A and B be two events in a sample space . Prove that P(A|B) > P(A) holds if and only if P(B|A) > P(B). In such a case, the two events A and B are said to be positively correlated since the...

Answered: 1 week ago

Question

★★★★★
Strutledge (see Case Problem 1.3) is a small liberal arts college faced with rising costs and decreasing enrollments. It would like to increase revenues (including tuition, donations, and grants) by...

Answered: 1 week ago

Question

★★★★★
An All-Pro defensive lineman is in contract negotiations. The team has offered the following salary structure: Time Salary 0 $ 7,000,000 1 5,600,000 2 6,100,000 3 6,600,000 4 8,000,000 5 8,700,000 6...

Answered: 1 week ago

Question

★★★★★
Barlow Company manufactures three products: A, B, and C. The selling price, variable costs, and contribution margin for one unit of each product follow: The same raw material is used in all three...

Answered: 1 week ago

Question

★★★★★
Required information [The following information applies to the questions displayed below.] Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift...

Answered: 1 week ago

Question

★★★★★
How can healthcare practitioners actively incorporate the principle of treating individuals like human beings into their daily interactions with patients from diverse backgrounds? Share examples of...

Answered: 1 week ago

Question

★★★★★
Megan is a single taxpayer. Her salary is $45,000. Megan realized a short-term capital loss of $6,500. Her itemized deductions total $1,500. (The tax year is 2023.) View the standard deduction...

Answered: 1 week ago

Question

★★★★★
You have $375,000 to invest in a share portfolio. Your choices are as follows: Invest in FTV with an expected return of 14.25%. Invest in FHL with an expected return of 8.7%. FTV has a beta of 1.58....

Answered: 1 week ago

Question

★★★★★
1-18 Find the volume of the solid obtained by rotating the region bounded by the given curves about the specified line. Sketch the region, the solid, and a typical disk or washer. 1. y=2x, y = 0, x =...

Answered: 1 week ago

Question

★★★★★
about the case study "The Westerville Physician Practice: Value-Stream Mapping" on Pages 445 - 448 of our textbook, total wait time is 111minutes, processing time is 67minutes. I have questions about...

Answered: 1 week ago

Question

★★★★★
On January 1, Claud's Hamburger Corporation issued $500,000, 9%, 17-year bonds to yield 5%. The bonds pay interest annually on December 31. What is the selling price of the bonds?

Answered: 1 week ago

Question

★★★★★
What is a make-or-buy decision?

Answered: 1 week ago

Question

★★★★★
(a) Make recommendations to Harry and Belinda regarding where to seek financing and what APR to expect. (b) Using the Garman/Forgue companion website or the information in Table 7-1, calculate the...

Answered: 1 week ago

Question

★★★★★
(a) What is the level of Jims short-term, one-year disability insurance needs? (b) What is the level of Jims long-term disability insurance needs? (c) Help Jim select from among the important...

Answered: 1 week ago

Question

★★★★★
1. Why should workers choose to save for retirement through a personally established retirement account? 2. Summarize the importance of low-cost investment fees to long-term retirement success. 3....

Answered: 1 week ago

Question

★★★★★
1. How are humans different from all other animals in how they learn?

Answered: 1 week ago

Question

★★★★★
3. How does Bronfenbrenner describe the different contexts of enculturation?

Answered: 1 week ago

Question

★★★★★
3.4 Describe how peers contribute to how children learn the values and norms of their culture.

Answered: 1 week ago

Previous Question Next Question