Olivia is investing $1600 is a long term savings account earning 4.62% interest per year. Part 1

Fantastic news! We've Found the answer you've been seeking!

Question:

Olivia is investing $1600 is a long term savings account earning 4.62% interest per year. Part 1 - Time Needed: Compounded Semiannually If she invests the money in an account which compounds the interest semiannually, how long will it take for her money to reach $3000? Her account will be valued at $3000 in X years. (Round to the nearest hundredth of a year.) Part 2 - Time Needed: Compounded Monthly If she invests the money in an account which compounds the interest monthly, how long will it take for her money to reach $4200? Her account will be valued at $4200 in years. (Round to the nearest hundredth of a year.) Submit

Posted Date: Jun 25, 2024 10:45 PM

See More Questions

Product life cycle and pricing. (J. Watson) Neptune Ltd. is an established manufacturer of robotic equipment used in industrial applications. Recently it has faced increased competi- tion, primarily...
What will a deposit of $4,500 left in the bank be worth under the following conditions? a. Left for nine years at 7% interest b. Left for six years at 10% compounded semiannually c. Left for five...
The Paulson Company's year-end balance sheet is shown below. Its cost of common equity is 17%, its before-tax cost of debt is 12%, and its marginal tax rate is 25%. Assume that the firm's long-term...
Describe an association between two variables and give a confounding variable that may help to account for these associations. 1. More ice cream sales have been linked to more deaths by drowning. 2....
What is the IRR for an investment of $$1,000$ that yields $$1,300$ in one year?
Transit Shuttle Inc. is considering investing in two new vans that are expected to generate combined cash inflows of $$20,000$ per year. The vans combined purchase price is $$65,000$. The...
Ginger Smalley expects to receive a $$300,000$ cash benefit when she retires five years from today. Ms. Smalleys employer has offered an early retirement incentive by agreeing to pay her...
Travis Vintor is seeking part-time employment while he attends school. He is considering purchasing technical equipment that will enable him to start a small training services company that will offer...
Medina Manufacturing Company has an opportunity to purchase some technologically advanced equipment that will reduce the companys cash outflow for operating expenses by $$1,280,000$ per year. The...
Steve Corp bought a $600,000 apartment building in June of 2015. Of the purchase price, $104,950 is allocated to the value of the land. What is the maximum amount of depreciation that the company can...

Olivia is investing $1600 is a long term savings account earning 4.62% interest per year. Part 1

Question:

Expert Answer:

Students also viewed these economics questions