Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following money market account rates were available from a particular bank. Find the compound amount and the interest earned. $73,000 at 0.99% compounded quarterly

image text in transcribed
image text in transcribed
image text in transcribed
The following money market account rates were available from a particular bank. Find the compound amount and the interest earned. $73,000 at 0.99% compounded quarterly for seven years The compound amount is $ (Do not round until the final answer. Then round to the nearest cent as needed) If money can be invested at 6.1% compounded quarterly, which is larger, $11,093 now or $18,000 in 8 years? Use present value to decide, The present value of $18,000 in 8 years is $ (Do not round until the final answer. Then round to the nearest cent as needed.) A company has agreed to pay $3.9 million in 5 years to settle a lawsuit. How much must it invest in an account paying 8% annual interest compounded monthly to have that amount when it is duo? What is the interest rate per period? (Type an integer or decimal rounded to four decimal places as needed)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Nmap Network Exploration And Security Auditing Cookbook

Authors: Paulino Calderon

2nd Revised Edition

1786467453, 978-1786467454

More Books

Students also viewed these Accounting questions