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

Question

1 Approved Answer

Tom invests $40,000 in an investment on January 1st of 2010 . On January 1st of 2018 , he checks his balance again and realizes

image text in transcribed

Tom invests $40,000 in an investment on January 1st of 2010 . On January 1st of 2018 , he checks his balance again and realizes that he has $48,736 in the account. What was the annual compounded rate of return for this investment? A. 2.0% B. 2.5% C. 3.0% D. 4.0%

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_2

Step: 3

blur-text-image_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

Occupational Fraud And Abuse

Occupational Fraud And Abuse

Authors: Joseph T. Wells

1st Edition

1889277088, 978-1889277080

More Books

Students also viewed these Accounting questions

Question

★★★★★
What is expected return on invested capital (EROIC)? Why is the spread between EROIC and WACC so important?

Answered: 1 week ago

Question

★★★★★
What is the difference between moving averages and exponential smoothing?

Answered: 1 week ago

Question

★★★★★
2. Is there a plot twist in your script in which a characters wish is fulfilled, leading to a moral or existential lesson?

Answered: 1 week ago

Question

★★★★★
Janzen Inc. sells all of its product on account. Janzen has the following accounts receivable payment experience: Percent paid in the month of sale ..........20 Percent paid in the month after the...

Answered: 1 week ago

Question

★★★★★
Callen Corp uses a normal job order costing system with manufacturing overhead applied to products on the basis of machine hours. For the upcoming year, Callen Corp estimated total manufacturing...

Answered: 1 week ago

Question

★★★★★
On December 1, 2021, your company borrowed $15,000, a portion of which is to be repaid each year on November 30 Specifically, your company will make the following principal payments: 2022, $2,000;...

Answered: 1 week ago

Question

★★★★★
Consider the following scenario: I am an architect who has decided to start her own architectural practice. As an architect, I use both practical and theoretical knowledge into the technical design...

Answered: 1 week ago

Question

★★★★★
BJ Enterprise has inspected the work done by its employee yesterday. 8 staff production staff have been chosen as samples. 50 products produced by each sample have been examined and defects found are...

Answered: 1 week ago

Question

★★★★★
This week we are examining the relationship between motivation theory and pay structure within organizations. Employees are motivated in various ways to perform at work. All employees seek a certain...

Answered: 1 week ago

Question

★★★★★
Find the typical data value of the data set.35 43 16 30 20 32 25 26 32 30 18 35 21 27 34 5 38 31 38 41 15 22 28 38 Suppose the following data set gives the age a person first receives a winning...

Answered: 1 week ago

Question

★★★★★
x-3+1, x23 Let f(x) = -*+3, * Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★
3. Describe the similarities and differences you find in the language you use and the language a close friend or family member of the opposite sex uses over the course of a single conversation. What...

Answered: 1 week ago

Question

★★★★★
5. Describe how language reflects, builds on, and determines context

Answered: 1 week ago

Question

★★★★★
4. Illustrate the influences culture, technology, and situation have on our nonverbal behavior

Answered: 1 week ago

Previous Question Next Question