Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 20, 2024

Tom just won a lottery. he plans to create a money market certificate in a bank to prepare a down payment for a house $400,000.

Tom just won a lottery. he plans to create a money market certificate in a bank to prepare a down payment for a house $400,000. The down payment is 20% of the house price, and the current five-year APY is 3.25%. How much should you put in the money market certificate account to accumulate the down payment?

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

Legal Handbook For Financial Planning In 2019

Legal Handbook For Financial Planning In 2019

Authors: Allen Buckley

1st Edition

1091578826, 978-1091578821

More Books

Students also viewed these Finance questions

Question

★★★★★

The 2018 annual report of MLS Corporation included the following disclosure note: Required: 1. Prepare the journal entry that was recorded when the bonds were issued on June 15, 2018. 2. What amount...

Answered: 1 week ago

Question

★★★★★

What other steps would you suggest the company take to boost safety? For instance, what would you have supervisors do to improve the companys safety and accident record?

Answered: 1 week ago

Question

★★★★★

M&Ms Data Set 20 in Appendix: Data Sets lists data from 100 M&Ms, and 8% of them are brown. Use a 0.05 significance level to test the claim of the Mars candy company that the percentage of brown M&Ms...

Answered: 1 week ago

Question

★★★★★

Each morning, Joel Rowe stocks the drink case at Joels Beach Hut in Myrtle Beach, South Carolina. The drink case has 100 linear feet of refrigerated drink space. Each linear foot can hold either six...

Answered: 1 week ago

Question

★★★★★

Coiner Clothes Inc. is considering the replacement of its old, fully depreciated knitting machine. Two new models are available: (a) Machine 190-3, which has a cost of $190,000, a 3-year expected...

Answered: 1 week ago

Question

★★★★★

Compile a bank reconciliation on 31 May 2021 3. Compile a Bank reconciliation statement on 31 May 2021 Information: Bank reconciliation Statement on 30 April 2021 Cash Receipts Journal of Vilakazi...

Answered: 1 week ago

Question

★★★★★

2. What is the meaning and definition of Banking?

Answered: 1 week ago

Question

★★★★★

3.What are the Importance / Role of Bank in Business?

Answered: 1 week ago

Question

★★★★★

Current Attempt in Progress On January 1, 2022. Sandhill Corporation acquired machinery for $1680000. Sandhill adopted the straight-line method of depreciation for this machine and had been recording...

Answered: 1 week ago

Question

★★★★★

In the popular media, some authors have written that behavior modification is ineffective because it just teaches people (children and adults) to perform behaviors for rewards or that, because only...

Answered: 1 week ago

Question

★★★★★

Donna owns a macaron store and makes all her macarons in-house. Business is particularly heavy during the "wedding season" of June and July. Donna signed a contract with Sweet-Ums Inc. to buy 2,000...

Answered: 1 week ago

Question

★★★★★

Teamwork. Pair with a classmate and discuss why the indirect plan of communicating bad news usually has an advantage over the direct plan, even in low-context countries like the United States. Be...

Answered: 1 week ago

Question

★★★★★

Dr. Josephine Markline, a neurologist, is part of a research team with the local university conducting experimental trials of a new drug intended to alleviate tremors for people with Parkinsons...

Answered: 1 week ago

Question

★★★★★

Write an effective opening buffer for the following situations: (Objectives 3 and 4) a. Your teacher must indicate to a student that a question was answered incorrectly during a class discussion. b....

Answered: 1 week ago

Previous Question Next Question