Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Apr 03, 2023

When Paul was born, his parents invested a principal of $3000 at 4.5% simple interest, paid annually. Today is Paul's 18th birthday. a. What

When Paul was born, his parents invested a principal of $3000 at 4.5% simple interest, paid annually. Today is Paul's 18th birthday.

a. What is the accumulated value of the investment?

b. What is the interest earned on the investment?

c. What is the rate of return on the investment, to the nearest percent?

Step by Step Solution

★★★★★

3.42 Rating (161 Votes )

There are 3 Steps involved in it

Step: 1

a To calculate the accumulated value of the investment we can use the simple interest for... 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

Step: 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

Engineering Mechanics Statics & Dynamics

Authors: Russell C. Hibbeler

15th Edition

0134895150, 9780134895154

More Books

Students also viewed these Finance questions

Question

★★★★★

KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...

Answered: 1 week ago

Question

★★★★★

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 1 week ago

Question

★★★★★

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...

Answered: 1 week ago

Question

★★★★★

Alderon Industries manufactures chemicals for various purposes. One process that Alderon uses produces SPL-3, a chemical used in swimming pools; PST-4, a chemical used in pesticides; and RJ-5, a...

Answered: 1 week ago

Question

★★★★★

Garza Construction Co. erects a silo (a grain storage facility) on Reeves ranch. Garza also lends Reeve funds to pay for the silo under an agreement providing that the silo is not to become part of...

Answered: 1 week ago

Question

★★★★★

Evaluate x y and z at the given point. (x, y, z) = 3x + y - 2z, (1, -2, 1)

Answered: 1 week ago

Question

★★★★★

Moreover, if the number of breakdowns equals x, the financial damage incurred due to the repair costs and the fact that the machine is not working equals ax2 + bx, where a and b are known positive...

Answered: 1 week ago

Question

★★★★★

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct material: 5...

Answered: 1 week ago

Question

★★★★★

Kashmir Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow for 2016: Sales are budgeted at $390,000 for November,...

Answered: 1 week ago

Question

★★★★★

Our radiology department is in violation of the antitrust statutes by developing a fee schedule using College of American Radiology relative value units (RVUs). You must establish a new RVU system...

Answered: 1 week ago

Question

★★★★★

What are some common income items and exemptions for individual tax purposes?

Answered: 1 week ago

Question

★★★★★

] Scenario and Instructions Imagine that you just began working in the position and at the sport organization of your dreams. A good friend who worked there in the past has told you that although the...

Answered: 1 week ago

Question

★★★★★

Part A - Calculate a Reynolds number A jet of length L = 17.5 m is travelling at V = 410 m/s at an altitude of h = 7 km. At that altitude, the speed of sound is c = 312 m/s, the density of air is p =...

Answered: 1 week ago

Question

★★★★★

Choose any business of your choice and mention the Cost- benefit analysis briefly to conduct that business.

Answered: 1 week ago

Question

★★★★★

Calculate the earnings after tax and dividends under each of the following two financing options based on the document: stock financing: $20 million with 8 percent annual dividend.

Answered: 1 week ago

Question

★★★★★

Assume that the clamp shown has been tightened on wooden planks being glued together until P = 300 N. NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to...

Answered: 1 week ago

Question

★★★★★

Suad Alwan, the purchasing agent for Dubai Airlines, has determined that the third plane took 20,000 hours to produce. Using an 85% learning curve and a $30-per-hour labor charge, he wants to...

Answered: 1 week ago

Question

★★★★★

Use the T account for Cash below to record the portion of each of the following transactions, if any that affect cash. How do these transactions affect the companys liquidity? Jan. 2 Provided...

Answered: 1 week ago

Question

★★★★★

The mechanism of a machine is constructed so that the roller at A follows the surface of the cam described by the equation r = (0.3 +0.2 cos ) m. If = 0.5 rad/s and = 0, determine the magnitudes of...

Answered: 1 week ago

Question

★★★★★

If a body contains no planes of symmetry, the principal moments of inertia can be determined mathematically. To show how this is done, consider the rigid body which is spinning with an angular...

Answered: 1 week ago

Question

★★★★★

The box slides down the helical ramp with a constant speed of v = 2 m/s. Determine the magnitude of its acceleration. The ramp descends a vertical distance of 1m for every full revolution. The mean...

Answered: 1 week ago

Question

★★★★★

Let X have the Pareto pdf introduced in Exercise 10. a. If , compute E(X). b. What can you say about E(X) if ? c. If , show that . d. If , what can you say about V(X)? e. What conditions on k are...

Answered: 1 week ago

Question

★★★★★

Consider the pdf for total waiting time Y for two buses introduced in Exercise 8. a. Compute and sketch the cdf of Y. [Hint: Consider separately and in computing F(y). A graph of the pdf should be...

Answered: 1 week ago

Question

★★★★★

If the temperature at which a certain compound melts is a random variable with mean value and standard deviation , what are the mean temperature and standard deviation measured in ? [Hint: .]

Answered: 1 week ago

Previous Question Next Question