Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You can earn $58 in interest on a $1,000 deposit for 8 months. If the EAR is the same regardless of the length of the

You can earn $58 in interest on a $1,000 deposit for 8 months. If the EAR is the same regardless of the length of the investment, how much interest will you earn on a $1,000 deposit for:

a. 10-months.

For a 10-month, $1,000 deposit you will earn $??. (Round to the earest cent).

b. 1-year.

For a 1-year, $1,000 deposit you will earn $??. (Round to the nearest cent).

c.1.6-years.

For a 1.6-year,$1,000 deposit you will earn $ ??. (Round to the nearest cent).

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

Personal Finance

Authors: Jeff Madura

7th Edition

0134989961, 978-0134989969

More Books

Students also viewed these Finance questions

Question

3. Im trying to point out what we need to do to make this happen

Answered: 1 week ago

Question

1. I try to create an image of the message

Answered: 1 week ago