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

Question

00
1 Approved Answer

You invest $6780 in a floating rate guaranteed investment certificate. For the first 30 months you earn 5.9% compounded semi-annually. For the next 8 months

You invest $6780 in a floating rate guaranteed investment certificate. For the first 30 months you earn 5.9% compounded semi-annually. For the next 8 months you earn 4.32% compounded monthly. What is the approximate maturity value of the certificate?

A.

7632
B.

8068
C.

8070
D.

7875

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Principles of managerial finance

Principles of managerial finance

Authors: Lawrence J Gitman, Chad J Zutter

12th edition

978-0132479547

Students also viewed these Finance questions

Question

1. Let X1,X2, . . . ,Xn be iid C(1,) RVs. Show that E0(1 + X2 1)k = (1/)B(k + 1/2,1/2). Hence or otherwise show that E0 ! X2 1 (1+X2 1 )2 " = var # X1 1+X2 1 $ = 1/8.

Answered: 1 week ago

Question

★★★★★
Sam Sharpe executed and delivered to Don Dole the following instrument: Knoxville, Tennessee May 29, 2011 Thirty days after date I promise to pay Don Dole or order, Five Thousand Dollars. The holder...

Answered: 1 week ago

Question

★★★★★
Need a Response to this Discussion Post Please!!! 2-1 Discussion Mickey Smerling Subscribe Hey everyone, Data protection is a key priority for all organizations, whether it may be customer...

Answered: 1 week ago

Question

★★★★★
The Bush administration implemented new strategies against _________. visible terrorist organizations national terrorist organizations shadowy network state-sponsored terrorist organizations only

Answered: 1 week ago

Question

★★★★★
The length and width of a cardboard are 26 ft and 12 ft. We are going to cut out the corners and fold up the sides to form a box. Determine the height of the box that will give maximum volume. Note:...

Answered: 1 week ago

Question

★★★★★
9.11 A multihospital system would like to compare the productivity of nursing staff in three of its cardiac intensive care units.Table EX 9.11 Measurement Unit 1 Unit 2 Unit 3 Annual Hours 185,200...

Answered: 1 week ago

Question

★★★★★
An inverted pendulum on a rolling disk is shown below. The disk has a radius R and mass M and is rolling on a at surface without slipping. The inverted pendulum consists of a rod of length L and mass...

Answered: 1 week ago

Question

★★★★★
PSY 575 - Culture and Design Assignment This is a two-part assignment. Part I: Make an argument, based on research, showing whether you believe organizational cultures can change and why. Include:...

Answered: 1 week ago

Question

★★★★★
You are Jill Bradley, the chief technology officer (CTO) for OnlineRetailCo (ORC). This makes you the top IT executive at the company. You have been in your position for just six months. ORC is a...

Answered: 1 week ago

Previous Question Next Question