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

Question

1 Approved Answer

You invested $1,000 in two different banks. Bank 1 pays 8 percent simple interest whereas Bank 2 pays 8 percent compounded annually if you plan

You invested $1,000 in two different banks. Bank 1 pays 8 percent simple interest whereas Bank 2 pays 8 percent compounded annually if you plan to invest the money for 20 years which bank would you choose and how much more money would your earn from investing with this bank ?
O A. Bank1; $2,149
B. Bank 1; $2.289
O C. Bank 2; $2,061
O D.Bank 2; $2,301
O E. Bank 2; $2.439

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

Personal Finance

Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes

8th Edition

007322359X, 9780073223599

More Books

Students also viewed these Finance questions

Question

★★★★★
J. Hutter, H.P. Luthi, and F. Diederich (J. Amer. Chem. Soc. 116,750 (1994)) examined the geometric and vibrational structure of several carbon molecules of formula Cn' Given that the ground state of...

Answered: 1 week ago

Question

★★★★★
The Davidson Corporations balance sheet and income statement are provided here. a. Construct the statement of stockholders equity for December 31, 2018. No common stock was issued during 2018. b. How...

Answered: 1 week ago

Question

★★★★★
Am I surfing to avoid feelings of loneliness, stress, or a nger?

Answered: 1 week ago

Question

★★★★★
Halm Skidoos Limited, a private company that began operations in 2014, always values its inventories at their current net realizable value. The company uses ASPE. Its annual inventory figure is...

Answered: 1 week ago

Question

★★★★★
The stockholders equity section of Concord Corporation appears below as of December 31, 2020. 8% preferred stock, $50 par value, authorized 89,200 shares, outstanding 79,200 shares $3,960,000 Common...

Answered: 1 week ago

Question

★★★★★
create visualisation for the purpose of strategic performance measurement

Answered: 1 week ago

Question

★★★★★
Sheridan Corporation acquires a coal mine at a cost of $432,280. Intangible development costs total $107,000. After extraction has occurred, Sheridan must restore the property (estimated fair value...

Answered: 1 week ago

Question

★★★★★
A demand loan for $8,000 with interest at 16% compounded quarterly was repaid after two years and eight months. What was the amount of interest paid?

Answered: 1 week ago

Question

★★★★★
Period Product A Product B Product C Product D Product E 1 96 107 164 168 217 2 98 94 156 200 190 3 103 98 161 194 184 4 97 100 155 177 196 5 104 95 152 172 185 6 96 106 155 195 208 7 103 102 153 193...

Answered: 1 week ago

Question

★★★★★
Using IRAC (Issue, Rule of law, Analysis, and Conclusion). In the case of Horizon Mills Corp v QVC Inc., much turned on the question how consumers would interpret the term "Slinky." Do you think the...

Answered: 1 week ago

Question

★★★★★
(1 point) Hydrocodone is a commonly prescribed pain killer. Given an initial dosage P0 mg of hydrocodone, the amount of hydrocodone affecting a patient's nervous system If hours after taking the drug...

Answered: 1 week ago

Question

★★★★★
What is the history of this situation?

Answered: 1 week ago

Question

★★★★★
Besides you and the employee who allegedly stole lottery tickets, who else should be involved and in what capacity? Explain.

Answered: 1 week ago

Question

★★★★★
Is this the first time your organization has dealt with this situation, or are you setting out to modify an existing communication program? If the latter, is this a minor modification or a major one?

Answered: 1 week ago

Previous Question Next Question