Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 26, 2024

You placed $3,278 in a savings account today that earns an annual interest rate of 15 percent compounded annually. How much you will have in

You placed $3,278 in a savings account today that earns an annual interest rate of 15 percent compounded annually. How much you will have in this account at the end of 35 years? Assume that all interest received at the end of the year is reinvested the next year.

Round the answer to two decimal places.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered 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

Students also viewed these Finance questions

Question

2. Ask for parents or caregivers feedback (and mean it) about your effectiveness in helping their children.

Answered: 1 week ago

Question

★★★★★

Why must firms have reliable suppliers when using just-in-time methods?

Answered: 1 week ago

Question

★★★★★

P-1 ABC Company produces 55,000 tons of material in August at a cost of $1,150,000. In September, the company produced 35,000 tons at a cost of $950,000. Using only these two data points, use the...

Answered: 1 week ago

Question

★★★★★

just need the answer please Aircraft arrives at an airport with only one runway (Poisson process). An average of 6 aircrafts arrive at the airport each hour. What is the probability that no more than...

Answered: 1 week ago

Question

★★★★★

Tracy, an owner of an S corporation, has beginning basis of $13,000 in stock of the 5 corporation. During the year, Tracy contributed an additional $4,000 to partially offset the share of the S...

Answered: 1 week ago

Question

★★★★★

A Mexican company that supplies concrete and building materials is expanding its markets outside of its own country. The company is targeting the three additional countries of Guatemala, Nicaragua,...

Answered: 1 week ago

Question

★★★★★

What is one possible sign that a customer disturbance has started to escalate ? Servers fill patrons ' drink orders more quickly People in the bar are standing up and backing away Customers order...

Answered: 1 week ago

Question

★★★★★

Indicate which Periodic Table of Acquisition Innovation techniques is described by the following statement." Collects ideals and solutions from the public and encourages cross-sector collaboration to...

Answered: 1 week ago

Question

★★★★★

huck likes to build things, and over the years, he has enhanced the backyard of his modest home with the addition of a three - car garage, a swimming pool, a large shed, a children's playhouse, and a...

Answered: 1 week ago

Previous Question Next Question