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

Question

1 Approved Answer

Your sister-in-law is a nutritionist, she wants to receive $14,000 in a bank account that pays 7.5 percent annually one year from now. How many

image text in transcribed

Your sister-in-law is a nutritionist, she wants to receive $14,000 in a bank account that pays 7.5 percent annually one year from now. How many years will it take for her investment to grow to $120,000? (Round off to the nearest year) a. 30 years O b. 31 years O c. 42 years O d. 27 years

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

Accounting II Guide

Accounting II Guide

Authors: Permacharts Inc

1st Edition

1550807870,1554312957

More Books

Students also viewed these Finance questions

Question

★★★★★
Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires a series of three processes. Materials are entered at the beginning of the Filling process. The...

Answered: 1 week ago

Question

★★★★★
Define the following terms and give their symbols if appropriate: Ready room Occupied Checkout Out of order Pickup room Open section

Answered: 1 week ago

Question

★★★★★
Edison Systems has estimated the cash flows over the 5-year lives for two projects, A and B. These cash flows are summarized in the table below. a. If project A were actually a replacement for...

Answered: 1 week ago

Question

★★★★★
Please, help. Thanks. The future value at the end of the deposit period is $. (Round to the nearest cent.)

Answered: 1 week ago

Question

★★★★★
Which of the following represents a potential drawback of using the payback period calculation of capital budgeting decisions? a) a project is accepted if its payback period is below some...

Answered: 1 week ago

Question

★★★★★
Carmichael Corporation is in the process of preparing next year's budget. The pro forma income statement for the current year is as follows: Sales $1,800,000 Cost of sales: Direct materials $250,000...

Answered: 1 week ago

Question

★★★★★
Equity Method and Eliminating Entries, Second Year On January 1, 2023, Playtel Inc. acquired all of the stock of San Jose Cable for $250 million in cash. At the date of acquisition, San Jose's...

Answered: 1 week ago

Question

★★★★★
d'Anconia Copper is considering issuing one-year debt, and has come up with the following estimates of the value of the interest tax shield and for different levels of debt Debt Level ($ Millions) $0...

Answered: 1 week ago

Question

★★★★★
A. The sales and cost figures for the month of August 2021 are as follows. Variable and fixed costs are all manufacturing costs. Selling, administrative, marketing, and other costs are ignored since...

Answered: 1 week ago

Question

★★★★★
On February 24, AMW purchased 4,000 shares of KMP newly issued 6 percent cumulative $75 par preferred stock for $304,000. Each share carried one detachable stock warrant, entitling the holder to...

Answered: 1 week ago

Previous Question Next Question