A mother wants to invest $6 comma 000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $ 360.00 comma how much money was invested in the CD account? The total interest earned after one year is $360.00 . How much money was invested in the CD account? $

A mother wants to invest $6 comma 000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $ 360.00 comma how much money was invested in the CD account? The total interest earned after one year is $360.00 . How much money was invested in the CD account? $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...

See similar textbooks

Similar questions

Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264
A mother wants to invest $8 comma 000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $ 480.00 comma how much money was invested in the CD account? The total interest earned after one year is $480.00 . How much money was invested in the CD account?
A mother wants to invests 9,000.00 for her sons future education she invests a portion of the money in the bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is 540.00 how much money was invested in the CD acc
When you were born, your grandparents put $5,000 in to a money market account to help with your college education. The bank gave them a guaranteed interest rate of 6% per year until you turned 18. How much money will be in the account on your 18th birthday if you never withdraw any money until that day? $11,417.20 $54,138.00 $1751.50 $14,271.50
Clear my chOice Corry has an income of $80,000 that he is willing to spend over a year. If his bank account's interest rate is 3.05% and the cost associated for him to visit the bank is $5.00. What is Corry's average money holding? O a. $488.00 O b. $2,560.74 O c. $5,000.00 O d. $16.00 Previous page O Type here to search
Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $6,801 in it and pays a(n) 3% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. How much would be in your account if you left the money in the account until your 65th birthday? c. How much money did your grandfather originally put in the account? a. How much money would be in the account if you left the money there until your 25th birthday? The future value is $ (Round to the nearest dollar.) b. How much would be in your account if you left the money in the account until your 65th birthday? The future value is $ (Round to the nearest dollar.) c. How much money did your grandfather originally put in the account? The present value is $ (Round to the nearest dollar.)
Mr. X will retire at the age of 60 years. He wishes to have an amount of S200,000 in his account at the time of retirement. Currently he is of the age of 40 years and has an amoun of S25,000 in hand. How much interest rate a bank should offer so he has the desired amount at retirement. A. 11.00%. B10.50% C. 10.96% D. 12.00%
3. Jeff has one savings account with the interest rate of 3.3% in a bank. If he deposits 1200 pesos to the savings account, how much money will he have after 6 years? A. PhP 1437.60 C. PhP 1337.60 B. PhP 1237.60 D. PhP 1137.60
Mr. X will retire at the age of 60 years. He wishes to have an amount of $200,000 in his account at the time of retirement. Currently he is of the age of 40 years and has an amount of $25,000 in hand. How much interest rate a bank should offer so he has the desired amount at retirement. A. 11.00% В. 10.50% C. 10.96% D. 12.00%
You have collected $8,342 Your banker states that if you deposit these funds in her institution they will accumulate to $16,786 In twelve years. What is the implied rate that she is paying on this deposit? 50% 12% 5% 6%
A father wants to set up a bank account that will pay his daughter $16,000 at the end of quarter (EOQ) 4 and $30,000 at EOQ 8. He will fund this account by making quarterly payments of $X from EOQ 1 through EOQ 7. If the quarterly percentage rate is 3%, what is the value of $X that must be deposited into the account? O a. 6,789.396 O b. 6,621.507 O c. 6,240.157 O d. 6,082.880 O e. 6,123.852
Your grandmother just died and left you $112,500 in a trust fund that pays 6.3% interest. You must spend the money on your college education, and you must withdraw the money in 4 equal installments, beginning immediately. How much could you withdraw today and at the beginning of each of the next 3 years and end up with zero in the account? O a. $32,689.86 O b. $7,087.50 O c. $39,812.95 O d. $30,752.46 Oe. $24,085.01