FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Calculate the amount of interest if $2000 is invested at 6% for 200 days
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- If $6000 is invested in an account that pays 3% annual compounded interest, compare the amount in the account after 10 years if the interest is compounded a) semiannually (twice a year) b) quarterly (four times a year) c) monthly (twelve times a year) d) continuouslyarrow_forwardFind the final amount of money in an account if $8,900 is deposited at 7% interest compounded quarterly (every 3 months) and the money is left for 8 years.arrow_forwardWhat interest rate would be necessary for $7,950 investment to grow to $10,400 in an account compounded weekly for 3 years?arrow_forward
- You deposit $6000 in an account earnings 7% interest compounded monthly. How much you will you have in the account account in 16 years?arrow_forwardCalculate the future value (in dollars) of $1,150 deposited into an account earning an annual simple interest rate of 6% compounded daily after 3 yearsarrow_forwardYou deposit $400 in an account earning 8% coumpound interest for 2 years. Find the future value and the interest earned for each of the following compounding frequencies.arrow_forward
- Use 365 for the number of the days in a year. Calculate the future value (in dollars) of $1,150 deposited into an account earning an annual simple interest rate of 5% compounded daily after 3 years. Round your answer to the nearest cent arrow_forwardFind the amount of interest paid on on a $800 Investment that earns 4.9% simple annual interest for 30 days. In this problem, use the Bankers' Rule, which stipulates that 1 year 360 days. Round to the nearest cent (two decimal places.) Sarrow_forwardFind the final amount of money in an account if $4,900 is deposited at 4.5% interest compounded weekly and the money is left for 9 yearsarrow_forward
- A deposit of $2500 is made into an account drawing 3.6% interest compounded monthly. Find the future value 15 years after the initial depositarrow_forwardWhat is the future value of $500 deposited for 1 year earning an 8% interest annually?arrow_forwardIf $12000 per quarter is invested in an account that earns a nominal annual interest rate of 11 % compounded monthly, how much money will be in the account at the end of 6 years? round to nearest dollararrow_forward
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