Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Question
Calculate the simple interest earned. Round to the nearest cent.
P = $4200, r = 7%, t = 1 year
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- Calculate interest using a 360-day year. If required, round your answers to the nearest cent.arrow_forwardUse 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 present value of the future value of $5,750 at 4 5/8% simple interest for 630 days. (Round your answer to the nearest cent.)P = $arrow_forward
- If $15,000 was borrowed at 12 percent interest with monthly payments of $333.67, how long will take to pay off the loan? N =_____ I/YR =_____ PV =________ PMT =_________ FV = ____________arrow_forwardSolve by using the present value formula. Round your answers (in $) to the nearest cent. CompoundAmount Term ofInvestment NominalRate (%) InterestCompounded PresentValue CompoundInterest 18,000 8 years 4.5 monthlyarrow_forwardFind the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.) p=$200, r=4%, t=5 years A. $10 B. $40 C. $160 D. $4arrow_forward
- Using Table 11-1, calculate the compound amount and compound interest (in $) for the investment. (Round your answers to the nearest cent.) Time Nominal Interest Compound Compound Principal Period (years) Rate (%) Compounded Amount Interest $23,000 13 5 annually Need Help? Read Itarrow_forwardUse the continuous compound interest formula to find the indicated value. A= $16,687; P=$10,400; t= 60 months; r= ?arrow_forwardFind the present value of the given future amount. $68,000 for 7 months at 8% simple interest What is the present value? $ (Round to the nearest dollar as needed.)arrow_forward
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