FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- What is the effective rate of interest on these financial accounting question?arrow_forwardYou invest $ 4,060 in an account today. You make no additional deposits into the account. One year from today there is $ 5,140 in the account. What is the nominal interest rate that you earned on your money? (Record your answer as a percent rounded to 1 decimal place; for example, record .527945 = 52.8% as 52.8). Your Answer:arrow_forward10) the math of interest. please indicate if you are unsure or totally sure about the answerarrow_forward
- Assume Bill Jones invested $ 2,160.57 into an account exactly one year ago. The account has an interest rate of 5.9 % p.a. How much does Bill have in his account today (that is, exactly one year after the initial deposit)? (Round your answer to the nearest cent and record your answer without a dollar sign and without commas. For example, record $1,356.8382 as 1356.84).arrow_forwardTom Vu deposited $5,000 in a savings account... Please need answer the financial accountingarrow_forwardAssume Jed Gerbil invested $ 12,524 into an account exactly two years ago. The account has an interest rate of 13.1 % p.a. How much does Jed have in his account today (that is, exactly two years after the initial deposit)? (Round your answer to the nearest cent and record your answer without a dollar sign and without commas. For example, record $1,356.8382 as 1356.84).arrow_forward
- You have just deposited X dollars in your bank account that pays interest of 6 percent p.a. You discover that at the end of one year you have $ 10,044 in the account. What was X, that is, the amount of money that you deposited today? (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85).arrow_forwardA year ago your Aunt Sheri deposited $ 1 comma 000 in a bank account. One year later, there was $ 1 comma 090 in Aunt Sheri's account. What APR, compounded monthly, was the bank providing Aunt Sheri?The APR, compounded monthly, is closest to:arrow_forwardThree years ago, an engineer opened a savings account with an initial deposit of P200 000.00. He withdrew P50 000.00 three months later, and another P50 000.00 six months after the first withdrawal. Last year, he deposited P100 000.00 and withdrew P150 000.00 six months later. Find the account balance today if interest is 10% compounded quarterly. (Ans. P93 717.82)arrow_forward
- Your cousin deposited some money into an account earning 4.75% interest, compounded daily, three years ago. He now has $4060.17. How much did he originally invest? Assume no withdrawals are made.arrow_forwardTen years ago, when Franco was still a college student, he deposited 10,000 in a bank. The bank's rate of interest on deposit is 2% compounded quarterly, what is the balance of Nigel's account today? No peso sign, with comma, no decimal point.arrow_forwardSuppose you deposit $1,098.00 into an account 5.00 years from today. Exactly 14.00 years from today the account is worth $1,577.00. What was the account's interest rate?arrow_forward
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