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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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What is the ending account balance to the nearest penny for these financial accounting question?

Transcribed Image Text:If one invests $1,700 at 4% simple interest for 6
months, what is the ending account balance to
the nearest penny?
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- Suppose you invest $103 nin a bank account, and five years later it has grown to $137.91. a. What APR did you receive, if the interest was compounded semiannually? b. What APR did you receive if the interest was compounded monthly?arrow_forwardHow much should you invest at 2.5% simple interest in order to earn $95 interest in 7 months?arrow_forwardWhat would be the annual percentage yield for a savings account that earned $51 in interest on $750 over the past 365 days? (Enter your answer as a percent rounded to 1 decimal place.)arrow_forward
- Exercise (1.77) You deposit an amount X into an account at time 0 and 2X into the same account at time 3. The account balance at time 5 is 5,000. If the account has earned a 4% annual effective rate, what is the value of X? Answer: 1,479.35arrow_forward4. What account should you invest your money in? (Hint. Calculate the APY of each account) Account 1: Compounded annually with APR of 3%Account 2: compounded monthly with APR of 2.75%arrow_forwardWhat amount of money will accumulate to $8193.9 in 94 days at an interest rate of 3.5% p.a.?arrow_forward
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