1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kirill115 [55]
3 years ago
9

Suppose you deposited $2,000 in a savings account. If you have $2,600 in the account after 4 years, what interest rate did you e

arn on your savings
Business
1 answer:
Slav-nsk [51]3 years ago
6 0

Answer:

6.78% per year.

Explanation:

Assuming compounding occurs only once a year, the interest rate 'r' required on a $2,000 investment for 4 years to yield $2,600 is determined by:

FV = PV*(1+r)^n\\2,600 = 2,000*(1+r)^4\\r=\sqrt[4]{\frac{2,600}{2,000}}-1\\ r=0.06779=6.78\%

The interest rate earned on those savings was 6.78% per year.

You might be interested in
Which of the following is a true​ statement? A. Adverse selection occurs after a transaction has taken place in insurance market
Salsk061 [2.6K]

Answer:

C

Explanation:

FDIC gives insurance to depositors. it promises to pay  back a certain amount of the deposits of a banks customers in the case where a bank fails. As a result of this insurance banks have a greater incentive to take on more risky projects because they know that their customers would be protected even the project goes sour and the bank fails.

Due to the services of the FDIC, less depositors have lost money when a bank fails because of the insurance services they provide to depositors.

8 0
3 years ago
An employee has gross earnings of $1,200 and withholdings of $91.80 for social security and medicare taxes and $120 for income t
satela [25.4K]

Given the following parameters:

The employer pays the employee (gross earnings) – $1,200

The employer pays for social security and medicare taxes – $91.80

The employer pays for the Federal Unemployment Tax Act (FUTA) – $9.60

The employer pays for the State Unemployment Tax Act (SUTA) –  $64.80


The total cost of this employee to the employer is the summation of all these costs
1,200 + 91.80 + 9.60 + 64.80 = $1366.20

3 0
3 years ago
Choose all that apply. Select all the laws and regulations that protect your bank account. Truth in Savings Act Electronic Fund
qaws [65]
I need to know what the chocies are so i can answer your question

5 0
3 years ago
Read 2 more answers
Rent control is usually justified on the grounds that it protects moderate- to low-income families from the burden of rapidly ri
horsena [70]

Answer:

c. equality.

Explanation:

Rent control is a government directive that limits the amount a landlord can charge as rent or for rent renewal. When the landlord is renewing rent there is a maximum percentage for rent increase.

Rent control is intended to create a level of equality for low-income earners and elderly people on fixed income.

This has been a successful initiative and has helped in balancing the standard of living of the target population.

5 0
4 years ago
Describe a real or made up but realistic example of a situation that would require that you communicate with another person abou
Llana [10]

<span>A made up situation I can write is that you could talk about and discuss finances with a financial advisor or consultant who knows these issues better than you. To make these communications less stressful, you can comprehend that the consultant is there to help and is able to help and/or when you get excessively furious, you can take deep breathes to lessen the stress and make yourself calm.</span>

6 0
3 years ago
Read 2 more answers
Other questions:
  • You just started working for a company, where should you first look to find a confidentiality policy concerning information you
    9·1 answer
  • Why do economists sometimes offer conflicting advice to policymakers?
    8·1 answer
  • Simko Company issued $750,000, 8-year, 6 percent bonds on January 1, 2018. The bonds were issued for $710,000. Interest is payab
    13·1 answer
  • Do you think Global Warming is real or not? Explain Why.
    14·1 answer
  • A Company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Sec
    9·1 answer
  • McKean Corporation authorized 500,000 shares of common stock in its articles of incorporation. On May 1, 2019, 100,000 shares we
    7·1 answer
  • Pollution control equipment for a pulverized coal cyclone furnace is expected to cost $190,000 two years from now and another $1
    9·1 answer
  • How is economy affected by wise consumers?​
    15·1 answer
  • How are time tickets and materials requisition slips similar?
    8·1 answer
  • is a guiding philosophy and management approach that emphasizes efficiency through elimination of waste in company operations.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!