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mezya [45]
3 years ago
11

1. Dominic Joseph deposits $5,000 in a new savings account at his local bank. The account pays 5.5 percent interest compounded a

nnually. At the end of 6 years, how much will Dominic’s account be worth?
Business
1 answer:
klasskru [66]3 years ago
5 0

Answer:

The future value is $6,894.21

Explanation:

Giving the following information:

Dominic Joseph deposits $5,000 in a new savings account. The account pays 5.5 percent interest compounded annually.

To calculate the future value, we need to use the following formula:

FV= PV*(1+i)^n

PV= 5,000

i= 0.055

n=6

FV= 5,000*(1.055)^6= $6,894.21

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For shipments transported by water, in addition to the name of the shipper, which of the following must be added to the shipping
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Answer:

Please see the explanation below

Explanation:

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Out of the following- Savings bank, Commercial bank, and Credit Union which is a nonprofit financial institution?
sweet-ann [11.9K]

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6 0
3 years ago
Assume the total cost of a college education will be $245,000 when your child enters college in 15 years. You presently have $10
Tems11 [23]

Answer:

8.45%

Explanation:

The formula to calculate the rate of interest is:

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P= Principal amount: 108,000

Now, you can replace the values to find the rate of interest:

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Read 2 more answers
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