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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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If you needed financial advice, whom would you ask? Why?
kap26 [50]

Answer: financial advisors

Explanation: A financial advisor can help you create a long-term investing strategy, weigh the pros and cons of different account types, pick mutual funds, rebalance your investing portfolio, and set savings benchmarks to help you reach your long-term goals.

Hope this helped

6 0
3 years ago
An investor places $5,000 in an account. The stated annual interest rate is 6% compounded monthly. The value of the account at t
Nostrana [21]

Answer:

$5,983.40

Explanation:

Data provided in the question:

Principle amount = $5,000

Interest rate, r = 6% = 0.06

Time, t = 3 years

Compounded monthly i.e number of periods n = 12

Now,

Final amount = Principle × \left( 1 + \frac{r}{n} \right)^{\Large{n\times t}}

or

Final amount = $5,000 × \left( 1 + \frac{0.06}{12} \right)^{\Large{12\times3}}

or

Final amount = $5,000 × 1.005³⁶

or

Final amount = $5,000 × 1.196

or

Final amount = $5,983.40

7 0
3 years ago
Which of the following is an example of an equity investment?
Blizzard [7]

Answer:

A company's stock

Explanation:

There are two main capital structure i.e. debt and the equity. The debt is the loan which is to be borrowed by the individual or a company in order to raise a capital. While the other one is equity in which it shows the ownership stake in the company also it involves the securities than should be traded in the stock markets

While going through the options given, the second option is correct as other options are the examples of debt and the same is not considered for an equity investment

5 0
3 years ago
Looking towards the future , what action plan should emily implement
Alex_Xolod [135]
Looking toward the future, Emily ought to utilize the five stage procedure to better decide her future. That, as well as search for an Ideal vocation and utilize the five stage illuminating procedure to discover it. Emily ought to concentrate on the things that she has involvement with, is great at.
8 0
3 years ago
Making a minimum payment:
stich3 [128]
Making<span> the total </span>minimum payment<span> each month </span>means<span> you avoid a late </span>payment <span>fee and ensures you can keep using your card. This is the defenition  of making a minimum payment so I would go with answer A</span>
5 0
3 years ago
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