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
MrRissso [65]
2 years ago
9

Congratulations! You were the 10th caller on the KMTH morning show and you just won $3,000.00. After you calm down, you decide t

o put the money into a bank account so that you will have even more money for a trip to Europe. Snurling Bank tells you that they will pay 9% per year compounded monthly. How much money will you have for your trip in 5 years
Business
1 answer:
VashaNatasha [74]2 years ago
8 0

Answer:

$4,697.04

Explanation:

In simple words , this question requires us to find the Future Value in 5 years time. We compound the Present Value using the effective interest rate to determine the Future Value of an investment.

<em>PV = $3,000.00</em>

<em>P/YR = 12</em>

<em>N = 5 x 12 = 60</em>

<em>I = 9 %</em>

<em>PMT = $0</em>

<em>FV = ?</em>

Using a Financial calculator to enter the parameters as above the Future Value (FV) is $4,697.04

therefore,

In 5 years time, you will have $4,697.04.

You might be interested in
The largest cattle rancher in a given region will be unable to have a __________ when sufficient numbers of smaller cattle ranch
stepladder [879]
<span>The largest cattle rancher in a given region will be unable to have a __________ when sufficient numbers of smaller cattle ranchers provide sources of competition.

Monoply 
</span>
7 0
2 years ago
Which of the following would likely be covered under homeowners insurance but NOT by renter's insurance? AA fire destroys almost
Cloud [144]
D a tree branch breaks your window
5 0
3 years ago
You have your choice of two investment accounts. Investment A is a five-year annuity that features end-of-month $2,500 payments
oee [108]

Answer:

$119,176.06

Explanation:

Calculation for How much would you need to invest in B today

First step is to calculate the Future value of annuity (FVA)

FVA =$2,500 * ({[1 + (.115 / 12)](5 × 12) - 1} / (.115 / 12))

FVA = $201,462.23

Since we have known the FVA Second Step will be to calculate the Present value (PV)

PV = $201,462.23 × e-1 × .105 × 5

PV= $119,176.06

Therefore the amount that you would need to invest in B today will be $119,176.06

5 0
3 years ago
1. Heather and Joe want the lowest interest rate for their residential mortgage. Which financial institution is designed to offe
gogolik [260]
By definition, a mortgage is loan that is used to purchase a property. The financial institutions can are designed to offer low interest rates on residential mortgages are commercial banks and loan associations. They often lead against the one-to-four family mortgages.
7 0
3 years ago
At the Blue Restaurants Corporation, an employee survey reports that efforts to increase worker satisfaction by redesigning jobs
DiKsa [7]

Answer:

lower costs, leading to higher profits

Explanation:

Improving job satisfaction in the workplace results in better productivity. This is because employees get to enjoy what they do rather than feeling forced to work.

When the workplace is conducive it will result in lower rates of absenteeism and employee turnover.

These in turn lead to lower costs and higher profit.

Staff turnover is costly on the business as new hires have to be trained on the job to be effective.

7 0
3 years ago
Other questions:
  • On January 1, 2017, the ledger of Accardo Company contains the following liability accounts.
    5·1 answer
  • Under a ________ marketing system, independent production and distribution firms integrate their efforts on a contractual basis
    10·1 answer
  • You have decided to enter the candy business. You are considering producing two types of candies: Slugger candy and Easy Out can
    5·1 answer
  • How do trade agreements help the countries involved?
    7·1 answer
  • Manufacturing overhead was estimated to be $591,600 for the year along with 20,400 direct labor hours. Actual manufacturing over
    13·1 answer
  • Using a systematic process and practicing writing can help a business writer become better at which writing skills? Check all th
    9·1 answer
  • 34. What systems work together when you touch an extremely hot<br>object? *​
    15·2 answers
  • When a salesperson calls on a new business prospect, A) the salesperson may have trouble identifying all of the buying center me
    11·1 answer
  • The product cost that is most difficult to associate with a product is:.
    8·1 answer
  • In a major metropolitan area, one chain of coffee shops has gained a large market share because customers feel its coffee tastes
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!