Question

Lance Jackson deposited $6,000 at Basil Bank at 8% interest compounded daily. What is Lance’s investment at the end of 4 years? (Use Table12.2.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Ratios, rates, proportions
ANSWERED
asked 2021-02-27
Lance Jackson deposited $6,000 at Basil Bank at 8% interest compounded daily. What is Lance’s investment at the end of 4 years? (Use Table12.2.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Answers (1)

2021-02-28
First you need to find the daily interest rate: Daily rate = .\(\displaystyle\frac{{09}}{{365}}\) = .000247
Second determine how many days in 4 years: Days = \(\displaystyle{4}\cdot{365}\) = 1460
Then you can set up the equation for amount of interest of 4 years. We will use the initial deposit and multiply by the daily interest rate over 1,460 days: Future value = \(\displaystyle{6000}\cdot{\left({1}+{.000247}\right)}^{{1460}}\)
Final answer is 8,599.60
0
 
Best answer

expert advice

Need a better answer?

Relevant Questions

asked 2021-05-14
Consider the accompanying data on flexural strength (MPa) for concrete beams of a certain type.
\(\begin{array}{|c|c|}\hline 11.8 & 7.7 & 6.5 & 6 .8& 9.7 & 6.8 & 7.3 \\ \hline 7.9 & 9.7 & 8.7 & 8.1 & 8.5 & 6.3 & 7.0 \\ \hline 7.3 & 7.4 & 5.3 & 9.0 & 8.1 & 11.3 & 6.3 \\ \hline 7.2 & 7.7 & 7.8 & 11.6 & 10.7 & 7.0 \\ \hline \end{array}\)
a) Calculate a point estimate of the mean value of strength for the conceptual population of all beams manufactured in this fashion. \([Hint.\ ?x_{j}=219.5.]\) (Round your answer to three decimal places.)
MPa
State which estimator you used.
\(x\)
\(p?\)
\(\frac{s}{x}\)
\(s\)
\(\tilde{\chi}\)
b) Calculate a point estimate of the strength value that separates the weakest \(50\%\) of all such beams from the strongest \(50\%\).
MPa
State which estimator you used.
\(s\)
\(x\)
\(p?\)
\(\tilde{\chi}\)
\(\frac{s}{x}\)
c) Calculate a point estimate of the population standard deviation ?. \([Hint:\ ?x_{i}2 = 1859.53.]\) (Round your answer to three decimal places.)
MPa
Interpret this point estimate.
This estimate describes the linearity of the data.
This estimate describes the bias of the data.
This estimate describes the spread of the data.
This estimate describes the center of the data.
Which estimator did you use?
\(\tilde{\chi}\)
\(x\)
\(s\)
\(\frac{s}{x}\)
\(p?\)
d) Calculate a point estimate of the proportion of all such beams whose flexural strength exceeds 10 MPa. [Hint: Think of an observation as a "success" if it exceeds 10.] (Round your answer to three decimal places.)
e) Calculate a point estimate of the population coefficient of variation \(\frac{?}{?}\). (Round your answer to four decimal places.)
State which estimator you used.
\(p?\)
\(\tilde{\chi}\)
\(s\)
\(\frac{s}{x}\)
\(x\)
asked 2021-05-03
Plutonium has a half-life of 23105 years. What percentage of a sample of Plutonium has decayed after 10000 years?
asked 2021-05-03
According to the Bureau of Labor Statistics, there were approximately 16.3 million workers in the year 2000 and 14.9 million workers in 2010. Consider the change in union workers to be linear and write an equation expressing the number y of union workers in terms of x of years since 2010.
asked 2021-06-28
A cd that has a price of $15.50 is on sale at a 25% discount.what is sale price with 6.5 tax?
asked 2021-05-26
Consider the following table that models an exponential growth of the amount of rumars Niles spreads about Frasier. Days People that know the rumer
1 4
2 16
3 64
4 256
Part A: How many people were told on the first day? Part B: What is the ratio that the number of people were told per day?
asked 2021-06-27
A $150,000 loan with $3000 in closing costs plus 1 point requires an advance payment of
asked 2021-05-19
Sharon wants to buy a shirt that costs $45. The sales tax is 5%. How much is the sales tax? What is her total cost for the shirt?
asked 2021-06-24
A group of 6 friends went to a sporting event. It cost $30 for each of them to get in. What was the total cost for all of them to get in?
asked 2021-06-16
Ellen earns $854.14 weekly. What is the equivalent semimonthly rate?
asked 2021-06-18
tempco corporation has a machine that produces 18 3/4 baseball gloves each hour. in the last 2days. the machines has run for a total of 20 hours. how many baseball gloves has tempco produced?
...