2.2) You have a bank deposit now worth $5000. How long will it take for your deposit to be worth more than $8000 if a. The account pays 5 percent actual interest every half-year and is com- pounded every half-year?

2.2) You have a bank deposit now worth $5000. How long will it take for your deposit to be worth more than $8000 if a. The account pays 5 percent actual interest every half-year and is com- pounded every half-year?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

See similar textbooks

Related questions

Q: 3.23 (LG 3.3) Martin and Marcy McCormack have just become proud parents of septuplets. They have…

A: Answer: Given, Savings (P) = $5000 Marcy hopes to provide $20,000 for every seven children after 18…

Q: - You can adjust the values in the accompanying table for fields with white backgrounds. Once you…

A: Since you have posted question with multiple sub parts, we will provide the solution only to the…

Q: What is the value of Y if C = 200, a = 20, and b = 0.9?

A: Consumption is known as the expenditure incurred by the individuals on the purchase of goods and…

Q: (LG 4.3) Savings of $5600 per year can be achieved through either a $14 000 machine (A) with a…

A: please find the detailed answer below.

Q: Read the following scenario and answer the questions that follow. Scenario 2 A recent research…

A: As the article explains the health benefits of consuming a glass of milk per day. All individuals…

Q: Consider the open economy described by the table below, where the input is in dollars needed for…

A: This question asked us to (a) find the consumption matrix for the economy. (b) Find a production…

Q: Villagers each have $1,200 to invest in either cattle or a government bond. They will sell either at…

A: Marginal income is the change in total income. Marginal income =

Q: A rectangle is a four-sided figure that has two sets of parallel sides, so that we have two sides of…

A: Part 1: Plot graph of triangle CGETo plot the graph of triangle CGE, plot the points C, G and E on…

Q: In column Es, I'm not sure how to get the results to show as .0583333 vs 58.33. I've included a copy…

A: Elasticity of Supply = % change in quantity supplied% change in price

Q: 7.2 (LG 7.2) Maryhill Mines has a pelletizer that it is considering for replacement. Every three…

A: Introduction:- The pelletizer gadget, which changes over the item into pellets of different shapes…

Q: The table shows information on the conditions of demand for ordinary gummy bears and their…

Q: b(Y)=400Y-6Y2 c(Y)=5y2

A: Only the functions have changed so we will follow the same procedure as before and get the answer.…

Q: Use the orange points (square symbol) to plot the initial short-run industry supply curve when there…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: (LG 5.3) Fantastic Footwear can invest in one of two different automated clicker cutters. The first,…

A: The internal rate of return (IRR) is a measurement utilized in the monetary investigation to gauge…

Q: NO tables, please, only formulas correct answers are: (i) n=12×5=60(months) --> ?0 = £16,775 (ii)…

A: In this case, we have to discuss the topic about the original loan, capital outstanding at the end…

Q: A rectangle is a four-sided figure that has two sets of parallel sides, so that we have two sides of…

A: Step 1:Step 2: Step 3: Step 4: Thanks

Q: The Drell Yan process is the production of charged lepton pairs in hadron-hadron collisions. it…

A: Drell-Yan process - The Drell-Yan process was proposed over 45 years ago. It was proposed by Sid…

Q: Jack is a discus thrower and hopes to make it to the Olympics some day. He has researched the…

A: A line of best fit is a straight line that is the best estimate of the given arrangement of…

Q: 8.6 (LG 8.9, 8.10) Calculate the CTF and CSF for each of the following: a. Tax rate of 50 percent,…

A: In the mentioned question we have to calculate CTF and CSF. CTF = Capital Tax Factor CSF = Capital…

Q: Find əU :U(x1, x2) = 16x1 + 8x2 О 8 16+8x2 о 16x1 + 8 24

A: Derivatives can be defined as an instantaneous change rate of a quantity with respect to the other.…

Q: My calculation of (600-0.4(100))/0.7 = 800. How do you get 828.57

A: Given that, Demand function of dental service: P = 600-0.7Q where, P is price of dental service…

Q: How does Qs = 9 I thought it would be 27

A: P=30-QMC=$3Now,To determine market demand, we set price equal to the marginal…

Q: penefits of winning a 5 matches (compared to 4) or the benefit of winning 10 matches (compared to…

A: a) Sumo wrestlers are playing a repeated game that is about to end and are afraid of getting caught…

Q: A quality engineer in charge of a coffee filter pack production line was concerned about the weight…

A: To analyze the weight of the filter packs produced, we can calculate the mean and standard deviation…

Q: Shouldice Hospital in Canada is widely known for one thing-hernia repair! In fact, that is the only…

A: The utilization of resources shows the efficiency level of the organization. The more efficient…

Q: A movie monopolist sells to college students and other adults. The demand function for students is…

A: (Question d is answered as per asked) The demand for a good is the willingness of consumers to buy…

Q: 1.2.2 Health insurance is tied to holding a job 1.2.3 A more infectious and deadly COVID-19 variant…

A: The reservation wage in labour economics refers to the lowest compensation level that a worker would…

Q: The difference equation given by A2yt+1 can be written as

A: We will use two formulas to solve this: 1) ∆2yt = ∆(∆yt)2) ∆yt+n = yt+n+1 - yt+n

Q: what is the marginal cost of the third unit?

A: Ans. 1.15 Marginal Cost is defined as the change in the total production cost that is generated from…

Q: A rectangle is a four-sided figure that has two sets of parallel sides, so that we have two sides of…

A: From The question the x-intercept and y-intercept of A, H and E is given as:A = (0, 8)H = (0, 0)E =…

Q: The following relationships between wage (W) and education (EDU) are estimated using a sample of 100…

A: 1) The estimated (fitted) model is given as, where , , Null Hypothesis , H0 : Alternate…

Q: 3 Given the following: y = (e³}2 This can also be written as

Q: A rectangle is a four-sided figure that has two sets of parallel sides, so that we have two sides of…

A: Part 1: Plot graph of triangle DHETo plot the graph of triangle DHE, plot the points D, H and E on…

Q: Suppose that a firm is using quantity k of capital input and quantity I of labor input to produce…

A: The resources needed to create or develop commodities and services to be sold on the market are…

Question

the answer to this question is Q2.24a=9.633, Q2.24b=19.03

but we just need to find how we get that answer for these questions please help

2.24 (LG 2.2) You have a bank deposit now worth $5000. How long will it take for
your deposit to be worth more than $8000 if
a. The account pays 5 percent actual interest every half-year and is com-
pounded every half-year?
b. The account pays 5 percent nominal interest, compounded semiannually?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

1. You needed $10,000 and obtained the following loan: Loan specifics: You are expected to pay 24 equal monthly installments (SA per month) at APR 12%, compounded monthly, starting from a month from obtaining the loan. If you miss a payment, your APR goes up to 24%, duration of the loan does not change but your monthly fixed payments go up. You miss your 12th payment. On the day of your 13th payment, the bank offers you a new deal. If you pay an additional $820 at the time of your 13th payment, you will continue to make your payments as before with no interest hike. a) Would you prefer to make the additional payment or have the interest hike?
Please answer fast please answer arjent
a. What is the effective annual interest rate if the nominal annual interest rate is 10%, compounded quarterly? b. What is the effective annual interest rate if the nominal annual interest rate is 10%, compounded monthly? c. What is the effective annual interest rate if the nominal annual interest rate is 10%, compounded daily? d. What is the effective annual interest rate if the nominal annual interest rate is 10%, compounded continuously? e. At what compounding period does the effective annual interest rate very closely approximate continuous compounding? (Consider to the nearest 0.0001)
1. Find the interest paid on a loan of $2000 for 1 year at a simple interest rate of 7% per year. 2. Find the maturity value of a loan of $49,583 after 18 months. The loan carries a simple interest rate of 8.3% per year. 3. Find the exact interest on a loan of $7500 at 13% annually made on July 17 and due November 30. (Table 11-1) 4. Find the ordinary interest on a loan of $850 at 11% annually made on February 10 and due May 31. (Table 11-1)
Q. 1
Note: The answer should be typed.
Please answer only handwritten
If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?
6. An individual makes six annual deposits of $2,000 in a savings account that pays interest at a rate of 4% compounded annually. Two years after making the last deposit, the interest rate changes to 7% compounded annually. Ten years after the last deposit the accumulated money is withdrawn from the account. How much is withdrawn?
To have a total of $10,000 after 8 years, what principal do you have to deposit in a 4.5 percent saving account compounded monthly?
Ch Economics
Eng. economics. If $2000 is invested at 7% interest compounded continuously calculate its value after 3 years.