did his money earn?10. Suppose you deposit $5,000 in an account that pays 5.5% compounded daily. According to the table below,how much interest will you earn in 25 days?Amount of $1.00 at 5.5%Compounded Daily(365-Day Year)*AmountDay2122DayAmount1.003161.003311.004681.0048331321.003471.003621.0037723331.0049834351.005131.00528242511. Which of the following is the correct way to write the amount $56.67?

Here in this question, we are required to calculate the simple interest. For calculating simple…

Answered: rakes no other deposits and withdrawals…

rakes no other deposits and withdrawals A fer 3 months the interest is calculated. How much simple interest did his money earn?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 26 (b) Samuel Norris deposited $450 in a new regular savings account that earns 4% interest…

A: The question is related to compounded interest quarterly. FV = P (1 + r)n

Q: Bruno deposited $500 RIO account that earns Interest at a rate of 4.5% and is compounded annually.…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: You have invested money in a savings account that pays a fixed monthly interest on the account…

A: A Compound interest where the interest earned on the principal amount earn interest as per the…

Q: 8. Given that Stephanie’s bank offers an interest rate of 6% per year, what additional amount…

A: Given: Particulars Pan Elixir Rebound Cheers Think local Last year dividend $2.50 $0.50 $1.00…

Q: Nina deposited RM 500 every 3 month for 10 years into a saving account that paid interest 7%…

A: The formula used is shown:

Q: Gabrielle Patterson deposited $3,600 in a new savings account. She made no other deposits or…

A: Interest is calculated in two ways compound interest and simple interest.

Q: Winston deposited $3,294 in a bank account with annual interest rate 2.6%. How much interest was…

A: Data given:P=$3294Interest rate=2.6% (annual compounding)n=5 yearsRequired: Interest earned in 5…

Q: essica no one deposited an inheritance of 13,500 in a bank and earned 450.00 in Simple bankers…

A: In the case of loan, interest is the sum charged by the lender on the borrowed money at a specified…

Q: 1.1. Miss X deposited R5000 in a saving account paying 3% Interest compounded daily. Find Future…

A: In daily compounding interest is calculated daily on principal and interest earned on the previous…

Q: How much must you deposit in an account today so that you have a balance of $18,355 at the end of 11…

A: Present value is an estimate of the present value of future cash values that may be received at a…

Q: Question 1 :-

A: The objective of the question is to find out the original investment Victor made in his savings…

Q: 69. Claim against assets are represented by. I am not satisfy give downvote A. saved earning B.…

A: Retained earnings represent earnings that a company chooses to keep rather than distribute as…

Q: Bobby irsh has an account with $1,000. It earns 7.4% compounded monthly. No money is added to his…

A: The concept of time value of money will be used and applied. To compute the future value we compound…

Q: Your savings account currently has a balance of$32,300. You opened the savings account two yearsago…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: 4. Linda and Jeff each open new bank accounts at time 0. Linda deposits 6,000 into her bank account,…

A: Data given: Linda deposit=6000 Jeff deposit=4800 Interest earned in Linda's account during 6th…

Q: a) Liam deposits $4,500 into his savings account today earning interest of 3% p.a. compounded…

A: We need to use compound interest formula to solve problem a. A =P(1+i)n Where A =Compound amount…

Q: SAVINGS ACCOUNTS If Jackson deposits $100 at the end of each month in a savings account earning…

A: We here need to use future value of ordinary annuity(payment due at end) formula for calculation of…

Q: Belle invests RM7000 in a savings account at 3.2% rate of interest, compounded annually. No further…

A: Initial investment (P) = RM 7000 Interest rate (r) = 3.2%

Q: Jeremiah opened a savings account with $1,500 that earns 8.5% annual simple interest. He made no…

A: Present Value = pv = $1500Interest Rate = r = 8.5%Time = t = 6 Years

Q: David has a savings account with a 1,000 balance today. The account earns an annual percentage rate…

A: Compound interest is the interest which gets reinvested along with principal to get the interest on…

Q: Your cousin deposited some money into an account earning 4.75% interest, compounded daily, three…

A: Interest Rate (rate) = 4.75%Type of compounding = DailyNumber of times interest compounded in a year…

Q: Pro 70 tamoms or to insong 3) What is the annual interest rate earned on a deposit that grew from…

A: Number of years (n) = 5Future Value after 5 years = $502.84Present Value = $250We need to calculate…

Q: 2. Albert Frost's savings account. $820 on deposit. 6% annual interest rate. Time is 3 months. Find…

Q: Find the compound amount and the amount of interest earned by the deposit below. $9,000 at 7.79%…

A: Deposit amount (P) = $9000 Interest rate (r) = 7.79% Period (t) = 3 years Mathematics constant (e) =…

Q: months, Paola has deposited $1,000 every two weeks in a bank that pays 0.5% compounded bi-weekly on…

A: Future value money is the amount of deposit done and plus amount of interest accumulated over that…

Q: 1. Nina deposited RM 500 every 3 month for 10 years into a saving account that paid interest 7%…

A: Compounding all the cashflows of today to the future date will provide future value.

Q: December? (b) How of 4.5% until the end of (a) What is the amount in the at the end of 23. Jacob had…

A: It is the case of multiple questions where we can solve only the first question as per Bartleby…

Q: Taylor is paid on the last day of the month and 580 is automatically deducted from her pay and…

A: Monthly deposit "PMT" = $80 Annual rate "r"= 3.6% Compounding period "m" = 12 Future Value "FV" =…

Q: 25. Jamal Albright deposited $1,000 in a savings account that earms 5% compounded quarterly. He made…

A: Calculation of amount in the account after 2nd quarter are as follows.

Q: 1) Gabriella invests $4,114 in a retirement account with a fixed annual interest rate of 4.87%…

A: Continuous compound interest rate is the interest that is calculated on the principal amount as well…

Q: 1. Beverly Soo's savings account. $520 on deposit. 6,% annual interest rate. Time is 6 months. Find…

Q: • What rate of interest is earned on a non- redeemable term deposit that grows from $5000.00 to…

A: The term deposit is an investment that locks the money for a specific maturity and provides a fixed…

Q: young manager deposits his hardly earned money worth P115,000 in a bank. After 8 years and 6 months,…

A: Given, Principal amount = P115,000 Interest =P154,846.1632- P115,000 = P39,846.1632 Time=8.5…

Q: (a) Assuming no withdrawals are made, how much money is in Diane's account after 2 years? (b) How…

A: Certificate of deposit is a money market instrument. Whenever a person deposit money in a bank for a…

Q: You withdrew $21218 from your line of credit 3.5 years ago at an interest rate of 4% compounded…

A: FUTURE VALUE Future Value is the value of Current asset as on any future date. Future Value =…

Q: On Jan.1, 2016, Diana opened an account with a P50000 deposit. On Jan.1, 2017, she withdraws P25000…

A: Let 2016 be year 0. CF0 = P 50000 CF1 = - P 25000 CF3 = P 75000 r = 7.5% We need to find the future…

Q: Muhammad opens a bank account paying i(4) = 7.250%. 1 year later, he has $5,139.38 in his account.…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: ed, then bank payable is 5 years?

A: As given in the problem, there is a bank loan of Php 300,000 that is payable in 5 years.In the…

Question

did his money earn?
10. Suppose you deposit $5,000 in an account that pays 5.5% compounded daily. According to the table below,
how much interest will you earn in 25 days?
Amount of $1.00 at 5.5%
Compounded Daily
(365-Day Year)*
Amount
Day
21
22
Day
Amount
1.00316
1.00331
1.00468
1.00483
31
32
1.00347
1.00362
1.00377
23
33
1.00498
34
35
1.00513
1.00528
24
25
11. Which of the following is the correct way to write the amount $56.67?

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

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, accounting and related others by exploring similar questions and additional content below.

Similar questions

Lara's $600 deposit earned $120 at 2.7% simple interest . How long was the money on deposit?
A person deposited an amount of 1000 dinars in a savings account, what is the accumulated amount in that account after 6 years if the interest rate is 16%, paid once every six months, and four times annually???
10
Please solve very soon
An investor places $X into an account earning monthly compounded interest, and makes no further deposits or withdrawals. As we move from one month to the next, the dollar amount of interest earned per compounding period will remain constant. A) True B) False
If Mike deposited and withdrew as shown below, how much can he withdraw at the end of 5th year? Assume i=4%. If it is a deposit, then enter the value as a negative number and if it is a withdrawal, then enter the value as a positive number. n 0 1 2 3 4 5 CF 0 -500 -400 500 -500 -500 If the answer is a dollar value then enter the number without any comma, without $sign, without any gap, and with 2 decimal digits, for example, -5896547.12 4 If the answer is a % then enter the number with 3 decimal digits followed by a % sign without any gap, for example 3.123% or 4.210%
3. An account earning 10% compound interest has $450,000 as the amount. It is known that the holder invested $180,000 at the beginning, he never added any other deposits and he did not withdraw any money from the account. How long has the account been running to accumulate the stated amount?
None
On 2003-06-17 Keiko invests $2,800.00 in an account paying i(¹) = 10.000%. The account uses the compound interest method for computing interest for partial periods. How much money does she receive when she withdraws it on 2008-10-03? a. $2,912.21 b. $2,909.63 c. $4,638.41 d. $2,916.08 e. $2,939.30
8. A The amount of money earning interest in a savings account H. withdrawal 9. Jessa Walton deposits $275.00 in a savings account. The account pays an annual interest rate of 5%. She makes no other deposits and withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn? 10. Suppose you deposit $5,000 in an account that pays 5.5% compounded daily. According to the table be now much interest will you earn in 25 days? 1nterrst = Aman+ heldia Amount of $1.00 Compounded Daily (365-Day Year)* Amount Day 1.00316 1.00331 5.5% GccanT X interest ratet Amount 1.00468 1.00483 Day Peroa 12months Pincipal cmant =9275 31 21 22 32 23 24 25 1.00498 33 1.00513 34 1.00528 1.00347 1.00362 1.00377 35 . Which of the following is the correct way to write the amount $56.67? fifty -Seven Ce Six dairs nd
aa.3
Ten years ago, when Franco was still a college student, he deposited 10,000 in a bank. The bank's rate of interest on deposit is 2% compounded quarterly, what is the balance of Nigel's account today? No peso sign, with comma, no decimal point.