Top Posters
Since Sunday
5
o
5
4
m
4
b
4
x
4
a
4
l
4
t
4
S
4
m
3
s
3
New Topic  
Anonymous bio_man
wrote...
A year ago
Mishu wants to invest an inheritance of $20,000 for one year. His credit union offers 8.85% for a one-year term or 8.80% for a six-month term.
(a) How much will Mishu have after one year if he invests at the one-year rate?
(b) How much will Mishu have after one year if he invested for six months at a time at 8.80% each time?
(c) What would the one-year rate have to be to yield the same amount of interest as the investment described in part (b)?



(a) After one year, Mishu will have  

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

(b) One year after the initial investment Mishu will have

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

(c) The one-year rate to yield the same amount of interest as the investment described in part (b) is

(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
Read 171 times
1 Reply
Replies
Answer verified by a subject expert
Anonymous AuthorAnonymous
wrote...
A year ago
Sign in or Sign up in seconds to unlock everything for free
1

Related Topics

Anonymous Author
wrote...

A year ago
this is exactly what I needed
wrote...

Yesterday
You make an excellent tutor!
wrote...

2 hours ago
Smart ... Thanks!
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  985 People Browsing
Related Images
  
 1039
  
 75
  
 3126
Your Opinion
What's your favorite math subject?
Votes: 293