Find the compound amount for the following certificate of deposit. Assume daily compounding.AmountDepositedInterestRateTimein YearsCompoundAmount$30004%2$Click the icon to view the compound interest table for time deposit accounts,Complete the table below.Amount InterestDeposited Rate$30004%2(Simplify your answer. Round to the nearest cent as needed.)Table for Time Deposits Accounts Compounded DailyNumberof Years1234Time Compoundin Years Amount5010Compound Interest for Time Deposit Accounts Compounded Daily1%2%3%1.01005003 1.02020078 1.030453261.02020106 1.04080963 1.061833931.03045411 1.06183480 1.094170241.04081020 1.08328469 1.127491291.05127038 1.10516789 1.16182708 1.22138937 1.284003431.10516940 1.22139607 1.34984217 1.49179200 1.648664811.17350058 1.22138603Print4%5%1.04080849 1.051267501.08328232 1.105163351.12748944 1.16182231DoneNumberof Years134510. X-

The amount that a present investment will gain in value over time when kept in a compound interest…

Answered: Find the compound amount for the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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Label all final answers with the correct units, if applicable. Unless otherwise stated, use 4 decimal places for intermediate computations of interest rates (if needed) then round off final answers to two decimal places. For monetary amounts, use 2 decimal places even for intermediate computations. 6. Consider a bank account with the following transactions for the month of June 2021: No. of Days Balance is Balance June Deposit Withdraw for the Day Unchanged * 1 20,000 20,000 * * 14 16,500 10,500 * 21 11,000 * * 30 16,500 4,000 a. Supply the correct data in the boxes marked with * b. What is the average daily balance for this account for the month of June? c. If a bank advertises an interest rate of 1.5% per year compounded monthly, what is the total interest earned for this month?
Suppose you deposit $1,016.00 into an account 4.00 years from today. Exactly 13.00 years from today the account is worth $1,741.00. What was the account's interest rate? Submit Answer format: Percentage Round to 3 decimal places (Example: 9.243%, % sign required. Will accept decimal format rounded to 5 decimal places (ex. 0.09243))
Suppose you deposit $1,030.00 into an account 4.00 years from today. Exactly 13.00 years from today the account is worth $1,677.00. What was the account's interest rate? Submit Answer format: Percentage Round to: 3 decimal places (Example: 9.243%, % sign required. Will accept decimal format rounded to 5 decimal places (ex: 0.09243)) Show Hint
The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $4000 at 1.07% compounded semianually for 3 years. The compound amount is $. (Do not round until the final answer. Then round to the nearest cent as needed.)
Instructions Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes: Date Face Amount Term Interest Rate 1. Mar. 6 $75,000 60 days 4% Apr. 7 40,000 45 days 6% Aug. 12 36,000 120 days 5% Oct. 22 27,000 30 days 8% Nov. 19 48,000 90 days 3% Dec. 15 72,000 45 days 5% 2. 3. 4. 5. 6.
The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $2500 at 6% compounded daily for 2 years. What is the compound amount? (Round to the nearest cent.)
Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan. (Round your answers to two decimal places.) Principal Rate (%) Time (days) Exact Interest Ordinary Interest $7,290 7 17 $ $
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December 31: (Round your answer to the nearest dollar.)
Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,200 10.4 ?? days $224
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The following information appears on your most recent credit card bill: Statement Date 03/1/2019 Previous Balance 154.32 Previous Payment 154.32 New Balance $145.79 Annual Percentage Rate 15.50% a) Find the periodic rate. (Round to 2 decimal places) b )How much interest will you pay on this statement.(Note :You paid off your entire balance last month.) c)If you make a payment of $50, what will your balance be after your payment (Before your next statement (04/1/2019))
Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Debit Credit

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Find the compound amount for the following certificate of deposit. Assume daily compoundings Interest Time Compound Amount Rate in Years 4% 2 $ Click the icon to view the compound interest table for time deposit accounts. Amount Deposited $3000