A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

anonymous

  • 5 years ago

You put $600 into a savings account paying 8% annual interest compounded monthly. After one year you take out all the money and put it into a 9 month CD paying 7.5% annual(simple) interest. How much is your investment worth when the CD matures?

  • This Question is Closed
  1. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    $915.13

  2. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    can u quickly explain how u get it....did u use formula A=P (1+i) ^n

  3. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i do and it wont let me...??

  4. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    A=600 A(1+(.08/12))^12= 866.40= B B(1+(.075*.75)) =915.14

  5. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    thank u sooo much =)

  6. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.