Khloe has a savings account that earns 3.13% compounded monthly. If she has $2,378 in the account today, what will the account balance be in 11 years? $2,447.13 $2,452.43 $3,337.70 $3,353.86

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Khloe has a savings account that earns 3.13% compounded monthly. If she has $2,378 in the account today, what will the account balance be in 11 years? $2,447.13 $2,452.43 $3,337.70 $3,353.86

Mathematics
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Use FV = PV*(1+r/n)^(n*t) where FV = unknown PV = 2378 r = 0.0313 n = 12 (compounded 12 times a year) t = 11 years
  • phi
any luck? Jim wrote it out (like setting the dinner table. Now serve the dinner), that is put in the numbers. You will want to use a calculator.

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Other answers:

Xavier deposits $6 daily into an interest-bearing account to save for renovations to his bathroom. The account earns 4.57% which compounds annually. What is the present value of the investment if Xavier renovates his bathroom in five years? $11,785.32 $10,033.83 $7,843.83 $9,595.32 @jim_thompson5910
are you familiar with annuities at all?
yes
But I am not sure whether to use PVOA or PVAD
PVOA = present value of ordinary annuity PVAD = present value of annuity due
they're basically the same but the annuity due is where the payment is made at the beginning of the period (eg: rent)
Yeah I know what they are but I am not which one to use in this scneario
in this case, you use PVOA because the payment is made at the end of the period
oh ok
So I am trying to figure out how would I plug in the values
Because Xavier is depositing 6 dollars daily
hint: assume 365 days in a year (6 dollars per day) * (365 days per year) = 6*365 = 2190 dollars per year
if the payment frequency doesn't match with the compounding frequency, that is your first goal: to get them to line up somehow
so instead of thinking "6 dollars per day", think "2190 dollars per year" because the money is compounded annually
would that be then used as the C in the equation
yeah that's the cash flow C
then the interest rate would be 0.0457/12 right?
and 12 would be n right?
the /12 part is only if you compound montly
but we're actually compounding annually
so????
what formula are you using again? can you draw it out?
|dw:1434671280661:dw|
thanks
your welcome
So in this case, C = 2190 is deposited every year i = r/1 = 0.0457/1 = 0.0457 n = 1 (compounding frequency) t = 5 years
\[\Large PVOA = C*\left(\frac{1}{i} - \frac{1}{i*(1+i)^{n*t}}\right)\] \[\Large PVOA = 2190*\left(\frac{1}{0.0457} - \frac{1}{0.0457*(1+0.0457)^{1*5}}\right)\] \[\Large PVOA = ???\]
PVOA=9595.32
I'm getting the same
here is another one Adrian and Eva received a mortgage for $245,350 on a house that cost $266,100. They purchased 3 discount points and 2 origination points. What is the cost for the discount and origination points? discount points: $4,907.00; origination points: $7,360.50 discount points: $5,322.00; origination points: $7,903.00 discount points: $7,360.50; origination points: $4,907.00 discount points: $7,903.00; origination points: $5,322.00
Discount points (see attached) http://www.investopedia.com/terms/d/discountpoints.asp
origination points follow pretty much the same guideline http://www.investopedia.com/terms/o/originationpoints.asp
with that do i have to calculate what it is
yes you basically take 1% of the mortgage to get the cost of 1 point then multiply by 3 to get the cost of 3 points
which would let to my answer?
yeah you'll get to the answer by following those steps
Jeremiah invested $1,200 in a Certificate of Deposit, $3,500 in a corporate bond, $900 in a common stock, and $2,475 in a preferred stock, The COD has a rate of return of 2.1%; the corporate bond is –1.3%; the common stock’s rate of return is 4.1%; and the preferred stock has a rate of return of 5.5%. What is the weighted mean, mean and median overall rate of return on Jeremiah’s investment portfolio? Weighted Mean: 1.9%; Mean: 2.6%; Median: 3.1% Weighted Mean: 1.9%; Mean: 3.3%; Median: 3.1% Weighted Mean: 2.6%; Mean: 1.9%; Median; 2.1% Weighted Mean: 2.6%; Mean 2.6%; Median: 2.1%
I am completely lost on how to solve this one
let me think
ok
Ok this isn't too bad. The most work will be done with the weighted mean, so we'll put that off til last
to find the mean, you simply add up all the percentages and divide by 4 ignore the % signs
when i added all of the rates and divided by 4 i got 6.275
the rates of return
2.1+(-1.3)+4.1+5.5 = 10.4 10.4/4 = 2.6
do you see how I got that?
oh yes yes i do
ok so then from there we do what?
so that's the mean rate of return 2.6%
to find the median rate of return, sort the rates of return from smallest to biggest -1.3, 2.1, 4.1, 5.5 I dropped the percent signs to make things easier
find the median of -1.3, 2.1, 4.1, 5.5
so i add them together and basically divide again @jim_thompson5910
with the median, you will look for the middle-most number
if there are 2 numbers in the middle, add them up and divide by 2
2.1+4.1=6.2/2=3.1
right?
yep 3.1 is the median
finally onto the weighted mean
first add up all of the dollar figures invested: 1200+3500+900+2475 = 8075 a total of $8075 was invested
what you do from here is multiply the portion invested as a fraction of the whole total investment by the rate of return example: for the Certificate of Deposit, (1200/8075)*2.1 = 0.31207430340558 another example: corporate bond (3500/8075)*(-1.3) = -0.56346749226007 do this for the other investment types does that make sense?
oh ok
tell me what you get
-1.9
Certificate of Deposit, (1200/8075)*2.1 = 0.31207430340558 corporate bond (3500/8075)*(-1.3) = -0.56346749226007 common stock (900/8075)*4.1 = 0.45696594427244 preferred stock (2475/8075)*5.5 = 1.68575851393189 did you get this?
um
let me check
ohhhhhh
yes yes yes
ok great
now we add up the sub-results 0.31207430340558+(-0.56346749226007)+0.45696594427244+1.68575851393189 = 1.89133126934984
1.89133126934984 rounds to 1.9
So that's why the weighted mean is 1.9%
Yup
These next ones is just to check if the answer is correct @jim
Faith wants to retire in 35 years. She makes annual contributions to a Roth IRA in the amount of $3,950. She is taxed at 35% today, but anticipates that will change to 25% in her retirement. If the average annual rate of return on the account is 6.3%, what is the net value of Faith’s IRA account when she retires? $305,053.33 $351,984.61 $420,925.32 $434,750.32
I put B
one sec
Jake and Kate made a down payment of 16% on a house that cost $267,450. They are charged an origination fee of 0.5%, an intangible tax of 0.2%, and bought two discount points. What did Jake and Kate pay in total for the down payment, fees, taxes, and points? $43,947.38 $47,285.16 $48,857.77 $50,013.15<----- my response
the first one with faith is incorrect
you will use a FVOA formula then apply the 35% tax
Paige made a down payment of 12% on a home she purchased for $403,450 and financed the rest. What is the total cost of intangible taxes if her state charges 0.2% for intangible taxes? $484.14 $710.07 $806.90 $968.28<----- my response
and ok
Fifteen years ago, Asher bought four different stocks at their lowest price of the day. He purchased 57 shares of McDoe’s at $78 per share; 78 shares of Younger, Inc. cost him $23 per share; 90 shares of Alfa Goods went for $86 per share; and 64 shares of Hooper, Rex, and Co. had a price of $69 per share. Today, he sold all of his shares in each company. He received $5,313 for McDoe’s, with annual dividends of $12 per year, $2,776 for Younger, Inc, $9,657 for Alfa Goods, and $6,701 for Hooper, Rex, and Co. On which investment did Asher receive the greatest rate of return? McDoe’s<----- my response Younger, Inc. Alfa Goods Hooper, Rex, and Co
are they wrong @jim_thompson5910
I'm checking the Jake and Kate one
Jake and Kate made a down payment of 16% on a house that cost $267,450. They are charged an origination fee of 0.5%, an intangible tax of 0.2%, and bought two discount points. What did Jake and Kate pay in total for the down payment, fees, taxes, and points? $43,947.38 $47,285.16 $48,857.77 $50,013.15 -------------------------------------------- -------------------------------------------- Mortgage Amount = (1-0.16)*267450 = 224658 Down Payment: 0.16*267450 = 42792 Origination Fee: 0.005*224658 = 1123.29 Intangible Tax: 0.002*224658 = 449.316 Discount Points: 2*0.01*224658 = 4493.16 Add up the results: 42792+1123.29+449.316+4493.16 = 48,857.766 = 48,857.77 So Jake and Kate paid a total of $48,857.77
and the other 2 @jim_thompson5910
Paige made a down payment of 12% on a home she purchased for $403,450 and financed the rest. What is the total cost of intangible taxes if her state charges 0.2% for intangible taxes? $484.14 $710.07 $806.90 $968.28 -------------------------------------------- -------------------------------------------- Downpayment: 0.12*403450 = 48,414 Mortgaged Amount: 403450-48414 = 355036 Intangible Taxes = 0.2% of mortgaged amount = 0.002*355036 = 710.072 = 710.07
and the asher?
still calculating that one
ok
Fifteen years ago, Asher bought four different stocks at their lowest price of the day. He purchased 57 shares of McDoe’s at $78 per share; 78 shares of Younger, Inc. cost him $23 per share; 90 shares of Alfa Goods went for $86 per share; and 64 shares of Hooper, Rex, and Co. had a price of $69 per share. Today, he sold all of his shares in each company. He received $5,313 for McDoe’s, with annual dividends of $12 per year, $2,776 for Younger, Inc, $9,657 for Alfa Goods, and $6,701 for Hooper, Rex, and Co. On which investment did Asher receive the greatest rate of return? McDoe’s Younger, Inc. Alfa Goods Hooper, Rex, and Co ------------------------------------------------ ------------------------------------------------ McDoe’s: bought 57 shares at $78 a share, so paid a total of 57*78 = $4,446 sold them to get $5,313 plus 12*15 = 180 dollars in dividends rate of return = (total revenue - total cost)/(total cost) = (5313+180 - 4446)/4446 = 0.23549257759784 Younger, Inc. bought 78 shares at $23 a share, total cost = 78*23 = 1,794 got $2,776 for selling them rate of return = (total revenue - total cost)/(total cost) = (2776-1794)/1794 = 0.5473801560758 Alfa Goods: bought 90 shares at $86 a share ----> total cost = 90*86 = 7740 sold them for $9657 rate of return = (total revenue - total cost)/(total cost) = (9657-7740)/7740 = 0.24767441860466 Hooper, Rex, and Co. bought 64 shares at $69 a share: total cost = 64*69 = 4416 sold them for $6,701 rate of return = (total revenue - total cost)/(total cost) = (6701-4416)/4416 = 0.5174365942029 ---------------------------------------- Summary of Rates of return McDoe’s: rate of return = 0.23549257759784 Younger, Inc. rate of return = 0.5473801560758 Alfa Goods: rate of return = 0.24767441860466 Hooper, Rex, and Co. rate of return = 0.5174365942029

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