Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 8). a.b. how much money should be deposited today

8). a.b. How much money should be deposited today in an account that earns...

80.2K

Verified Solution

Question

Accounting

8).

a.imageb.image

How much money should be deposited today in an account that earns 6% compounded monthly so that it will accumulate to $10,000 in three years? The amount of money that should be deposited is $ (Round up to the nearest cent.) Determine the effective annual yield for each investment. Then select the better investment. Assume 360 days in a year. 9% compounded monthly; 9.25% compounded annually %. The effective annual yield for a 9% compounded monthly investment is (Round to two decimal places as needed.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students