Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. john invested $10,000 into a money market account

John invested $10,000 into a money market account and took out $2,000 at the end...

50.1K

Verified Solution

Question

Accounting

John invested $10,000 into a money market account and took out $2,000 at the end of year 1. He found out at the end of 7 years that the rest of the money in the account grew to a sum of $29,860. What is the annual interest rate John earned in this investment?

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

Mechanical Engineering
1.2K views

You are on a factory visit to a plant for food products. Rushing through the factory,...

Electrical Engineering
1.2K views

Effects of EM Radiations on Humans. Human bodies constantly absorb, reflect, and emit EM radiation. What...

Basic Math
1.2K views

Given that the polynomial f(x) has 8 x-intercepts, which of the following most accurately describes...

Accounting
1.2K views

TB 05-78 Z-Mart uses the perpetual inventory system a... Z-Mart uses the perpetual inventory system...

Accounting
1.2K views

Answer in brief: How do you record the cost of insurance in transit for an...

Accounting
1.2K views

Calculate Stockholders' Equity Jet Prep Company has a retained earnings balance of $150,000, a treasury...

Accounting
1.2K views

Wickland Company installs a manufacturing machine in its production facility at the beginning of the...

Accounting
1.2K views

Jean and Tom Perritz own and manage Happy Home Helpers, Inc. (HHH), a house-cleaning service....

Accounting
1.2K views

Vertical Analysis Complete a vertical analysis for 2021 using just the accounts listed For some...

Accounting
1.2K views

Presented below is the information related to Colorado Corporation: Common Stock, $5...

Accounting
1.2K views

Which of the following individuals qualifies the single taxpayer to file using the head of...

Finance
1.2K views

NewCorp Co. needs to raise money and issued $650000 in quarterly bonds. These bonds have...