Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 1998, john deposited $ 1000 into ban

On January 1, 1998, John deposited $ 1000 into Bank X to earn interest at...

60.1K

Verified Solution

Question

Accounting

On January 1, 1998, John deposited $ 1000 into Bank X to earn interest at rate i per annum compounded semiannually. On January 1, 2003, he transferred his account to Bank Y to earn interest at rate j per annum compounded bimonthly. On January 1, 2006, the balance at Bank Y is $ 1803.41. If John could have earned interest at rate j per annum compounded bimonthly for the entire eight years, his balance would have been $ 2022.68. Calculate the ratio of j to i.

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

Accounting
1.2K views

Research the Virtual Library or an accounting journal and findan article that discusses purchase...

Finance
1.2K views

Growth Option: Decision-Tree Analysis Fethe's Funny Hats is considering selling trademarked, orange-haired curly wigs for University of...

Accounting
1.2K views

MC Qu. 111 On January 1 of Year... On January 1 of Year 1, Congo Express...

Physics
1.2K views

D An electron enters in a viscous medium having uniform perpendicular magnetic field due to...

Physics
1.2K views

Three charges 2q q q are located at the vertices of an equilateral triangle At...

Basic Math
1.2K views

b The Monod growth function is given by R N Find 1 R 2 2...

Calculus
1.2K views

r decr max min concavity IP s Mohamed Salad Attempt 1 2 00 00 3...

Accounting
1.2K views

Exercise 7.24 O LO 5, O 8 Transaction analysis-various accounts Enter the following column headings...

Accounting
1.2K views

Retained earnings represents: a. cash that is available for dividends. b. the total net income...

Accounting
1.2K views

Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were...

Accounting
1.2K views

Nancy's Notions pays a delivery firm to distribute its products in the metro area. Delivery...

Finance
1.2K views

1,2, AND 3 DETAILED CALCULATIONS PLEASE ILL BE POSTING 4, 5, 6, AND 7 IN...