This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Derek and his father have an agreement. If Derek can save 15,000, his father will pay the balance ... (Read 64 times)

DelorasTo

  • Hero Member
  • *****
  • Posts: 548
on: Jul 10, 2018
Derek and his father have an agreement. If Derek can save 15,000, his father will pay the balance toward a used car (up to a total of 20,000).
 
  If Derek can save 3,800 per year, how long will it take him to reach 15,000 if he invests the money into an account earning an annual rate of 4.25? Use a financial calculator.
  What will be an ideal response?

Question 2

The time necessary for a deposited check to clear through the commercial banking system causes
  which of the following types of floats?
 
  A) transit B) disbursing C) mail D) processing


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Mholman93

  • Sr. Member
  • ****
  • Posts: 328
Reply #1 on: Jul 10, 2018
Answer to Question 1

Answer: The financial calculator makes short work of this problem.
MODE = END
INPUT ? 4.25 0 3,800 -15,000
KEY N I/Y PV PMT FV
CPT 3.726

For those who like algebra:
n = /ln(1 + r) = /ln(.0425) = 3.73 years.
Explanation: Use a financial calculator or a spreadsheet.

Answer to Question 2

A


DelorasTo

  • Member
  • Posts: 548
Reply 2 on: Jul 10, 2018
YES! Correct, THANKS for helping me on my review

DylanD1323

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

Cytomegalovirus affects nearly the same amount of newborns every year as Down syndrome.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

Charles E. Coughlin, the “Radio Priest,” was the father of conservative “talk radio.” Charles E. Coughlin, the “Radio Priest,” was the father of conservative “talk radio.”
Schengen Agreement Schengen Agreement
Cylinder Power Balance Test Cylinder Power Balance Test
Nitrogen Balance and Imbalance Nitrogen Balance and Imbalance
Comparing Fluid Balance Comparing Fluid Balance
Father’s Day kid drawing kindergarten Father’s Day kid drawing kindergarten
Video: Type of Cell Junctions - Desmosome, Hemidesmosomes and Gap Junctions

For a complete list of videos, visit our video library