Suppose you and a friend each take different random samples of data pairs (x,y) from the same population. Assume the samples are the same size. Based on your samples, you compute r = 0.83. Based on her sample your friend computes 0.79. Is your friends value for r wrong? ...
A light truck is purchased on January 1 at a cost of $19,000. It is expected to serve for five years and have a salvage value of $1,000. Calculate the depreciation expense for the first and third years of the truck's life using the following methods: Depreciation Expense Y...
I have tried to use what I thought was the right equations to solve the problems. But I am just absolutely lost when it comes to compound interest, solving for Annual Percentage Yield, and present value.
I have been trying to figure out the problems I am posting but I don't understand how to solve them. I don't want just the answers I really want to understand how to solve them. I apologize for not asking a question I am not familiar with how this works. I was not dump...
Compute the amount of compound interest earned in 1 year for an investment of $1,000,000 with a nominal interest rate of 8% compounded quarterly. Then Compute the Annual Percentage Yield (APY) for the investment in the previous question. (Round APY to the nearest hundredths of...
You are the owner of a Jani-King cleaning service franchise. Your accountant has determined that your business will need $27,500 in new equipment in 3 years. If your bank is paying 6% interest compounded monthly, how much must you invest today to meet this financial goal? (Rou...
Bob and Joy Salkind want to save $50,000 in 5 ½ years for home improvement projects. If the Bank of Aventura is paying 8% interest compounded quarterly, how much must the couple deposit now to have the money for the projects?
Quinn and Julius inherited $50,000 each from their great-grandmothers estate. Quinn invested her money in a 5-year CD paying 1.6% interest compounded semiannually. Julius deposited his money in a money market account paying 1.05% compounded monthly. How much total money ...
To determine the compound amount of an investment of $10,000 with an interest rate of 6% compounded monthly after 4 years requires you to use a table factor that goes beyond the Compound Interest Table. Calculate the new table factor for this investment.
I'm sorry Reiny but the answer you have provided is not the correct answer. I am not understanding where you got your numbers from either. Could you explain?