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A 8% 13 week Treasury Bill would have an effective interest rate of (to the nearest hundredth percent) Assume it is a $10,000 Treasury Bill.
13.86 - convert fraction to decimal or mixed decimals and round to nearest hundredth 13 6/7
Expert answered|kashton|Points 703|
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Asked 9/24/2012 2:28:57 PM
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Burton Bush wants to retire in Arizona when he is 80 years of age. Burton, who is now 55, believes he will need $400,000 to retire comfortably. To date, he has set aside no retirement money. If he gets an interest of 6 percent compounded annually,how much will he have to invest today
Weegy: Here, A = $400,000; P = unknown; r = 6% = 0.06; n = 1 (annual compounding means one compounding period per year); t = 25 (number of years between Burton's age and 80). So, we can write $400,000 = P(1 + 0.06/1)^(1·25), [ or $400,000 = P(1.06)^25 = 4.29187·P. Divide both sides by 4.29187 to get P: P = $400,000/4.29187 = $93,199, which rounds up to $93,200 ] (More)
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Asked 9/24/2012 6:09:40 PM
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Burton Bush wants to retire in Arizona when he is 80 years of age. Burton, who is now 55, believes he will need $400,000 to retire comfortably. To date, he has set aside no retirement money. If he gets an interest of 6 percent compounded annually, he will have to invest today: (Use the tables in the handbook)
Weegy: Here, A = $400,000; P = unknown; r = 6% = 0.06; n = 1 (annual compounding means one compounding period per year); t = 25 (number of years between Burton's age and 80). So, we can write $400,000 = P(1 + 0.06/1)^(1·25), [ or $400,000 = P(1.06)^25 = 4.29187·P. Divide both sides by 4.29187 to get P: P = $400,000/4.29187 = $93,199, which rounds up to $93,200 ] (More)
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Asked 9/24/2012 6:11:10 PM
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