Question 1166047: Abdol Akhim has just come from a Personal Finance class where he learned that he can determine how much
his savings will be worth in the future. Abdol is completing his two-year business administration degree this
semester and has been repairing computers in his spare time to pay for his tuition and books. Abdol got out his
savings records and decided to apply what he had learned. He has a balance of $1,000 in a money market
account at First Savings Bank, and he considers this to be an emergency fund. His instructor says that he
should have 3-6 months of his total bills in an emergency fund. His bills are currently $700 a month. He also
has a checking account and a regular savings account at First Savings Bank, and he will shift some of his
funds from those accounts into the emergency fund. One of Abdol’s future goals is to buy a house. He wants to
start another account to save the $8,000 he needs for a down payment.
.Questions
1) How much interest will Abdol receive on $1,000 in a 365-day year if he keeps it in the money market account earning
2.25% compounded daily? To answer this question, see table 13-2 at the end of this lab.
Found 2 solutions by solver91311, ikleyn:
Answer by solver91311(24713)   (Show Source):
Answer by ikleyn(52772)  (Show Source):
You can put this solution on YOUR website! .
Hey, you just have absolutely clear instruction in your post
To answer this question, see table 13-2 at the end of this lab.
Simply do it as instructed : see table 13-2 at the end of that lab.
Having so comprehensive instruction, written in so perfect English, for WHAT REASON did you come to this forum ?
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