Question
In: Economics
Suppose that $12,000 is placed in a bank account at the end of each quarter over...
Suppose that $12,000 is placed in a bank account at the end of each quarter over the next 15 years. What is the future worth at the end of 14 years when the interest rate is 8.75% compounded Quarterly?
A) $258,033
B) $257,840
C) $255,145
D) None of these
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
Suppose that $12,000 is placed in a bank account at the end of each quarter over...
Suppose that $12,000 is placed in a bank account at the end of
each quarter over the next 15 years. What is the future worth at
the end of 14 years when the interest rate is 8.75% compounded
Quarterly?
A) $258,033
B) $257,840
C) $255,145
D) None of these
Suppose a young couple deposits $600 at the end of each quarter in an account that...
Suppose a young couple deposits $600 at the end of each quarter
in an account that earns 6.8%, compounded quarterly, for a period
of 2 years. After the 2 years, they start a family and find they
can contribute only $200 per quarter. If they leave the money from
the first 2 years in the account and continue to contribute $200 at
the end of each quarter for the next 18 1/2 years, how much will
they have in the...
Why is it important to prepare a bank reconciliation for each bank account at the end...
Why is it important to prepare a bank reconciliation for
each bank account at the end of the month
b) Does it make sense for the same person who prepares
the daily cash deposits for the company to also perform the monthly
bank reconciliation (in your answer, be sure to name any specific
internal control procedures that may be
applicable)?
c) Describe the different types of audit
opinions.
A small business owner contributes $2,000 at the end of each quarter to a retirement account...
A small business owner contributes $2,000 at the end of each
quarter to a retirement account that earns 10% compounded
quarterly. (a) How long will it be until the account is worth at
least $150,000? (Round your answer UP to the nearest quarter.) 43
quarters (b) Suppose when the account reaches $150,000, the
business owner increases the contributions to $4,000 at the end of
each quarter. What will the total value of the account be after 15
more years? (Round...
A small business owner contributes $3000 at the end of each quarter to a retirement account...
A small business owner contributes $3000 at the end of each
quarter to a retirement account that earns 8% compounded
quarterly.
(a) How long will it be until the account is worth $150,000?
(Round your answer UP to the nearest quarter.)
quarters
(b) Suppose when the account reaches $150,000, the business
owner increases the contributions to $7000 at the end of each
quarter. What will the total value of the account be after 15 more
years? (Round your answer to...
A small business owner contributes $2000 at the end of each quarter to a retirement account...
A small business owner contributes $2000 at the end of each
quarter to a retirement account that earns 4% compounded
quarterly.
(a) How long will it be until the account is worth $150,000?
(Round your answer UP to the nearest quarter.)
quarters the asnwer is not 56
(b) Suppose when the account reaches $150,000, the business owner
increases the contributions to $8000 at the end of each quarter.
What will the total value of the account be after 15 more...
Suppose that you deposit $391 in a savings account at Prosperity Bank at the end of...
Suppose that you deposit $391 in a savings account at Prosperity
Bank at the end of each of the next 10 months. You plan to leave
these contributions and any interest earned in the account until 10
months are up. The interest rate is 6.38% per month. What is the
future value of your account at the end of the holding period? Do
not round at intermediate steps in your calculation. Round your
final answer to the nearest penny. Do...
Victor French made deposits of $4,600 at the end of each quarter to Book Bank, which...
Victor French made deposits of $4,600 at the end of each quarter
to Book Bank, which pays 8% interest compounded quarterly. After 5
years, Victor made no more deposits. What will be the balance in
the account 4 years after the last deposit?
what quarterly deposits at the end of each quarter should be made into a savings account paying the nominal interest of
1. what quarterly deposits at the end of each quarter should be made into a savings account paying the nominal interest of 4% compounded quarterly to accumulate $10,000 at the end of 10 years?2. Faith buys a used car by paying a $500 down payment plus $180 a month for 3 years. what was the price of the car if the interest rate on the loan is the nominal interest rate of 9% compounded monthly?
You plan to open a bank account by depositing $500 today and end of each year...
You plan to open a bank account by depositing $500 today and end
of each year for the next nine years (year 1, year 2, ……. year 9).
If the interest rate is 2%, what will be your balance in ten years?
show workings in excel file
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