An ATM with a service fee of $5 is used by a person 100 times in...

An ATM with a service fee of $5 is used by a person 100 times in a year. What would be the future value in 6 years (use a 4 percent rate) of the annual amount paid in ATM fees. Round FVA factor to 3 decimal places and final answer to 2 decimal places.

Solutions

Expert Solution

Annual service fee = Service fee per transaction * Number of times = $5 * 100 = $500

Future value = $500 * FVA(4%,6 years)
= $500 * 6.633
= $3,316.50

Future value = $3,316.50

jeff jeffy answered 2 years ago

Next > < Previous

Related Solutions

A person bets 100 times on events of probability 1/100, then 200 times on events of...

A person bets 100 times on events of probability 1/100, then 200 times on events of probability 1/200, then 300 times on events of probability 1/300, then 400 times on events of probability 1/400 If the events are assumed to be independent what is the appromate distribution of the number of times the person wins?

If Person A grants his/her property to Person B in a FEE SIMPLE SUBJCT TCNDITIN SUBSEQUENT

If Person A grants his/her property to Person B in a FEE SIMPLE SUBJCT TCNDITIN SUBSEQUENT, and if Person B violates the condition then a REMAINDER to Person C, is Person C guaranteed to ever receive that property? No Yes No answer text provided. No answer text provided.

Name five (5) principles of person-centered care (PCC) service delivery

Question: An ATM can only dispense bills of the following denominations: $500, $100, $50, $10, $5,...

Question: An ATM can only dispense bills of the following denominations: $500, $100, $50, $10, $5, and $1 When a user withdraws an amount from the ATM, the machine tries to dispense the amount using the least number of bills possible. For instance, if the user requests $1234, the ATM dispenses 2 bills of $500 + 2 bills of $100 + 3 bills of $10 + 4 bills of $1. On the other hand, if the user requests $1235, the...

If the licensing fee includes access of the software and hosting service. Are there two performance...

If the licensing fee includes access of the software and hosting service. Are there two performance obligations or one?

The Region Banking Company is studying the number of times the ATM located at the NorthPark...

The Region Banking Company is studying the number of times the ATM located at the NorthPark Mall is used daily over each of the last 30 days. The usage times were as follows: 83, 64, 84, 76, 84, 54, 75, 59, 70, 61, 63, 80, 84, 73, 68, 52, 65, 90, 52, 77, 95, 36, 78, 61, 59, 84, 95, 47, 87, & 60 Arrange the data into equal class intervals of six's (6's) and determine the following: a. Class...

Person 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8...

Person 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person 9 Height (inches) 60 inches 67 inches 70 inches 65 inches 72 inches 64 inches 70 inches 71 inches 59 inches Weight (Ibs) 120 lbs 150 lbs 180 lbs 125 lbs 200 lbs 130 lbs 170 lbs 180 lbs 100 lbs 1. Construct a confidence interval to estimate the mean height and the mean weight. a. find the sample mean and the sample...

1. Processes A, B, C, D, E, and F require service times of 3, 5, 2,...

1. Processes A, B, C, D, E, and F require service times of 3, 5, 2, 5, 3, and 5. Their arrival times are 0, 1, 3, 9, 10, and 12. What is the average turnaround time, waiting time, response time, and throughput when using SRJF, RR (q=2), and MLF (q=22i+1). Show your work.

1. Processes A, B, C, D, E, and F require service times of 3, 5, 2,...

The Town of Oatsville is seeking fire service from Blackwell County for a fee. The new...

The Town of Oatsville is seeking fire service from Blackwell County for a fee. The new Blackwell Board of County Commissioners is interested in a potential contract with Oatsville as a way to generate additional revenue for the county. For seasoned county officials, Oatsville has been noted for its older housing stock and its high calls for fire and emergency medical services. Furthermore, the county has had it own financial challenges, which has precluded new hires. The new town mayor...

Subjects