24. The future value of your savings account at the end of year 6 (T=6) is...

Question

Question

24. The future value of your savings account at the end of year 6 (T=6) is closest to __________:

a. $13,565 b. $17,790 c. $18,121 d. $19,120 e. $20,459

Answer 1

Answer #1

32958 2,200 () (al b) 2200 2430 93 2686.11 220o 264 5556 373.041, 2 46303 121 .. 3 (o235. l/ 12 . 123y. 2 2.7 5 329.53 $4559. 62 -$ 13564,7-P 455%人

Answer 2

Similar Homework Help Questions

Use the following information about to help answer problems 23-24. TIME CFs 0 2 233 3...

Use the following information about to help answer problems 23-24. TIME CFs 0 2 233 3 4 $ 2,200.00 222 $ 3,279.58 . Next Year (T1), you will deposit $2,200.00 in a savings account Over the short term, you will increase the amount you deposit each year by a constant growth rate so that at the end of year 5 (T-5) you will make a deposit of $3,279.58 . You will make no deposits beyond the $3,279.58 at the end...
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next...

8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...

At the end of each year, you plan to deposit $3,100 in a savings account. The...

At the end of each year, you plan to deposit $3,100 in a savings account. The account will earn 7% annual interest, which will be added to the fund balance at year-end. The first deposit will be made at the end of Year 1. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Required: 1. Prepare the required journal entry at the end of Year 1. (If no...
What is the future value at the end of year 10 of a series of 6...

What is the future value at the end of year 10 of a series of 6 deposits? The first deposit occurs at the end of year 5 and is $700. The remaining deposits increase by $100/year, so the year 2 deposit will be $800, and the last deposit will be $1,200 occurring at the end of year 10. Assume i = 8% annual rate compounded annually. Please show all hand equations used
If Jackson deposits $100 at the end of each month in a savings account earning interest...

If Jackson deposits $100 at the end of each month in a savings account earning interest at a rate of 3%/year compounded monthly, how much will he have on deposit in his savings account at the end of 6 years, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.)

Monthly deposits of $62.50 are made into a savings account for three consecutive years. One year...

Monthly deposits of $62.50 are made into a savings account for three consecutive years. One year later $2550 is withdrawn from the account, leaving the account empty. Draw the cash flow diagram from the bank 's perspective assuming interest is paid once per year 3. You open a savings account on January 1 with $150 deposit (call this Time 0). The account pays interest at the end of every month. Over the rest of the year, you make the following...
You want to have $175,000 in your savings account 5 years from now. You’re prepared to...

You want to have $175,000 in your savings account 5 years from now. You’re prepared to make equal annual deposits at the end of each year. If the account pays 5.0% interest, what amount must you deposit each year?
23. What is the future value at the end of year 28 of depositing $5,000 today, $3,500 at the end of years 1, 2 and 3, $...

23. What is the future value at the end of year 28 of depositing $5,000 today, $3,500 at the end of years 1, 2 and 3, $5,000 at the end of years 4, 5, 6 and 7 and $4,250 at the end of years 8, 9, 10, 11 and 12 into an account that pays 9.5% p.a.? (No deposits will be made into the account after year 12). 24. If you wanted to fund a scholarship that would pay $12,500...

At the end of each year, you plan to deposit $3,100 in a savings account. The...

At the end of each year, you plan to deposit $3,100 in a savings account. The account will earn 7% annual interest, which will be added to the fund balance at year-end. The first deposit will be made at the end of Year 1. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Required: 1. Prepare the required journal entry at the end of Year 1. (If no...