Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=1000*(1.036)^1
=1036
Hence interest=A-P
=1036-1000
=$36
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17 (including her 17th birthday).
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as
displayed in the factor table provided.)
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Brief Exercise G-05 Mark and Betty Garfield invested $7,000 in a savings account paying 6% annual interest when their da...
Brief Exercise G-05
Mark and Betty Garfield invested $7,000 in a savings account
paying 6% annual interest when their daughter, Angela, was born.
They also deposited $1,000 on each of her birthdays until she was
17 (including her 17th birthday).
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as
displayed in the factor table provided.)
How much was in the savings account on her 17th birthday (after the
last deposit)? (Round answer to 2...
Suppose that you invest $400 in a bank account that has APR of 6% and it...
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paying 7% annual interest when their daughter, Angela, was born.
They also deposited $1,600 on each of her birthdays until she was
17 (including her 17th birthday).
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as
displayed in the factor table provided.)
How much was in the savings account on her 17th birthday (after the
last deposit)? (Round answer to 2 decimal places, e.g....
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Brief Exercise G-05
Mark and Betty Garfield invested $7,000 in a savings account
paying 6% annual interest when their daughter, Angela, was born.
They also deposited $1,000 on each of her birthdays until she was
17 (including her 17th birthday).
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as
displayed in the factor table provided.)
How much was in the savings account on her 17th birthday (after the
last deposit)? (Round answer to 2...
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