ZuoTi.Pro
Question

Leslie McCormack is in the spring quarter of her freshman year of college

Leslie McCormack is in the spring quarter of her freshman year of college. She and her friends already are planning a trip to Europe after graduation in a little over three years. Leslie would like to contribute to a savings account over the next three years in order to accumulate enough money to take the trip. Assume an interest rate of 8 %, compounded quarterly. (FV of $1, PV of $ 1, FVA of $ 1, PVA of $ 1. FVAD of $ 1 and PVAD of $ 1 (Use appropriate factor(s) from the tables provided.)


How much will Leslie accumulate in three years by depositing $ 680 at the beginning of each of the next 12 quarters? (Round your final answers to nearest whole dollar amount.)


image.png

business   accounting   
2 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

✔ Recommended Answer
Answer #1

Future value = Periodic Amount*Future value of annuity due(2%, 12 periods)

= 680*13.6803

= $9,302.60

1 0
Add a comment
Know the answer?
Add Answer to:
Leslie McCormack is in the spring quarter of her freshman year of college
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • Leslie McCormack is in the spring quarter of her freshman year of college

    Leslie McCormack is in the spring quarter of her freshman year of college. She and her friends already are planning a trip to Europe after graduation in a little over three years. Leslie would like to contribute to a savings account over the next three years in order to accumulate enough money to take the trip. Assume an interest rate of 16%, compounded quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1. FVAD of $1 and...

  • Leslie McCormack is in the spring quarter of her freshman year of college. She and her...

    Leslie McCormack is in the spring quarter of her freshman year of college. She and her friends already are planning a trip to Europe after graduation in a little over three years. Leslle would like to contribute to a savings account over the next three years in order to accumulate enough money to take the trip. Assume an interest rate of 6%, compounded quarterly (FV of $1. PV of $1. FVA of $1. PVA SI EVAD of $1 and PVAD...

  • Leslie McCormack is in the spring quarter of her freshman year of college. she and her...

    Leslie McCormack is in the spring quarter of her freshman year of college. she and her friends already are planning a trip to Europe after graduation in a little over three years. Leslie would like to contribute to a savings account over the next three year in order to accumulate enough money to take the trip. assume an interest rate 14% compounded quarterly. A: https://ezto mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchurl=https%253A%252F%252Fm 110% art 2 Learn Sarved Help Leslie McCormack is in the spring quarter of...

  • Leslie McCormack is in the spring quarter of her freshman year of college.

    Leslie McCormack is in the spring quarter of her freshman year of college. She and her friends already are planning a trip to Europe after graduation in a little over three years. Leslie would like to contribute to a savings account over the next three years in order to accumulate enough money to take the trip. Assume an interest rate of 20%, compounded quarterly. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and...

  • Bill O’Brien would like to take his wife, Mary, on a trip three years from now...

    Bill O’Brien would like to take his wife, Mary, on a trip three years from now to Europe to celebrate their 40th anniversary. He has just received a $26,000 inheritance from an uncle and intends to invest it for the trip. Bill estimates the trip will cost $33,280. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What interest rate, compounded annually, must...

  • Jeannie plans to deposit $6,000 in a money market sinking fund at the end of each...

    Jeannie plans to deposit $6,000 in a money market sinking fund at the end of each year for the next four years. What is the amount that will accumulate by the end of the fourth and final payment if the sinking fund earns 9% interest? (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to the nearest whole dollar...

  •    Determine the future value of $19,000 under each of the following sets of assumptions (FV...

       Determine the future value of $19,000 under each of the following sets of assumptions (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided. Round your final answers to nearest whole dollar amount.): Annual Rate Period Invested i= n= Future Value Value 10% 1. 2. Interest Compounded Semiannually Quarterly Monthly 8 years 2 years 15 months 12% 36% $ $ $ 19,000 19,000...

  • 1. For each of the following situations involving single amounts, solve for the unknown. Assume that...

    1. For each of the following situations involving single amounts, solve for the unknown. Assume that interest is compounded annually. (i = interest rate, and n = number of years) (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) (Round your final answers to nearest whole dollar amount.) Present Value Future Value i n 1. $80,000 4.5% 9 2. $31,841 $94,000 16 3....

  • Pockets lent $26,000 to Lego Construction on January 1, 2018. Lego signed a three-year, 6% installment...

    Pockets lent $26,000 to Lego Construction on January 1, 2018. Lego signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount of one installment payment. (Round your final answer to the nearest whole dollar.)

  • Natick Industries leased high-tech instruments from Framingham Leasing on January 1, 2018. Natick has the option...

    Natick Industries leased high-tech instruments from Framingham Leasing on January 1, 2018. Natick has the option to renew the lease at the end of two years for an additional three years. Natick is subject to a $40,000 penalty after two years if it fails to renew the lease. Framingham Leasing purchased the equipment from Waltham Machines at a cost of $153,238. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT