Jo Anne deposited $1,500, at the BEGINNING of every six monthsfor 12 years, in an account at her credit union. If the accountpaid 6% interest, compounded semiannually, use Table 12-1 from yourtext to find the future value of her account.
$50,549.75
$51,815.72
$51,930.92
$53,188.89
Jo Anne deposited $1,500, at the BEGINNING of every six monthsfor 12 years, in an account at her credit union. If the accountpaid 6% interest, compounded semiannually, use Table 12-1 from yourtext to find the future value of her account.
$50,549.75
$51,815.72
$51,930.92
$53,188.89
Related questions
Kelly Malone plans to have $48 withheld from her monthlypaycheck and deposited in a savings account that earns 12%annually, compounded monthly. If Malone continues with her plan fortwo and one-half years, how much will be accumulated in the accounton the date of the last deposit? (PV of $1,FV of $1, PVA of $1, andFVA of $1) (Use appropriate factor(s) from the tablesprovided. Round FVA factor to 4 decimal places.)
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Starr Company decides to establish a fund that it will use 2years from now to replace an aging production facility. The companywill make a $107,000 initial contribution to the fund and plans tomake quarterly contributions of $55,000 beginning in three months.The fund earns 8%, compounded quarterly. (PV of $1, FV of $1, PVAof $1, and FVA of $1) (Use appropriate factor(s) from thetables provided. Round your "Future Value Factor" to 4 decimalplaces.) |
| What will be the value of the fund 2 years from now?
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1) Sara Smith plans to have $50 withheld from her monthly paycheckand deposited in a savings account that earns 12% annually,compounded monthly. If Malone continues with her plan for one andone-half years, how much will be accumulated in the account on thedate of the last deposit? (Use TableB.4) (Round "FV factor"to 4 decimal places andfinal answer to 2 decimal places. Omit the "$" sign in yourresponse.) |
Amount in the account?
2) On January 1, 2011, a company agrees to pay $21,000 in fiveyears. If the annual interest rate is 3%, determine how much cashthe company can borrow with this agreement. (Use Table B.1)(Round "PV factor" to 4 decimal places and final answer to thenearest dollar amount. Omit the "$" sign in yourresponse.)
3) John Smith finances a new automobile by paying $5,800 cash andagreeing to make 20 monthly payments of $570 each, the firstpayment to be made one month after the purchase. The loan bearsinterest at an annual rate of 12%. What is the cost of theautomobile? (Use Table B.3)(Do not round intermediate calculations. Round "PV Factor" to 4decimal places and final answer to 2 decimal places. Omit the "$"sign in your response.)
