8. Five annual deposits in the amounts of $10,000, $8,000, $6,000, $4,000, and $2,000, in that order, are made into a fund that pays interest at a rate of 8% compounded annually. Determine the amount in the fund immediately after the fifth deposit. 7 Click the icon to view the interest factors for discrete compounding when i= 8% per year. Immediately after the fifth deposit there will be $ in the account. (Round to the nearest dollar.)
8. Five annual deposits in the amounts of $10,000, $8,000, $6,000, $4,000, and $2,000, in that order, are made into a fund that pays interest at a rate of 8% compounded annually. Determine the amount in the fund immediately after the fifth deposit. 7 Click the icon to view the interest factors for discrete compounding when i= 8% per year. Immediately after the fifth deposit there will be $ in the account. (Round to the nearest dollar.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
8.
Transcribed Image Text:8. Five annual deposits in the amounts of $10,000, $8,000, $6,000, $4,000, and $2,000, in that order, are made into a fund that pays interest at a rate of 8% compounded annually.
Determine the amount in the fund immediately after the fifth deposit.
7 Cick the icon to view the interest factors for discrete compounding when i= 8% per year.
Immediately after the fifth deposit there will be $
in the account. (Round to the nearest dollar.)
7: More Info
Single Payment
Equal Payment Series
Gradient Series
Capital
Recovery
Compound
Present
Compound
Sinking
Fund
Present
Gradient
Gradient
Amount
Worth
Amount
Worth
Uniform
Present
Factor
Factor
Factor
Factor
Factor
Factor
Series
Worth
(F/P, i, N)
(P/F, i, N)
(F/A, i, N)
(A/F, i, N)
(PIA, i, N)
(A/P, i, N)
(A/G, i, N)
(P/G, i, N)
1
1.0800
0.9259
1.0000
1.0000
0.9259
1.0800
0.0000
0.0000
2
1.1664
0.8573
2.0800
0.4808
1.7833
0.5608
0.4808
0.8573
3
1.2597
0.7938
3.2464
0.3080
2.5771
0.3880
0.9487
2.4450
4
1.3605
0.7350
4.5061
0.2219
3.3121
0.3019
1.4040
4.6501
5
1.4693
0.6806
5.8666
0.1705
3.9927
0.2505
1.8465
7.3724
6.
1.5869
0.6302
7.3359
0.1363
4.6229
0.2163
2.2763
10.5233
1.7138
0.5835
8.9228
0.1121
5.2064
0.1921
2.6937
14.0242
8
1.8509
0.5403
10.6366
0.0940
5.7466
0.1740
3.0985
17.8061
9
1.9990
0.5002
12.4876
0.0801
6.2469
0.1601
3.4910
21.8081
10
2.1589
0.4632
14.4866
0.0690
6.7101
0.1490
3.8713
25.9768
Expert Solution
Step 1
| Year | Deposit |
| 1 | 10000 |
| 2 | 8000 |
| 3 | 6000 |
| 4 | 4000 |
| 5 | 2000 |
Discount rate = 8%
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