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A man saved pennies for 65 years. When he finally decided to cash them in, he had roughly 8 million of them (or $80,000 worth), filling 40 trash cans. On average, the man saved $1,230 worth of pennies per year. If he had deposited the pennies saved each year, at each year's end, into a savings account earning 5% compound annual interest, how much would he have had in this account after 65 years of saving?

A man saved pennies for 65 years. When he finally decided to cash them in, he had roughly 8 million of them (or $80,000 worth), filling 40 trash cans. On average, the man saved $1,230 worth of pennies per year. If he had deposited the pennies saved each year, at each year's end, into a savings account earning 5% compound annual interest, how much would he have had in this account after 65 years of saving?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please solve this question general accounting

A man saved pennies for 65 years. When he finally decided to cash them in, he had roughly 8 million of them (or $80,000 worth), filling 40 trash cans. On average, the man saved $1,230 worth of pennies per year. If he had deposited the pennies saved each year, at each year's end, into a savings account earning 5% compound annual interest, how much would he have had in this account after 65 years of saving?
Transcribed Image Text:A man saved pennies for 65 years. When he finally decided to cash them in, he had roughly 8 million of them (or $80,000 worth), filling 40 trash cans. On average, the man saved $1,230 worth of pennies per year. If he had deposited the pennies saved each year, at each year's end, into a savings account earning 5% compound annual interest, how much would he have had in this account after 65 years of saving?
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