A woman deposits $8000 at the end of each year for 13 years in an acc (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 7% compounded annua (c) How much would she lose over 13 years by using her brother-in-law (a) She will have a total of $on deposit. (Simplify your answer. Round to the nearest cent as needed.)

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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A woman deposits $8000 at the end of each year for 13 years in an account paying 8% interest compounded annually.
(a) Find the final amount she will have on deposit.
(b) Her brother-in-law works in a bank that pays 7% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account?
(c) How much would she lose over 13 years by using her brother-in-law's bank?
(a) She will have a total of $on deposit.
(Simplify your answer. Round to the nearest cent as needed.)
CUL
Transcribed Image Text:↑ A woman deposits $8000 at the end of each year for 13 years in an account paying 8% interest compounded annually. (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 7% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account? (c) How much would she lose over 13 years by using her brother-in-law's bank? (a) She will have a total of $on deposit. (Simplify your answer. Round to the nearest cent as needed.) CUL
↑
A woman deposits $8000 at the end of each year for 13 years in an account paying 8% interest compounded annually.
(a) Find the final amount she will have on deposit.
(b) Her brother-in-law works in a bank that pays 7% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account?
(c) How much would she lose over 13 years by using her brother-in-law's bank?
(a) She will have a total of $on deposit.
(Simplify your answer. Round to the nearest cent as needed.)
CUL
Transcribed Image Text:↑ A woman deposits $8000 at the end of each year for 13 years in an account paying 8% interest compounded annually. (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 7% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account? (c) How much would she lose over 13 years by using her brother-in-law's bank? (a) She will have a total of $on deposit. (Simplify your answer. Round to the nearest cent as needed.) CUL
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