Dr. Sisters has been secretly depositing $3,500 in her savings account every December starting in 2001. Her account earns 6 percentcompounded annually.How much did she have in December 2011? (Assume a deposit is made in the last year) Make sure to carefully count the years. UseARRendix C (Round "FV Factor" to 3 decimal places. Round the final answer to the nearest whole dollar.)Future value489001

Compound interest is a powerful financial concept that plays a significant role in both investments…

Answered: Dr. Sisters has been secretly…

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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Click to see additional instructions Today, you start putting $200 into the bank every other month (bimonthly) for the next 10 years. The account pays annual interest of 3.5%. A month after your last deposit, rounded to the nearest dollar, you will have $ account. [Do not use commas or spaces in your numerical answer.] 14360.34 in the
Dr. Sisters has been secretly depositing $2,300 in her savings account every December starting in 2001. Her account earns 10 percent compounded annually. How much did she have in December 2015? (Assume a deposit is made in the last year) Make sure to carefully count the years. Use Appendix C. (Round "FV Factor" to 3 decimal places. Round the final answer to the nearest whole dollar.) Future value CI
Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $130 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 16 months? (Round your answer to the nearest cent.)
can you please explain how they got this question?
Suppose you deposit $3600 to open an account that earns 6% interest compounded monthly. You are trying to save money and find that you are able to put away an additional $50 each month. Write a recursive formula to show the amount of money you will have in the account at the end of each month.
Assume Bill Jones invested $ 2,160.57 into an account exactly one year ago. The account has an interest rate of 5.9 % p.a. How much does Bill have in his account today (that is, exactly one year after the initial deposit)? (Round your answer to the nearest cent and record your answer without a dollar sign and without commas. For example, record $1,356.8382 as 1356.84).
please step by step solution.
Use the following information to answer the question that follows: 5 years ago Mayra began depositing money into a bank account every quarter that earns 6% compounded quarterly. The account now has $6000 in it. How much did Mayra deposit into the account quarterly? For the question above, what is the value of r ? r=0.6 r=0.015 r=6 r=24 r=0.06
Pascal has recently opened an RRSP. He plans to deposit $ 733 at the end of every month for 20 years. The account will compound interest semi-annually at the nominal rate of 6.4 %. How much money will Pascal have in his account immediately after his last deposit? a. $ 323528.06 b. $ 365727.37 c. $ 351660.93 d. $ 369243.98 e. $ 379793.81
On August 1, Rachael Westlake joined a Christmas Club. Her bank will automatically deduct $120 from her checking account at the end of each month and deposit it into her Christmas Club account, where it will earn 67% interest. The account comes to term on December 1. (Round your answers to the nearest cent.) (a) Find the present value of the given annuity. $ X (b) Interpret the present value of the given annuity. You would have to invest a lump sum of $ X now instead of $120 per month.
On September 8, Bert Sarkis joined a Christmas club. His bank will automatically deduct $50 from his checking account at the end of each month and deposit it into his Christmas club account, where it will earn 8% interest. The account comes to term on December 1.(a) Find the future value of the account, using an annuity formula. (Round your answer to the nearest cent.)$ (b) Find the future value of the account, using the compound interest formula. (Round your answer to the nearest cent.)$ (c) Find Bert's total contribution to the account.$ (d) Find the total interest. (Round your answer to the nearest cent.)$
Derek currently has $12,990.00 in an account that pays 5.00%. He will withdraw $5,849.00 every other year beginning next year until he has taken 7.00 withdrawals. He will deposit $12990.0 every other year beginning two years from today until he has made 7.0 deposits. How much will be in the account 30.00 years from today? Submit Answer format: Currency: Round to: 2 decimal places,

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