ENGINEERING ECONOMICS Dr. Henry Mendoza working in the United States planned to return to the Philippines at the end of 2022. He established a fund starting in 2015 with the following recorded deposits and withdrawals: Deposit of $40,000 at the end of 2017; deposit of $80,000 at the end of 2018; withdrawal of $12,000 at the end of 2019; deposit of $64,000 at the end of 2020; and a final deposit of $48,000 at the end of 2021. His fund earned interest at the rate of 3.5% compounded semi-annually. What will be the principal in the fund at the end of 2022?
ENGINEERING ECONOMICS Dr. Henry Mendoza working in the United States planned to return to the Philippines at the end of 2022. He established a fund starting in 2015 with the following recorded deposits and withdrawals: Deposit of $40,000 at the end of 2017; deposit of $80,000 at the end of 2018; withdrawal of $12,000 at the end of 2019; deposit of $64,000 at the end of 2020; and a final deposit of $48,000 at the end of 2021. His fund earned interest at the rate of 3.5% compounded semi-annually. What will be the principal in the fund at the end of 2022?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Dr. Henry Mendoza working in the United States planned to return to the Philippines at the end of 2022. He established a fund starting in 2015 with the following recorded deposits and withdrawals:
Deposit of $40,000 at the end of 2017;
deposit of $80,000 at the end of 2018;
withdrawal of $12,000 at the end of 2019;
deposit of $64,000 at the end of 2020; and a
final deposit of $48,000 at the end of 2021.
His fund earned interest at the rate of 3.5% compounded semi-annually.
What will be the principal in the fund at the end of 2022?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education