Harper Lee made deposits of $900 semiannually to Mockingbird Bank, which pays 6% interest compounded semiannually. After seven years Harper made no more deposits. What will be the balance in the account eight years after the last deposit? (Use Tables) Future Value of an annuityPerlod2%3%4%5%6%7%8%10%11%12%13%%611.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00002.02002.0300 2.04002.05002.06002.07002.08002.09002.10002.11002.12002.13003.06043.09093.12163.15253.18363.21493.24643.27813.31003.34213.37443.4069441216418364.24654.31014.37464.43994.5061457314.64104.70974.77934.84985.20405.30915.41635.52565.6371575075.86665.98476.10516.22786.35286.48036.30816.46846.63306.80196.9753715337.335975233771567.91298.11528.32277.7.43437.66257.89838.14208.39388.65408.92289.20049.48729.783310.089010.40478.58298.89239.21429.54919.897510.259810.636611.028511.435911.859412.299712.75736.9.754610.159110.582811.026511.491311.978012.487613.021013.579514.164014.775715.41571010.949711.463912.006112.577913.180813.816414.486615.192915.937416.722017.548718.41971112168712.807813.486314.206814.971615.783616.645517.560318.531219.561420.654621.81431213.412014.192015.025815.917116.869917.888418.977120140721.384322.713224.133125.65021314.680315.617816.626817.712918.882120140621.495322.953424.522726.211628.029129.98471415.973917.086318.291919.598621.015022.550524.214926.019227.975030.094932.392634.88271517.293418.598920.023621.578523.275925129027152129.360931772534.405437.279740.41741618.639220156921.824523.657425.672527.888030.324333.003435.949739.189942.753346.67171720.012021.761623.697525.840328.212830.840233.750336.973740.544744.500848.883753.73901821.412223.414425.645428.132330.905633.999037.450341.301445.599250.395955.749761.72511922.8405 25116927.671230.538933.759937.378941.446346.018551.159156.939563.439770.74942024.297326.870429.778133.065936.785540.995445.762051160257.275064.202872.052480.94682532.030236.459341.645947.727054.864463.248973.106084.701098.3471114.4133133.3338155.61943040.567947.575456.084966.438679.058094.4606113.2833 136.3077164.4941199.0209241.3327293.19894060.401775.401295.0254 120.7993154.7616199.6346 259.0569 3378831442.5928581.8260767.09131013.70305084.5790 1127968 152.6669 209.3470 290.3351 406.5277 573.7711815.0853 1163.9090 1668.7710 2400.0180 3459.5010inLO00 TABLE 12.1Future value of $1 at compound interestPerlod1%2%3%4%5%6%7%8%9%10%1010010150102001030010400105001060010700108001.09001.10001.02011.0302104041060910816110251123613449116641.18811.21001.03031.04571.06121092711249115761191012250125971.29501.33101.04061.06141.082411255116991.2155126251.3108136051.41161.46411.05101.077311041115931.216712763133821.4026146931.53861.61056.1.06151.093411262119411.26531340114851.5007158691.6771177161.0721110981148712299131591.4071150361.6058171381.82801.94871.082911265117171266813686147751593817182185091.9926214361.09371.1434119511304814233155131689518385199902.17192.3579101.10461.16051.2190134391.480216289179081.96722.15892.367425937111.1157117801.243413842153951710318983210492.33162.58042.8531121.1268119601.26821425816010179592.01222.25222.51822.81273.138413113811.21351.29361468516651188562.13292.40982.71963.06583.4523141.14951.23181.31951512617317197992.26092.57852.93723.34173.7975151.6101.25021345915580180092.07892.39662.75903.17223.642541772161.17261.269013728160471873021829254042.95223.42593.97034.5950171.18431.28801.40021652819479229202.69283.15883.70004.32765.054518119611307314282170242.02582.40662.85433.37993.99604.71715.5599191.20811.32701.45681753521068252703.02563.61654.31575.14176.159201.2202134691.4859180612.1911265333.20713.86974.66105.604467275211.23241.36711.5157186032.2788278603.39964.34065.03386.10887.4002221.24471.38761.5460191612.36992.92533.60354.43045.43656.65868.1403231.25721.40841.5769197362.46473.07153.81974.74055.87157.25798.9543241.26971.42951608420328256333.2251404895.07246.34127.91119.8497251.282414510164062.0938266583.38644.29195.42746.84858.623110.8347261.29531.47271673421566277253.55574.54945.80747.39649.399211.9182271.30821.4948170692221328834373354.82236.21397988110.245113.1100281.32131.517217410228792.99873.92015.176.64888.627111.167214.4210291.33451.5400177582.35663.1874.11615.48471439.317312.172215.863130134781.563118114242733.24344.32195.74357,612310.062713.2677174494Note: For more detailed tables, see your reference booklet, the Business Math Handbook.

Amount deposited semiannually $900 Period (7 years * 2) 14 Interest rate (6% / 2) 3% Future…

Harper Lee made deposits of $900 semiannually to Mockingbird Bank, which pays 6% interest compounded semiannually. After seven years Harper made no more deposits. What will be the balance in the account eight years after the last deposit?

Harper Lee made deposits of $900 semiannually to Mockingbird Bank, which pays 6% interest compounded semiannually. After seven years Harper made no more deposits. What will be the balance in the account eight years after the last deposit?

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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