If $500 is deposited in a savings account at the beginning of each year for 15 years and the account earns 7% interest compounded annually, what will be the balance on the account at the end of 15 years (F)? 6. 5 Click the icon to view the interest factors for discrete compounding when i= 7% per year. The balance on the account at the end of 15 years will be $ (Round to the nearest dollar.) 5: More Info Single Payment Equal Payment Series Compound Present Compound Sinking Present Capital Recovery Amount Worth Amount Fund Worth Factor Factor Factor Factor Factor Factor (F/P, i, N) (P/F, i, N) (F/A, i, N) (A/F, i, N) (P/A, i, N) (A/P, i, N) 1 1.0700 0.9346 1.0000 1.0000 0.9346 1.0700 2 1.1449 0.8734 2.0700 0.4831 1.8080 0.5531 3 1.2250 0.8163 3.2149 0.3111 2.6243 0.3811 4 1.3108 0.7629 4.4399 0.2252 3.3872 0.2952 1.4026 0.7130 5.7507 0.1739 4.1002 0.2439 1.5007 0.6663 7.1533 0.1398 4.7665 0.2098 7 1.6058 0.6227 8.6540 0.1156 5.3893 0.1856 8 1.7182 0.5820 10.2598 0.0975 5.9713 0.1675 9 1.8385 0.5439 11.9780 0.0835 6.5152 0.1535 10 1.9672 0.5083 13.8164 0.0724 7.0236 0.1424 11 2.1049 0.4751 15.7836 0.0634 7.4987 0.1334 12 2.2522 0.4440 17.8885 0.0559 7.9427 0.1259 13 2.4098 0.4150 20.1406 0.0497 8.3577 0.1197 14 2.5785 0.3878 22.5505 0.0443 8.7455 0.1143
If $500 is deposited in a savings account at the beginning of each year for 15 years and the account earns 7% interest compounded annually, what will be the balance on the account at the end of 15 years (F)? 6. 5 Click the icon to view the interest factors for discrete compounding when i= 7% per year. The balance on the account at the end of 15 years will be $ (Round to the nearest dollar.) 5: More Info Single Payment Equal Payment Series Compound Present Compound Sinking Present Capital Recovery Amount Worth Amount Fund Worth Factor Factor Factor Factor Factor Factor (F/P, i, N) (P/F, i, N) (F/A, i, N) (A/F, i, N) (P/A, i, N) (A/P, i, N) 1 1.0700 0.9346 1.0000 1.0000 0.9346 1.0700 2 1.1449 0.8734 2.0700 0.4831 1.8080 0.5531 3 1.2250 0.8163 3.2149 0.3111 2.6243 0.3811 4 1.3108 0.7629 4.4399 0.2252 3.3872 0.2952 1.4026 0.7130 5.7507 0.1739 4.1002 0.2439 1.5007 0.6663 7.1533 0.1398 4.7665 0.2098 7 1.6058 0.6227 8.6540 0.1156 5.3893 0.1856 8 1.7182 0.5820 10.2598 0.0975 5.9713 0.1675 9 1.8385 0.5439 11.9780 0.0835 6.5152 0.1535 10 1.9672 0.5083 13.8164 0.0724 7.0236 0.1424 11 2.1049 0.4751 15.7836 0.0634 7.4987 0.1334 12 2.2522 0.4440 17.8885 0.0559 7.9427 0.1259 13 2.4098 0.4150 20.1406 0.0497 8.3577 0.1197 14 2.5785 0.3878 22.5505 0.0443 8.7455 0.1143
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
6.
Transcribed Image Text:6.
If $500 is deposited in a savings account at the beginning of each year for 15 years and the account earns 7% interest compounded annually, what will be the balance on the
account at the end of 15 years (F)?
5 Click the icon to view the interest factors for discrete compounding when i = 7% per year.
The balance on the account at the end of 15 years will be $
(Round to the nearest dollar.)
5: More Info
Single Payment
Equal Payment Series
Compound
Present
Compound
Sinking
Present
Capital
Recovery
Factor
Amount
Worth
Amount
Fund
Worth
Factor
Factor
Factor
Factor
Factor
(F/P, i, N)
(P/F, i, N)
(F/A, i, N)
(A/F, i, N)
(P/A, i, N)
(A/P, i, N)
1
1.0700
0.9346
1.0000
1.0000
0.9346
1.0700
2
1.1449
0.8734
2.0700
0.4831
1.8080
0.5531
3
1.2250
0.8163
3.2149
0.3111
2.6243
0.3811
4
1.3108
0.7629
4.4399
0.2252
3.3872
0.2952
1.4026
0.7130
5.7507
0.1739
4.1002
0.2439
1.5007
0.6663
7.1533
0.1398
4.7665
0.2098
7
1.6058
0.6227
8.6540
0.1156
5.3893
0.1856
8
1.7182
0.5820
10.2598
0.0975
5.9713
0.1675
9
1.8385
0.5439
11.9780
0.0835
6.5152
0.1535
10
1.9672
0.5083
13.8164
0.0724
7.0236
0.1424
11
2.1049
0.4751
15.7836
0.0634
7.4987
0.1334
12
2.2522
0.4440
17.8885
0.0559
7.9427
0.1259
13
2.4098
0.4150
20.1406
0.0497
8.3577
0.1197
14
2.5785
0.3878
22.5505
0.0443
8.7455
0.1143
15
2.7590
0.3624
25.1290
0.0398
9.1079
0.1098
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