Jane Smart plans to make the following deposits in an account towards cash purchase of a real estate property. EOY 1 3 Deposit $6,000 $20,000 2 $13,000 4 $27,000 5 $34,000 (a) How much money will the account have immediately after the last deposit if the account earns an interest rate of 8% per year? (b) What is the equivalent uniform annual deposit? (a) The amount in the account after the last deposit is $ 111028 (to the nearest dollar). (b) The equivalent uniform annual deposit is $(to the nearest dollar)
Jane Smart plans to make the following deposits in an account towards cash purchase of a real estate property. EOY 1 3 Deposit $6,000 $20,000 2 $13,000 4 $27,000 5 $34,000 (a) How much money will the account have immediately after the last deposit if the account earns an interest rate of 8% per year? (b) What is the equivalent uniform annual deposit? (a) The amount in the account after the last deposit is $ 111028 (to the nearest dollar). (b) The equivalent uniform annual deposit is $(to the nearest dollar)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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![Jane Smart plans to make the following deposits in an account towards cash purchase of a real estate property.
ΕΟΥ
1
3
Deposit
$6,000
$20,000
2
$13,000
4
$27,000
cms
(a) How much money will the account have immediately after the last deposit if the account earns an interest rate of 8%
per year?
(b) What is the equivalent uniform annual deposit?
5
$34,000
(a) The amount in the account after the last deposit is $ 111028 (to the nearest dollar).
(b) The equivalent uniform annual deposit is $(to the nearest dollar)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F776ad8b6-f628-4c13-b003-0c24830b2ddb%2F768bd609-6114-41ff-93a8-e767044ba52b%2F1nlnwci_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Jane Smart plans to make the following deposits in an account towards cash purchase of a real estate property.
ΕΟΥ
1
3
Deposit
$6,000
$20,000
2
$13,000
4
$27,000
cms
(a) How much money will the account have immediately after the last deposit if the account earns an interest rate of 8%
per year?
(b) What is the equivalent uniform annual deposit?
5
$34,000
(a) The amount in the account after the last deposit is $ 111028 (to the nearest dollar).
(b) The equivalent uniform annual deposit is $(to the nearest dollar)
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