John deposits $2,000 per year at the end of the year for the next 20 years into anIRA account that pays 6%. How much will John have on deposit at the end of 20years?$67,520$73,572$81,990$75,686

Future value: It implies to the value that is estimated to be received by an investor on the…

Answered: John deposits $2,000 per year at the…

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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Similar questions

Pascal has recently opened an RRSP. He plans to deposit $ 647 at the end of every month for 25 years. The account will compound interest semi-annually at the nominal rate of 6.7 %. How much money will Pascal have in his account immediately after his last deposit?a. $ 522341.09b.$ 492774.61c. $ 512485.60d.$ 532196.58e.$ 502630.10
How much should chuck invest semiannually in his ira to have $250,000 in it when he retires in 25 years, if the interest stays 11% compounded semiannually?
B7
Holden borrows $209,433 from a financial institution with equal end-of-year payments of $24,600. If the annual interest rate is 10%, how long will it take for him to pay the loan and its interest back? 10 years 15 years 20 years 25 years
Jim deposits $3,000 today an account that pays 10% per year and follows it up with three more deposits at the end of each of the next 3 years. Each subsequent deposit is $2,000 higher than the previous one. How much money will jim have accumulated in his account by the end of 3 years?
Solve by Formula Serena Williams deposits $1,500 into an account at the beginning of each year. If she earns 5%, compounded annually, how much will the account be worth in 17 years?
John purchases an annuity due paying 6 % quarterly. If his payment is $ 250, the amount value will be in 2 years is Select one: $ 6000 $ 4000 $ 2139.83 $ 2000
Jane invests $700 at the end of each year for 5 years. If interest is paid at 7%/a compounded semiannually, how much will the investment be worth immediately after the last deposit is made? $28,183 $3.753 $8,211 $9,671
Jim deposits $5,000 today into an account that pays 13% per year, and follows it up with three more deposits at the end of each of the next 3 years. Each subsequent deposit is $2,000 higher than the previous one. How much money will Jim have accumulated in his account by the end of 3 years?
How much should you deposit at the end of each month in an IRA that pays 12% compounded monthly to earn $90,000 per year from interest alone, while leaving the principal untouched, to be withdrawn at the end of each year after you retire in 40 years? The monthly deposit is $ (Round up to the nearest dollar.)
Jim deposits $5,000 today into an account that pays 13% per year, and follows it up with three more deposits at the end of each of the next 3 years. Each subsequent deposit is $2,000 higher than the previous one. How much money will Jim have accumulated in his account by the end of 3 years?
a1

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John deposits $2,000 per year at the end of the year for the next 20 years into an IRA account that pays 6%. How much will John have on deposit at the end of 20 years? $67,520 $73,572 $81,990 $75,686