Knowledge Check Davis Depot invested $14,000 in a savings account paying 5% interest on January 1, 2025, to accumulate funds to buy a new forklift on January 1, 2030. What amount will be in the savings account as of January 1, 2030? (For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answer to two decimal places (e.g., 52.75).) Table 1: Future Value of a Single Amount (n) Periods 4% 5% 6% 7% 0 1.00000 1.00000 1.00000 1.00000 1 1.04000 1.05000 1.06000 1.07000 2 1.08160 1.10250 1.12360 1.14490 3 1.12486 1.15763 1.19102 1.22504 4 1.16986 1.21551 1.26248 1.31080 5 1.21665 1.27628 1.33823 1.40255 D Savings account balance as of January 1, 2030 $
Knowledge Check Davis Depot invested $14,000 in a savings account paying 5% interest on January 1, 2025, to accumulate funds to buy a new forklift on January 1, 2030. What amount will be in the savings account as of January 1, 2030? (For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answer to two decimal places (e.g., 52.75).) Table 1: Future Value of a Single Amount (n) Periods 4% 5% 6% 7% 0 1.00000 1.00000 1.00000 1.00000 1 1.04000 1.05000 1.06000 1.07000 2 1.08160 1.10250 1.12360 1.14490 3 1.12486 1.15763 1.19102 1.22504 4 1.16986 1.21551 1.26248 1.31080 5 1.21665 1.27628 1.33823 1.40255 D Savings account balance as of January 1, 2030 $
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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Transcribed Image Text:Knowledge Check
Davis Depot invested $14,000 in a savings account paying 5% interest on January 1, 2025, to accumulate funds to buy a new
forklift on January 1, 2030. What amount will be in the savings account as of January 1, 2030? (For calculation purposes, use five
decimal places as displayed in the factor table provided. Round your answer to two decimal places (e.g., 52.75).)
Table 1: Future Value of a Single Amount
(n)
Periods
4%
5%
6%
7%
0
1.00000
1.00000
1.00000
1.00000
1
1.04000
1.05000
1.06000
1.07000
2
1.08160
1.10250
1.12360
1.14490
3
1.12486
1.15763
1.19102
1.22504
4
1.16986
1.21551
1.26248
1.31080
5
1.21665
1.27628
1.33823
1.40255
D
Savings account balance as of January 1, 2030
$
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