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ount needed to be invested r t 3.6% compounded monthly

ount needed to be invested r t 3.6% compounded monthly

FINANCIAL ACCOUNTING
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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Problem 4 Find the amount needed to be invested now to accumulate the following amount if the money is compounded as indicated. (ii) $4500 deposited at 3.6% compounded monthly to reach at least $11,000. Problem 7. ● (i) If $1000 are deposited into an account paying 3% compounded annually for 5 years, how much money is in the account at the end of the last deposit? • (ii) If $800 are deposited into an account paying 6.51% compounded semiannually for 12 years, how much interest is earned at the end of the last deposit? Problem 8. ● (i) If $10,000 is needed in 12 years, how much should be deposited at the end of each year into an ac- count paying 5% compounded annually? • (ii) $150,000 is needed in 15 years, how much should be deposited at the end of each month into an account paying 6% compounded monthly?
Transcribed Image Text:Problem 4 Find the amount needed to be invested now to accumulate the following amount if the money is compounded as indicated. (ii) $4500 deposited at 3.6% compounded monthly to reach at least $11,000. Problem 7. ● (i) If $1000 are deposited into an account paying 3% compounded annually for 5 years, how much money is in the account at the end of the last deposit? • (ii) If $800 are deposited into an account paying 6.51% compounded semiannually for 12 years, how much interest is earned at the end of the last deposit? Problem 8. ● (i) If $10,000 is needed in 12 years, how much should be deposited at the end of each year into an ac- count paying 5% compounded annually? • (ii) $150,000 is needed in 15 years, how much should be deposited at the end of each month into an account paying 6% compounded monthly?
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