True answer? ? Financial accounting Suppose you need to have $54,193 in anaccount 16 years from today and that theaccount pays 7%.How much do you have to deposit into theaccount 1 year from today?

The problem requires the determination of the amount to be deposited in an account to achieve the…

Answered: Suppose you need to have $54,193 in an…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....

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Similar questions

You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuity
Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?
You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.
Suppose you deposit $1,500.00 into and account 7.00 years from today into an account that earns 14.00%. How much will the account be worth 14.00 years from today?
If you decide to deposit $480 every year for the next 6 years, with first deposit to be made one year from today and all deposits to be made at the end of each year, in an account that pays 4.62% APR with annual compounding, how much is this account worth in today's dollars?
You need $24787 in 5 years. If you think you could earn an annual rate of 12.35%, what would be your required annual deposit to meet your goal? Answer:
You need $34877 in 6 years. If you think you could earn an annual rate of 11.77%, what would be your required monthly deposit to meet your goal? (Remember that you need a monthly "r" and a monthly "t".) Answer:
Suppose you put $ 600 a month for retirement into an annuity earning 7.5% compounded monthly. If you need $ 550000 to retire, in how many years will you be able to retire?
How much money would you need to place in an account to have $1,000 10 years from today? Assume the account pays 8.5% and it is compounded monthly. Round to the nearest $1.
If you need 6,000 5 years from now, how much of a deposit must you make in your savings account each year, assuming an 8 percent annual interest rate?
You are going to deposit $17,500 today. You will earn an annual rate of 2.7 percent for 8 years, and then earn an annual rate of 2.1 percent for 11 years. How much will you have in your account in 19 years?
If you want to have $5600 at the end of 9 years, how much money you need to deposit today into an account that pays 9.0% interest per year, compounded monthly?

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Suppose you need to have $54,193 in an account 16 years from today and that the account pays 7%. How much do you have to deposit into the account 1 year from today?