Please correct answer and don't use hand rating t's the first day of the year and you currently have $4,500 in thebank. You plan to deposit $100 at the end of every year for thenext 52 years, with the first payment made 1 year from now (payments from t = 1 tot = 52 inclusive).If bank interest rates are 9% pa, how much money will be inyour bank account a moment after making your last deposit in52 years?Question 10Select one:a.$397,548.76b.$398,647.3C.$453,759.49d.$494,597.84e.$856, 938.45

Step 1: Calculate the Future Value of the Initial DepositThe initial deposit is $4,500. Since it…

Answered: t's the first day of the year and you…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 3PA: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...

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Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?
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