Use the following time value of money tables for Questions 1-4. Round answers to the nearest dollar. (The annual interest rate for all problems is 6%.) n = 3; i = 6% n = 6; i = 3% Future value of 1 1.19102 1.19405 Present value of 1 .83962 .83748 Future value of an annuity 3.18360 6.46841 Present value of an annuity 2.67301 5.41719 Redlands Inc. deposited $3,000 into a savings account on January 1, 2020. The account earns annual interest. The amount in the savings account on December 31, 2022 is $Answer.
Use the following time value of money tables for Questions 1-4. Round answers to the nearest dollar. (The annual interest rate for all problems is 6%.) n = 3; i = 6% n = 6; i = 3% Future value of 1 1.19102 1.19405 Present value of 1 .83962 .83748 Future value of an annuity 3.18360 6.46841 Present value of an annuity 2.67301 5.41719 Redlands Inc. deposited $3,000 into a savings account on January 1, 2020. The account earns annual interest. The amount in the savings account on December 31, 2022 is $Answer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Use the following time value of money tables for Questions 1-4. Round answers to the nearest dollar. (The annual interest rate for all problems is 6%.)
|
|
n = 3; i = 6% |
n = 6; i = 3% |
|
Future value of 1 |
1.19102 |
1.19405 |
|
Present value of 1 |
.83962 |
.83748 |
|
Future value of an annuity |
3.18360 |
6.46841 |
|
Present value of an annuity |
2.67301 |
5.41719 |
Redlands Inc. deposited $3,000 into a savings account on January 1, 2020. The account earns annual interest. The amount in the savings account on December 31, 2022 is $Answer.
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