Question 2What amount must be deposited by a 15-year oldstudent in a bank that pays 1% compoundedannually so that after 10 years he will havePhP20,000?Note: Input the amount only, with comma androunded to two decimals. Do not input the peso sign.(Example: 16,435.50)Add your answer

Time value of money :— According to this concept, value of money in present day is greater than the…

Answered: What amount must be deposited by a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Every year on 1st January between 2020 and 2049 inclusive (so 30 times), you deposit $1,000 into a bank account. Each year, the bank account returns a rate of interest equal to that year less 2000. (So in 2020, the account earns 20%, in 2021, 21% etc). How much will you have in the bank account on 31st December 2049, just after that year's interest has been paid? A $35,734,347.81 B $35,734,347.82 C $35,734,347.83 D $35,734,347.84
Problem:Answer the following questions completely. Show all computations. Round off only the final answers to two decimal places.On June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on the loan was 7.75% and it is to be paid on November 15, 2020.1. What is the exact time from June 26, 2019, to November 15, 2020? 2. What is the approximate time from June 26, 2019, to November 15, 2020? 3. What is the Ordinary simple interest using exact time? 4. What is the Ordinary simple interest using approximate time? 5. What is the Exact simple interest using exact time? 6. What is the Exact simple interest using approximate time? 7. If Naomi was given the option to choose the type of interest to use, which should she had chosen? Explain why in one sentence.
PLEASE ANSWER THIS USING YOUR OWN ANSWERS. DO NOT COPY ON INTERNET. IF YOU SEE THIS QUESTION AGAIN, DO NOT ANSWER. IF YOU ANSWER THIS IN TYPEWRITTEN, COMPLETE, CORRECT, AND IN ORIGINAL WAY, I WILL UPVOTE. THANK YOU!
Please took a picture pls so that i can see the proper format for the solution. Thanks.
what is the future worth of the deposit
NOTE: please answer 4-5. Don't use excel. Thank you. (Draw the cash flow)
Ab 1.
You put $190 in the bank for 5 years at 15%. 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. Round your answers to 2 decimal places. Year Money in the bank 1 $fill in the blank 1 2 $fill in the blank 2 3 $fill in the blank 3 4 $fill in the blank 4 5 $fill in the blank 5 B. Use the future value of $1 table and verify that your answer is correct. Round your future value factor to three decimal places and final answer to 2 decimal places. $fill in the blank 6
can you please explain how they got this question?
Assume Bill Jones invested $ 2,160.57 into an account exactly one year ago. The account has an interest rate of 5.9 % p.a. How much does Bill have in his account today (that is, exactly one year after the initial deposit)? (Round your answer to the nearest cent and record your answer without a dollar sign and without commas. For example, record $1,356.8382 as 1356.84).
If you want to have $23,000 for a down payment for a house in six years, what amount would you need to deposit today? Assume that your money will earn 3 percent. Use the TVM keys on your calculator ... NOT the tables in the book Enter your answer as a negative value in the form: -$nn,nnn.nn Numeric Response 19,262.13 X
Mr. Nailor invests $21,000 in a money market account at his local bank. He receives annual interest of 7% for 6 years. How much return will his investment earn during this time period? Use Appendix A. (Round "FV Factor" to 3 decimal places.) $10,521 $29,205 $31,521 $13,986

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

What amount must be deposited by a 15-year old student in a bank that pays 1% compounded annually so that after 10 years he will have PhP20,000? Note: Input the amount only, with comma and rounded to two decimals. Do not input the peso sign. (Example: 16,435.50) Add your answer