X Your answer is incorrect. John and Patricia Garfield invested $7,600 in a savings account paying 4% annual interest when their daughter, Angela, was born. They also deposited $1,200 on each of her birthdays until she was 17 (including her 17th birthday). Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much was in the savings account on her 17th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.) Amount on 17th birthday $ 43,251.00

X Your answer is incorrect. John and Patricia Garfield invested $7,600 in a savings account paying 4% annual interest when their daughter, Angela, was born. They also deposited $1,200 on each of her birthdays until she was 17 (including her 17th birthday). Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much was in the savings account on her 17th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.) Amount on 17th birthday $ 43,251.00

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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Using the following information about the family’s assets and liabilities, calculate the total assets: Checking account: $3,000 Savings account: $13,000 Credit card balance: $5,500 Utility bill: $500 Home: $320,000 Mortgage (30 years): $210,000 Car: $25,000 Car loan (60 months): $18,000 Student loan (7 years): $25,000 Household items: $15,000 Retirement account: $64,000 Other assets: $39,000 A) 464,000 B) 400,000 C) 415,000 D) 479,000
Current Attempt in Progress Michael and Barbara Garfield invested $5,300 in a savings account paying 5% annual interest when their daughter, Elizabeth, was born. They also deposited $1,600 on each of her birthdays until she was 14 (including her 14th birthday). Click here to view the factor table. How much was in the savings account on her 14th birthday (after the last deposit)? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 2 decimal places, e.g. 25.25.) Amount on 14th birthday $
4. Richard makes payments of $400 into a savings account each month. The account gains interest at a rate of 4.2% compounded monthly. 20 years later, he takes his money out of this account and places it in an account that gains continuously compounded interest at a rate of 4.0%. At this point, he is no longer making additional payments. (a) How much money is in his account at the end of the first 20 year period? (b) How much money is in his account 15 years after moving his money to the second account? (c) Use Desmos to draw a graph showing how his money growth over the full 35 year period.
6 The following portion of a spreadsheet can be used to explore how Oseola McCarty (page 266) could have saved $150,000 in 75 years. To limit the size of the spreadsheet, it is assumed that savings and interest on her bank account were deposited only once each year and that the deposit was made at the end of the interest period. This is only the start of the complete spreadsheet. 1 2 3 4 5 A Year 0 =A2+1 =A3+1 =A4+1 B Bank Balance 25 =(1+C$4) B2+C$2 =(1+C$4)*B3+C$2 =(1+C$4)*B4+C$2 C Yearly Savings 100 Interest Rate (APR) 0.05 a. Study the beginning of the spreadsheet and discuss with a partner what each cell and formula represents. How do the formulas indicate that each annual deposit is made at the end of the interest period? b. Then extend the sheet to cover 75 years. Does this choice of beginning balance, yearly savings, and interest rate result in $150,000 saved after 75 years? c. Experiment with changes in the entries for initial deposit, yearly savings amount, and interest rate.…
Bob has deposited $10,000 at the end of each year into a saving account for the last 12 years. His deposits earned interest at 4% for the first 4 years; at 5% for the next 3 years; and at 6% for the last 5 years. (a) What is the accumulated value in his saving account at the end of year 4? (b) What is the accumulated value in his saving account at the end of year 7? (c) What is the accumulated value in his saving account at the end of year 12? (d) What is the total interest earned for the 12 years?
f1
what is the future worth of the deposit
Diana Rene’s deposited an inheritance of 13,050 in a bank account and earned 435 in Simple bankers interest at a rate of 10.5% find the length of time the money was on deposit
can you please explain how they got this question?
aa.3
Dave deposited P4,000, P4,500 and P5,000 at the end of the 2nd year, 3rd year and 4th year, respectively in a savings account which earned 0.08 per annum. Determine the future worth of the deposit?
Exactly 140 years ago, my great-grandmother deposited P190 in a bank as part of a savings plan. She forgot all about the deposit during her lifetime. Two years ago the bank notified my family that the account was worth P200,000. What was the nominal interest rate compounded semi-annually in this situation?