Financial Accounting You are saving for a car that you plan to purchasein five years. You plan to put $3,300 in saving(which earns 7%, compounded annually) at theend of each year until then. How much will youhave saved for the car at the end of the five years?a. $18,977b. $17,577c. $16,500d. $23,417

We may use the future value of an annuity calculation to determine how much you will have saved for…

Answered: You are saving for a car that you plan…

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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YOU ARE SAVING FOR A NEW HOUSE AND YOU PUT $1,000 PER YEAR IN AN ACCOUNT PAYING 25% COMPOUNDED ANNUALLY. THE FIRST PAYMENT IS MADE TODAY. HOW MUCH WILL YOU HAVE AT THE END OF 3 YEARS? Select one: a. 4761.625 b. 4766.625 c. 3025 d. 4765.63
A relative has promised to pay you $93.00 today, and he will pay you additional payments every year for the next five years. Each year he will add $73.00 to the previous payment. (So, the payment in year 1 will equal $166.00). You decide to save every dollar you are given and will invest the money in an account paying 4.00% annual interest. How much money will you have accumulated in five years? Keep in mind that you will have six total cash flows to invest. Submit Answer format: Currency: Round to: 2 decimal places.
You expect to save $1,000 at the end of every year for 8 years. During the first 3 years, your savings will earn 4%, compounded semi-annually. During the last 5 years, your savings will earn 5%, compounded monthly. How much money will you have after 8 years? Round to the nearest dollar. Select one: a. $9,412 b. $9,546 c. $8,661 d. $9,876
3) You have a financial goal of putting a $10,0000 down payment on a home in 5 years. How much would you need to save each year if you could earn 8% annually? A) $1,423.44 B) $1,704.56 C) $1,990.50 D) $2,200.23
You want to have $46,000 in your savings account 6 years from now, and you're prepared to make equal annual deposits Into the account at the end of each year. If the account pays 7.7 percent Interest, what amount must you deposit each year? Multiple Choice O O $3,542.02 $3,541.98 $7,666.67 $6.318.12 $9,797.42
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You want to have $67,000 in your savings account 10 years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays 6.3 percent interest, what amount must you deposit each year? Group of answer choices $6,700.00 $5,011.98 $4,221.01 $4,220.99 $9,350.13
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Bha

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You are saving for a car that you plan to purchase in five years. You plan to put $3,300 in saving (which earns 7%, compounded annually) at the end of each year until then. How much will you have saved for the car at the end of the five years? a. $18,977 b. $17,577 c. $16,500 d. $23,417