You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $36,000 at the end of each year for the next 8 years. You expect to earn 12 percent each year. Required: 1. Determine how much you will have saved after 8 years. 2. Determine the amount saved if you were able to deposit $38,000 each year. 3. Determine the amount saved if you deposit $36.000 each year, but with 14 percent interest. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine how much you will have saved after 8 years. Note: Round your final answer to the nearest whole dollar. Balance in the Savings Account. Required 2 >
You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $36,000 at the end of each year for the next 8 years. You expect to earn 12 percent each year. Required: 1. Determine how much you will have saved after 8 years. 2. Determine the amount saved if you were able to deposit $38,000 each year. 3. Determine the amount saved if you deposit $36.000 each year, but with 14 percent interest. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine how much you will have saved after 8 years. Note: Round your final answer to the nearest whole dollar. Balance in the Savings Account. Required 2 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $36,000 at
the end of each year for the next 8 years. You expect to earn 12 percent each year.
Required:
1. Determine how much you will have saved after 8 years.
2. Determine the amount saved if you were able to deposit $38,000 each year.
3. Determine the amount saved if you deposit $36.000 each year, but with 14 percent interest.
Complete this question by entering your answers in the tabs below.
Required 1 Required 21 Required 3
Determine how much you will have saved after 8 years.
Note: Round your final answer to the nearest whole dollar.
Balance in the Savings Account.
Required 2 >
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