Harmeet wants to save $20,000 to buy a used pick-up truck in 4 years and sets...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Harmeet wants to save $20,000 to buy a used pick-up truck in 4 years and sets up a sinking fund to make equal deposits at the end of every 6 months for the next 4 years, earning interest at 6% compounded semi- annually. Match the following: total amount deposited into the fund balance half-way through (i.e., at the 2 year mark) how much of the fund will be interest earnings amount of the semi-annual payments required Check Drag answer here Drag answer here Drag answer here Drag answer here $17,993.04 $2006.96 $4780.54 $9409.51 $2249.13 $20,000 Harmeet wants to save $20,000 to buy a used pick-up truck in 4 years and sets up a sinking fund to make equal deposits at the end of every 6 months for the next 4 years, earning interest at 6% compounded semi- annually. Match the following: total amount deposited into the fund balance half-way through (i.e., at the 2 year mark) how much of the fund will be interest earnings amount of the semi-annual payments required Check Drag answer here Drag answer here Drag answer here Drag answer here $17,993.04 $2006.96 $4780.54 $9409.51 $2249.13 $20,000
Expert Answer:
Answer rating: 100% (QA)
Heres the breakdown of your sinking fund calculations for Harmeets used pickup truck Total amount de... View the full answer
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
Posted Date:
Students also viewed these finance questions
-
Compare and contrast the ecological approach paradigm and the information-processing approach paradigm of cognitive psychology. Which of these do you think is a more holistic approach to...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
(a) Write an equation describing a sinusoidal transverse wave traveling on a cord in the positive direction of a y axis with an angular wave number of 60 cm-1, a period of 0.20 s, and an amplitude of...
-
How does standard costing improve the control function?
-
How can the formula for the future value of an annuity be modified to find the future value of an annuity due?
-
At http://ftc.gov, the Federal Trade Commission provides information on enforcement cases it has brought against franchisors who violate FTC rules. Do you see a pattern? Are some violations more...
-
Maritime Insurance Company offers insurance policies for recreational boats. A typical policy will pay the replacement cost of $25,000 if the boat is a total loss. If the boat is not a total loss but...
-
Carmino Company is considering an investment in equipment that is expected to generate an after-tax income of $7,000 for each year of its four-year life. The asset has no salvage value. The firm is...
-
Two identical particles, each having charge #q, are fixed in space and separated by a distance d. A third point charge -Q is free to move and lies initially at rest on the perpendicular bisector of...
-
What is the result of this study? What are the implication of the study? Begeer, S., El Bouk, S., Boussaid, W., Terwogt, M. M., & Koot, H. M. (2009). Underdiagnosis and referral bias of...
-
=== The member OA of the industrial robot telescopes. At the instant represented, (t) = 0.1 sin(2nt), OA = 0.9m, OA=0.8, and OA-4. The base of the robot is revolving with 0(t) = 0.1 cos(2ant) where...
-
Explain how high-pressure distillation systems influence the volatility of compounds and discuss the engineering challenges associated with operating at elevated pressures .
-
Beale Manufacturing Company has a beta of 1.5, and Foley Industries has a beta of 0.80. The required return on an index fund that holds the entire stock market is 14%. The risk-free rate of interest...
-
This program assesses use of if logic, switch statement, NumberFormat class and working with characters and strings. The user enters work data and a paycheck is produced. Constants: The program...
-
How has the implementation of process intensification strategies, such as dividing-wall distillation columns, impacted energy efficiency and operational costs in large-scale industrial distillation ?
-
What is the format of an IP Version 4 (IPv4) address, and what are the Public and Private addresses? include diagram,
-
The cash records of Holly Company show the following four situations. 1. The June 30 bank reconciliation indicated that deposits in transit total $720. During July, the general ledger account Cash...
-
A debt of $7000 due today is to be settled by three equal payments due 3 months from now, 15 months from now, and 27 months from now. What is the size of the equal payments at 11% compounded...
-
Use Table 3.2 to make each of the following conversions. a. Convert US$350 to Canadian dollars. b. Convert C$200 to euros. c. Convert US$175 to Swiss francs. d. Convert 250 United Kingdom pounds to...
-
For a sum of money borrowed at 9.6% compounded monthly for 7 years, state (a) The nominal annual rate of interest (j); (b) The number of compounding periods per year (m); (c) The periodic rate of...
-
Your European subsidiary has cash and accounts receivable of 100 and 300 euros respectively, and accounts payable and short-term debt of 100 and 200 euros respectively. US headquarters re-measures...
-
In 2006, five retired software developers opened an auto dealership in Redmond, Washington, which they named WinTechMotors. The company specializes in "high-end" sports and luxury autos, and has one...
-
The time value of money Consider the following cash flows from today (year zero) to year 3 in pounds sterling: Your interest rate (or discount rate) in pounds is 10 percent. a Compute the net present...
Study smarter with the SolutionInn App