11.3 Use the tables in Appendix B to answer the following questions. A. If you would like...
Question:
11.3 Use the tables in Appendix B to answer the following questions.
A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account?
B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%?
C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years?
D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years.
Assuming you can earn 3% interest, which do you recommend and why?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Principles Of Accounting Managerial Accounting Volume 2
ISBN: 9781947172609
1st Edition
Authors: Patty Graybeal, Mitchell Franklin, Dixon Cooper
Question Posted: