You deposit $7,000 of your high school graduation gift money into a savings account. How much will

Question:

You deposit $7,000 of your high school graduation gift money into a savings account. How much will it be worth when you graduate from med school in seven years if interest rates are:

a. 3%?

b. 5%?

c. 6%?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Personal Finance Building Your Future

ISBN: 978-0073530659

1st edition

Authors: Robert B. Walker, Kristy P. Walker

See More Books

Question Posted: Apr 18, 2018 09:49 AM

See More Questions

Reconsider the chapter opening story about the return on investment on college education. According to a recent study, attending a university full-time costs the average student more than $17,000 a...
1. Before investing any money, what five things should Marcelino do first? 2. Is Marcelino's strategy of investing in an oil exploration stock to make quick profits investing or speculating? Support...
Last year, Joban graduated from high school and received several thousand dollars from an uncle as a graduation gift. Joban is now in his first year of college. He just heard of a guy in his dorm who...
Calculate the IRR for the following projects. a. An initial outflow of $15,220 followed by inflows of $5,000, $6,000, and $6,500. b. An initial outflow of $47,104 followed by inflows of $16,000,...
In which Subchapter of the Internal Revenue Code would one find information about corporate distributions? a. Subchapter S. b. Subchapter C. c. Subchapter P. d. Subchapter K. e. Subchapter M.
Find the x-value of all points where the functions defined as follows have any relative extrema. Find the value(s) of any relative extrema. (x) = x 4 - 18x 2 - 4
On July 1, 2009, Houghton Company borrowed 200,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2010. The note is denominated in euros. The U.S. dollar equivalent...
Prepare the journal entries to record the following transactions on Horst Companys books using a perpetual inventory system. (a) On March 2, Horst Company sold $800,000 of merchandise to Bernadina...
help please! Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement:...
a. Show that the LU Factorization Algorithm requires 1/3 n3 - 1/3 n multiplications/divisions and 1/3 n3 - 1/2 n2 + 1/6 n additions/subtractions b. Show that solving Ly = b, where L is a...
When you first started working, your target retirement account allocated 90% of the funds to domestic and international stocks and 10% to corporate bonds, with plans to shift toan allocation of 50%...
If your tax liability is 25% of your salary of $40,000, a. For every $1 earned, how much goes toward taxes? b. How much of each $1 is take-home pay? c. If you contribute $1,000 to your 401(k) and...
Go to the website of Yahoo! Finance (http://finance.yahoo.com). Enter the ticker symbols for Home Depot (HD) and Lowes (LOW). For each firm, click on Statistics and note the ratio for profit margin...
Listed in the accompanying table are waiting times (seconds) of observed cars at a Delaware inspection station. The data from two waiting lines are real observations, and the data from the sir line...
Franklin Prepared Foods (FPF) sells three varieties of microwaveable meals with the following prices and costs: Variable Cost Fixed Cost per Meat Fish Vegetarian Entire firm Selling Price per Case: $...
Isabella is a 14-year-old Hispanic bisexual female who has come into the Department of Child Safety (DCS) care due to neglect. Isabella's mother, Martina, is 35 years old, a single mother, has an...
Jeff is able to ride a bicycle although he hasn't ridden one for a few years, thanks to his: ( A ) procedural memory ( B ) episodic memory C ) semantic memory ( D ) cognitive memory
1. Allen Young has always been proud of his personal investment strategies and has done very well over the past several years. He invests primarily in the stock market. Over the past several months,...
The following exercises are of mixed variety. Factor each polynomial. 2x 2 - 2x - 40
The figure shows six containers, each of which is filled from the top. Assume that water is poured into the containers at a constant rate and each container is filled in 10 seconds. Assume also that...
Differentiate between systematic and unsystematic risk. Which of these is more important to the average investor? Why?
What is meant by the term asset allocation? What makes asset allocation such a simple and powerful concept?
Last year you sold short 400 shares of stock selling at $90 per share. Six months later the stock had fallen to $45 per share. Over the 6-month period, the company paid out two dividends of $1.50 per...
Hite corporation intends to issue $160,000 of 5% convertible bonds with a conversion price of $40 per share. The company has 40,000 shares of common stock outstanding and expects to earn $600,000...
Your portfolio has a beta of 1.17, a standard deviation of 14.3 percent, and an expected return of 12.5 percent. The market return is 11.3 percent and the risk-free rate is 3.1 percent. What is the...
Slow Roll Drum Co. is evaluating the extension of credit to a new group of customers. Although these customers will provide $198,000 in additional credit sales, 13 percent are likely to be...

You deposit $7,000 of your high school graduation gift money into a savings account. How much will

Question:

Step by Step Answer:

PV of deposit in savings account 7000 Number of years 7 Amoun...View the full answer

Personal Finance Building Your Future

Students also viewed these Business questions