Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. Calculate the future value if each of the following items. Round all answers to the nearest whole number. $ a. $50,000 deposited in a
1. Calculate the future value if each of the following items. Round all answers to the nearest whole number. $ a. $50,000 deposited in a savings account for ten years if the annual interest rate is 1. Twelve percent compounded annually. 155,293 2. Twelve percent compounded semiannually. $ 160,357 3. Twelve percent compounded quarterly. 163,102 b. $5,000 received at the end of each year for the next ten years if the money earns interest at the rate of four percent compounded annually. $ 60,025 x $ C. $3,000 received semiannually for the next five years if the money earns interest at the rate of eight percent compounded semiannually. $ 36,015 X d. $1,000 deposited each year for the next ten years plus a single sum of $15,000 deposited today if the interest rate is ten percent per year compounded annually. $ 54,843
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started