Answered step by step
Verified Expert Solution
Link Copied!

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 savings

image text in transcribed

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. C. $3,000 received semiannually for the next five years if the money earns interest at the rate of eight percent compounded semiannually. $ 0 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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Multifractal Detrended Analysis Method And Its Application In Financial Markets

Authors: Guangxi Cao, Ling-Yun He, Jie Cao

1st Edition

9811079153, 978-9811079153

More Books

Students also viewed these Finance questions

Question

Name thesecompounds: a) CHOCHCH3 OCH, b) CI

Answered: 1 week ago

Question

600 lb 20 0.5 ft 30 30 5 ft

Answered: 1 week ago