Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10- Beverly Hills started a paper route on January 1. Every three months, she deposits $850 in her bank account, which earns 8 percent annually

image text in transcribedimage text in transcribed

10- Beverly Hills started a paper route on January 1. Every three months, she deposits $850 in her bank account, which earns 8 percent annually but is compounded quarterly. Four years later, she used the entire balance in her bank account to invest in an investment at 7 percent annually.

How much will she have after three more years? Use Appendix A and Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
\fAppendix C Future value of an annuity of $1, FV IFA FVA = A (1+ 1)" -1 Percent Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 11% 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.010 2.020 2.030 2.040 2.050 2.060 2.070 2.080 2.090 2. 100 2.1 10 3 3.030 3.060 3.091 3.122 3.153 3. 184 3.215 3.246 3.278 3.310 3.342 4 4.060 4. 122 4. 184 4.246 4.310 4.375 4.440 4.506 4.573 4.641 4.710 5. 101 5.204 5.309 5.416 5.526 5.637 5.751 5.867 5.985 6.105 6.228 6 6.152 6.308 6.468 6.633 6.802 6.975 7.153 7.336 7.523 7.716 7.913 7.214 7.434 7.662 7.898 8. 142 8.394 8.654 8.923 9.200 9.487 9.783 8 8.286 8.583 8.892 9.214 9.549 9.897 10.260 10.637 11.028 11.436 11.859 9 9.369 9.755 10.159 10.583 11.027 11.491 11.978 12.488 13.021 13.579 14. 164 10 10.462 10.950 11.464 12.006 12.578 13. 181 13.816 14.487 15.193 15.937 16.722 11 ....... 1 1.567 12. 169 12.808 13.486 14.207 14.972 15.784 16.645 17.560 18.531 19.561 12 12.683 13.412 14. 192 15.026 15.917 16.870 17.888 18.977 20.141 21.384 22.713 13 13.809 14.680 15.618 16.627 17.713 18.882 20.141 21.495 22.953 24.523 26.212 14.947 15.974 17.086 18.292 19.599 21.015 22.550 24.215 26.019 27.975 30.095 15 16.097 17.293 18.599 20.024 21.579 23.276 25. 129 27.152 29.361 31.772 34.405 16 17.258 18.639 20.157 21.825 23.657 25.673 27.888 30.324 33.003 35.950 39. 190 17 ...... 18.430 20.012 21.762 23.698 25.840 28.213 30.840 33.750 36.974 40.545 44.501 18 19.615 21.412 23.414 25.645 28.132 30.906 33.999 37.450 41.301 45.599 50.396 19 20.811 22.841 25.1 17 27.671 30.539 33.760 37.379 41.446 46.018 51.159 56.939 20 22.019 24.297 26.870 29.778 33.066 36.786 40.995 45.762 51.160 57.275 64.203 25 28.243 32.030 36.459 41.646 47.727 54.865 63.249 73.106 84.701 98.347 114.41 30 34.785 40.588 47.575 56.085 66.439 79.058 94.461 1 13.28 136.31 164.49 199.02 40 48.886 60.402 75.401 95.026 120.80 154.76 199.64 259.06 337.89 442.59 581.83 64.463 84.579 1 12.80 152.67 209.35 290.34 406.53 573.77 815.08 1, 163.9 1,668.8

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_2

Step: 3

blur-text-image_3

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

New Venture Creation A Framework For Entrepreneurial Start-ups

Authors: Paul Burns

2nd Edition

1352000504, 978-1352000504

More Books

Students also viewed these Finance questions

Question

The string is a mutable data structure. a . True b . False

Answered: 1 week ago

Question

Mortality rate

Answered: 1 week ago

Question

Armed conflicts.

Answered: 1 week ago