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ABC Company opened a savings account on January 1, 2020 by depositing $17,000. ABC Company intends to deposit $7,000 into this account at the end
ABC Company opened a savings account on January 1, 2020 by depositing $17,000. ABC Company intends to deposit $7,000 into this account at the end of every quarter for the next five years. Assume that ABC Company will earn interest of 12% compounded quarterly. Calculate the amount that will be in ABC Company's savings account at the end of five years. To answer this question use the future value table factors given below. No credit will be awarded for this question using a means other than the table factors given below to answer this question. Factors from the future value of a lump sum table for: i = 3%: n = 5 n = 10 n = 15 n = 20 1.159 1.344 1.558 1.805 i = 4%: n = 5 n = 10 n = 15 n = 20 1.217 1.480 1.801 2.191 i = 6%: n = 5 n = 10 n = 15 n = 20 1.338 1.791 2.397 3.207 i = 12%: n = 5 n = 10 n = 15 n = 20 1.762 3.106 5.474 9.646 Factors from the future value of an annuity table for: i = 3%: n = 5 n = 10 n = 15 n = 20 5.309 11.464 18.599 26.871 i = 4%: n = 5 n = 10 n = 15 n = 20 5.416 12.006 19.141 29.778 i = 6%: n = 5 n = 10 n = 15 n = 20 5.637 13.180 23.276 36.786 i = 12%: n = 5 n = 10 n = 15 n = 20 6.353 17.549 37.280 63.440
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