How much must you deposit into an account today so that you can have $20,000 in 10 years Assume that the account earns 6 per year compounded quarterly You should deposit $ (Round the final answer to the nearest cent as needed Keep all decimal places as you work through the problem )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 10, 2024

How much must you deposit into an account today so that you can have $20,000 in 10 years? Assume that the account earns 6% per

How much must you deposit into an account today so that you can have $20,000 in 10 years? Assume that the account earns 6% per year compounded quarterly.

You should deposit $ ___

(Round the final answer to the nearest cent as needed. Keep all decimal places as you work through the problem.)

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

Recommended Textbook for

Healthcare Finance: An Introduction To Accounting And Financial Management

Authors: Louis Gapenski

6th Edition

1567937411, 978-1567937411

More Books

Students also viewed these Finance questions

Question

★★★★★

This problem continues the Daniels Consulting situation from Problem P8-41 of Chapter 8. Assume Daniels Consulting had purchased a computer, 53,600, and office furniture, 53,000, on December 3 and 4,...

Answered: 1 week ago

Question

★★★★★

Dobbs Company issues 5%, two-year bonds, on December 31, 2020, with a par value of $200,000 and semiannual interest payments. Use the following bond amortization table and prepare journal entries to...

Answered: 1 week ago

Question

★★★★★

In what ways does Armstrongs story give support to the humanistic approach? In what ways does it not?

Answered: 1 week ago

Question

★★★★★

An article published in Accounting Horizons describes various techniques that companies use to manage their earnings. Required: In your library or from some other source, locate the article How Are...

Answered: 1 week ago

Question

★★★★★

Current Attempt in Progress Vaughn Corporation had 121,200 shares of stock outstanding on January 1, 2025. On May 1, 2025, Vaughn issued 68,400 shares. On July 1, Vaughn purchased 10,800 treasury...

Answered: 1 week ago

Question

★★★★★

Jake Nguyen runs a nervous hand through his once finely combed hair. He loosens his once perfectly knotted silk tie. And he rubs his sweaty hands across his once immaculately pressed trousers. Today...

Answered: 1 week ago

Question

★★★★★

--Assume you are a banker. How would you balance the need for liquidity in your investment portfolio with the desire for earnings? If interest rates change, what would be the impact?

Answered: 1 week ago

Question

★★★★★

13. [Anti-gradients] Find the general anti-gradient, f, i.e. f was the original function, and you are given the gradient of the function. (a) Vf(x, y) = (6x+4y, 2+12xy) -2e-2, -6z + 1y) (b) Vf(x,y) =...

Answered: 1 week ago

Question

★★★★★

A load downward load P 250 N is applied at B. It is supported by two truss members with member BA at an angle of 8 = 50 from horizontal and member BC at an angle of 02 35 from vertical. Calculate the...

Answered: 1 week ago

Question

★★★★★

Solve the triangle. A=49,b=8,c=9 a= (Do not round until the final answer. Then round to the nearest tenth as needed.) B= (Do not round until the final answer. Then round to the nearest degree as...

Answered: 1 week ago

Question

★★★★★

Discuss some aspect of the source (http://new-courses.justice.eku.edu/OSH/OSH366/Docs/OSH366W6_SickBuildingSyndrome.pdf) that you found interesting and why

Answered: 1 week ago

Question

★★★★★

Fortune Inc., a manufacturer of plastic materials useful for various textile company, expended P2,050,000 in research and development costs which resulted to a new formula which makes its plastic...

Answered: 1 week ago

Question

★★★★★

How does AHIMA support the function of healthcare? How does AHIMA's governance of members work to support the mission and vision of AHIMA? Why are ethics important in healthcare? What are your...

Answered: 1 week ago

Question

★★★★★

Sales and production budget. (5 minutes) Sarandrea, Srl, had a target closing stock of 70,000 four-litre bottles of burgundy wine. Sarandreas opening stock was 60,000 bottles, and its budgeted...

Answered: 1 week ago

Question

★★★★★

Budgeting material purchases. (10 minutes) Tiilikainen, Oy, has prepared a sales budget of 42,000 finished units for a 3-month period. The company has a stock of 22,000 units of finished goods on...

Answered: 1 week ago

Question

★★★★★

Budgeted profit and loss account. (CMA, adapted) (30 minutes) Castelo Branco, Lda, is a manufacturer of video-conferencing products. Regular units are manufactured to meet marketing projections, and...

Answered: 1 week ago

Previous Question Next Question