Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 06, 2024

If $32000 is deposited in a savings account at the end of each year and the account pays interest of 5% compounded annually, what will

If $32000 is deposited in a savings account at the end of each year and the account pays interest of 5% compounded annually, what will be the balance of the account at the end of 10 years?

$336000

$471000

$402493

$52125

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

State Owned Enterprise In The Western Economies

Authors: Raymond Vernon , Yair Aharoni

1st Edition

0415727596,1317917685

More Books

Students also viewed these Finance questions

Question

★★★★★

Consider the stirred-tank heating system shown in Fig. E. It is desired to control temperature T2 by adjusting the heating rate Q1 (Btu/h) via voltage signal V1 to the SCR. It has been suggested that...

Answered: 1 week ago

Question

★★★★★

Adjustments still to be accounted for: 1 The Company is expecting to receive an invoice in January 2022 of 1,000 for some clay that they have orde 2 One of the debtors has gone bankrupt and has...

Answered: 1 week ago

Question

★★★★★

=+1 What is one example of moral hazard by homeowners in hurricane-prone areas? Explain.

Answered: 1 week ago

Question

★★★★★

Data for Sedgwick Company are presented in E12-8. In E12-8, Sedgwick Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Floyd...

Answered: 1 week ago

Question

★★★★★

Question 27 Corporations prefer bonds over preferred stock for financing their operations because preferred stocks require a dividend. bond interest rates change with the economy, while stock...

Answered: 1 week ago

Question

★★★★★

If you were buying a coffee shop franchise, in what specific areas would you expect the franchisor to provide you with trading? Why?

Answered: 1 week ago

Question

★★★★★

In the post-Civil War era, the sacrosanct theory of Adam Smithhis "Invisible Hand" which claimed that the proliferation of competitors imposed an automatic limit to the price that can be charged for...

Answered: 1 week ago

Question

★★★★★

Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 50,000 shares authorized, 33,000 shares issued and outstanding...

Answered: 1 week ago

Question

★★★★★

Safe Emergency Evacuation of Staff and Customers. Find and read the 'Salford College Emergency Plan for your area and check it for any errors and fill in the required sections on the template...

Answered: 1 week ago

Question

★★★★★

Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Inventory Plant and equipment, net Beginning Balance...

Answered: 1 week ago

Question

★★★★★

General Motors invests in securities of other companiesAccess GM ' s 2 0 1 9 1 0 K ( which includes financial statements ) using EDGAR at . Required: What is the amount of any available - forsale...

Answered: 1 week ago

Previous Question Next Question