Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 27, 2023

On December 3, 2019 a sum of $40,200.00 was deposited into an account. What would be the future value of this sum of money

On December 3, 2019 a sum of $40,200.00 was deposited into an account. What would be the future value of this sum of money on May 26, 2024, if the interest rate is 3% compounded annually. (1year = 365days) Round the value for FV to two decimal places.

Step by Step Solution

★★★★★

3.39 Rating (146 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the future value FV of 4020000 deposited on December 3 2019 with ... 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

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

Foundations of Financial Management

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta

10th Canadian edition

1259261018, 1259261015, 978-1259024979

More Books

Students also viewed these Accounting questions

Question

★★★★★

For each problem, show your work steps. A correct answer with no work shown gets half credit (which means you fail the assignment). An incorrect answer with no work receives 0 credit. With time value...

Answered: 1 week ago

Question

★★★★★

A 1kg cart is connected to a 2kg cart. The 1kg cart feels 9N of friction and the 2kg cart feels 18 N of friction. If you pull on the 2kg cart with a Force of 36N to the right, what is the Force of...

Answered: 1 week ago

Question

★★★★★

Assume that you have applied for a job with a bank. As part of the banks evaluation process, you have been asked to take an assessment that covers several financial analysis techniques. For each...

Answered: 1 week ago

Question

★★★★★

Steve Jobs wrote some Python code to determine if Apple met its quota for the Apple Newton. What does his code below output? quota = 10000000 newton 5000000 print("Welcome to Mac") if newton quota:...

Answered: 1 week ago

Question

★★★★★

Consider the following abbreviated financial statements for Cabo Wabo, Inc.: a. What is owners' equity for 2007 and 2008? b. What is the change in net working capital for 2008? c. In 2008, Cabo Wabo...

Answered: 1 week ago

Question

★★★★★

What is an unrealized holding gain (loss)? Explain.

Answered: 1 week ago

Question

★★★★★

1. Have students predict what will happen in an experiment, then show them whether they were right or wrong.

Answered: 1 week ago

Question

★★★★★

Multiple Choice Questions 1. James Corporation owns 80 percent of Carl Corporations common stock. During October, Carl sold merchandise to James for $250,000. At December 31, 40 percent of this...

Answered: 1 week ago

Question

★★★★★

PROBLEM 19-2 Various FundsHospital On January 1, 2015, a new Board of Directors was elected for Bradley Hospital. The new board switched to a different accountant. After reviewing the hospitals...

Answered: 1 week ago

Question

★★★★★

Hank has a 30% interest in KKC LLC, a calendar year entity. At the beginning of the year, Hank had an outside basis in KKC of $60,000 which included his $10,000 share of KKC liabilities. On July 1st,...

Answered: 1 week ago

Question

★★★★★

Noma Company has reported the following unit costs of prod the product C50 at a volume of 10,000 units per month (as shown in the below table); this volume represents the company's capacity. Amount...

Answered: 1 week ago

Question

★★★★★

Q2a) Better Health Hospital- Income Statement (2018/19 Financial Year) *Note: All figures in $'000* Q2b) Better Health Hospital- Balance Sheet (2018/19 Financial Year) *Note: All figures in $'000*...

Answered: 1 week ago

Question

★★★★★

50 units @ $106 60 units @ $118 20 units @ $126 70 units @ $130 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory...

Answered: 1 week ago

Question

★★★★★

During FY 2018, Adelphi Company reported sales of $400,000, a contribution margin of $5.00 per unit, fixed costs of $90,000, and net income of $20,000. Use this information to determine the number of...

Answered: 1 week ago

Question

★★★★★

[Combinatorics, Conditional Probability and Beyond] Consider a game with n = N participants which are somehow ordered (P1, P2, ..., Pn). The game starts with the first numbered player (P1) tosses a...

Answered: 1 week ago

Question

★★★★★

Corruption has been a significant problem in Iraq. Opening and running a business in Iraq usually requires paying multiple bribes to government officials. We can think of there being a demand and...

Answered: 1 week ago

Question

★★★★★

Part C (28 marks) Question 1 Based on the article below, suggest the possible Implications of Hue Yang Bhcts gearing situation on the companys: (a) Current borrowings (b) additional borrowings in the...

Answered: 1 week ago

Question

★★★★★

H Corporation has a bond outstanding. It has a coupon rate of 8 percent and a $1000 par value. The bond has 6 years left to maturity but could be called after three years for $1000 plus a call...

Answered: 1 week ago

Question

★★★★★

Higgins Athletic Wear has expected sales of 22,500 units a year, carrying costs of $1.50 per unit, and an ordering cost of $3.00 per order. a. What is the economic order quantity? b. What is average...

Answered: 1 week ago

Question

★★★★★

Sewell Enterprises earned $160 million last year and retained $100 million. What is the payout ratio?

Answered: 1 week ago

Question

★★★★★

Your bank will lend you $3,000 for 50 days at a cost of $45 interest. What is your annual rate of interest? What is your effective annual rate?

Answered: 1 week ago

Question

★★★★★

Make up an example of a decision problem in your area of interest which is somewhat similar to the example in Section 7.6. Formulate several decision rules and try to decide among them on the basis...

Answered: 1 week ago

Question

★★★★★

If everything else is held constant, why does making a smaller lead to a larger /3, and vice versa? In what ways can the experimenter make both a and /3 smaller?

Answered: 1 week ago

Question

★★★★★

In Exercise 8, suppose that you stand to lose 5 cents if you decide that the bookbag contains 70R 30B when it actually contains 70B 30R, and you stand to lose 10 cents if the opposite error is...

Answered: 1 week ago

Previous Question Next Question