Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

One year ago, Lambert Pharmaceuticals deposited $25,000 in an investment account for the purpose of buying new packaging machinery three years from today. Today, it

image text in transcribed
One year ago, Lambert Pharmaceuticals deposited $25,000 in an investment account for the purpose of buying new packaging machinery three years from today. Today, it is adding another $14,000 to this account. The company plans on making a final deposit of $15,800 to the account one year from today. How much will be available when it is ready to buy the equipment, assuming the account pays an annual average 4.5 interest rate? O $57,008 O $63,043 O $69,006 $75.232 $82.680

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions