Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Present and future value tables of $1 at 9% are presented below. PV of $1 FV of $1 PVA of $1 FVAD of $1 FVA
Present and future value tables of $1 at 9% are presented below.
PV of $1 | FV of $1 | PVA of $1 | FVAD of $1 | FVA of $1 | |
1 | 0.91743 | 1.09000 | 0.91743 | 1.0900 | 1.0000 |
2 | 0.84168 | 1.18810 | 1.75911 | 2.2781 | 2.0900 |
3 | 0.77218 | 1.29503 | 2.53129 | 3.5731 | 3.2781 |
4 | 0.70843 | 1.41158 | 3.23972 | 4.9847 | 4.5731 |
5 | 0.64993 | 1.53862 | 3.88965 | 6.5233 | 5.9847 |
6 | 0.59627 | 1.67710 | 4.48592 | 8.2004 | 7.5233 |
Claudine Corporation will deposit $5,700 into a money market sinking fund at the end of each year for the next four years. How much will accumulate by the end of the fourth and final payment if the sinking fund earns 9% interest?
Multiple Choice
$24,339.
$24,852.
$26,067.
$28,413.
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