Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 8 11 pts ABC Company opened a savings account on January 1, 2020 by depositing $31,600. ABC Company intends to deposit $25,000 into this

image text in transcribed

Question 8 11 pts ABC Company opened a savings account on January 1, 2020 by depositing $31,600. ABC Company intends to deposit $25,000 into this account at the end of every quarter for the next five years. Assume that ABC Company will earn interest of 12% compounded quarterly. Calculate the amount that will be in ABC Company's savings account at the end of five years. To answer this question use the future value table factors given below. No credit will be awarded for this question using a means other than the table factors given below to answer this question. Factors from the future value of a lump sum table for: i = 3%: n = 5 1.159 n = 10 1.344 n = 15 1.558 n = 20 1.805 i = 4%: n = 5 1.217 n = 10 1.480 n = 15 1.801 n = 20 2.191 i = 6%: n = 5 1.338 n = 10 1.791 n = 15 2.397 n = 20 3.207 i = 12%: n = 5 1.762 n = 10 3.106 n = 15 5.474 n = 20 9.646 Factors from the future value of an annuity table for: i = 3%: n = 5 5.389 n = 10 11.464 n = 15 18.599 n = 20 26.871 i = 4%: n = 5 5.416 n = 10 12.696 n = 15 19.141 n = 20 29.778 i = 6%: n = 5 5.637 n = 10 13.180 n = 15n 23.276 = 20 36.786 i = 12%: n = 5 6.353 n = 10 17.549 n = 15 3 7.280 n = 20 63.440

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

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 Accounting questions

Question

Explain what a master budget is, and list five of its parts.

Answered: 1 week ago