FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Recently, More Money 4U offered an annuity that pays 4.5% compounded monthly. If $816 is deposited into this annuity every month, how much is in

image text in transcribed

Recently, More Money 4U offered an annuity that pays 4.5% compounded monthly. If $816 is deposited into this annuity every month, how much is in the account after 6 years? How much of this is interest? Type the amount in the account: $67304.35 (Round to the nearest dollar.) Type the amount of interest earned: $ 8552.35 (Round to the nearest dollar.)

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

Recommended Textbook for

Artificial Intelligence In Accounting Organisational And Ethical Implications

Artificial Intelligence In Accounting Organisational And Ethical Implications

Authors: Othmar M. Lehner, Carina Knoll

1st Edition

1032055626, 9781032055626

More Books

Students also viewed these Accounting questions

Question

★★★★★
1. Go to Fortune magazine, February 2, 2009, and turn to pages 6465 or go to www.sas.com and search under the heading SAS Family. Using the criteria on these pages, evaluate the SAS Institute. Do...

Answered: 1 week ago

Question

★★★★★
D Question 13 8 pts Wilco Inc. compiles the following data for the month of December when they produced 20,000 units and sold 15,000 units: Sales Revenue Direct Materials Direct Labor Variable...

Answered: 1 week ago

Question

★★★★★
3. Check your understanding by working with a friend and quizzing one another.

Answered: 1 week ago

Question

★★★★★
Andyco, Inc., has the following balance sheet and an equity market-to-book ratio of 1.5. Assuming the market value of debt equals its book value, what weights should it use for its WACCcalculation?...

Answered: 1 week ago

Question

★★★★★
Contract price of $2,400,000. Estimated. Information relating to the costs and billings for this contract is as follows: 2019 2020 2021 1,100,000 750,000 Costs incurred during the year Estimated...

Answered: 1 week ago

Question

★★★★★
Not yet answered Points out of 1.00 Flag question Niall Inc. sells two products, X and Y. The sales mix consists of two units of X for every five units of Y. Fixed costs are $49,500. The unit...

Answered: 1 week ago

Question

★★★★★
FNSACC412 Prepare Operational Budgets You are the bookkeeper for Brad's Vegan Ice Creamery. The business has had a bumper year in terms of sales volumes, but there are concerns about the fall in...

Answered: 1 week ago

Question

★★★★★
You have inherited the project management of a system implementation. The implementation of a group project has been broken down into the following activities, whose durations and dependencies are as...

Answered: 1 week ago

Question

★★★★★
A sample of a reinsurer's payments made under a proportional reinsurance arrangement consists of the following values, in units of thousands of pounds: 4.5, 6.8, 22.9, 1.4, 3.8, 10.2, 19.4, 32.1 If...

Answered: 1 week ago

Question

★★★★★
From the following facts prepare a depreciation schedule: Machine cost Residual value $30,000 $2,000 Expected to produce 56,000 units over its expected life Units produced 2013 1,000 2013 2014 2015...

Answered: 1 week ago

Question

★★★★★
Far in space, where gravity is negligible, a 225 kg rocket traveling at 95 m/s fires its engines. (Figure 1) shows the thrust force as a function of time. The mass lost by the rocket during these 30...

Answered: 1 week ago

Question

★★★★★
1. Some of your past research has focused on the causes of turnover. Based on this research, what can managers do to improve employee retention?

Answered: 1 week ago

Question

★★★★★
Did you use the correct logo and placement to be consistent with the brand? [yes or no]

Answered: 1 week ago

Question

★★★★★
Did you check all the numbers, names, telephone numbers, web addresses, and locations for accuracy?

Answered: 1 week ago

Previous Question Next Question