Question
Steven Garcia will deposit $24700 into an account today that earns 12% per year compounded annually. Using the following factors, what is the amount that
Steven Garcia will deposit $24700 into an account today that earns 12% per year compounded annually. Using the following factors, what is the amount that will be in the account at the end of the 6 years?
| Type of Cash Flow | Periods | Interest Rate | Factor |
|---|---|---|---|
| PV of $1 | 6 | 12% | 0.5066 |
| FV of $1 | 6 | 12% | 1.9738 |
| PV ordinary annuity | 6 | 12% | 4.1114 |
| FV ordinary annuity | 6 | 12% | 8.1152 |
| PV annuity due | 6 | 12% | 4.6048 |
$24376
$12513
$25026
$48753
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Managerial Accounting A Focus on Ethical Decision Making
Authors: Steve Jackson, Roby Sawyers, Greg Jenkins
5th edition
324663854, 978-0324663853
