Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jan 03, 2023

What equal sums of money should you invest in a bank at the end of every year for the next 20 years in order to

What equal sums of money should you invest in a bank at the end of every year for the next 20 years in order to accumulate $200,000 at the end of 20 years, that is, just when the 20th deposit is made?

Assume the bank pays interest at the rate of 24 % per year compounded monthly.

Step by Step Solution

★★★★★

3.40 Rating (147 Votes )

There are 3 Steps involved in it

Step: 1

therefore the equal sums of money to be deposited t... 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

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

Recommended Textbook for

Engineering Economic Analysis

Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle

9th Edition

978-0195168075, 9780195168075

More Books

Students also viewed these Accounting questions

Question

★★★★★

A company deposits $2000 in a bank at the end of every year for 10 years. The company makes no deposits during the subsequent 5 years. If the bank pays 8% interest, how much would be in the account...

Answered: 1 week ago

Question

★★★★★

At the end of every year for 45 years Sabrina invested $500 into her retirement plan. The plan has earned 13% compounded annually over the 45 years. She made the last deposit today. How much money...

Answered: 1 week ago

Question

★★★★★

A company deposits $2000 in a bank at the end of every year for 10 years. The company makes no deposits during the subsequent 5 years. If ~e bank pays 8% interest, how much would be in the account at...

Answered: 1 week ago

Question

★★★★★

The comparative balance sheets for Karidis Ceramics, Inc., for December 31, 209 and 208 are presented on the next page. During 209, the company had net income of $96,000 and building and equipment...

Answered: 1 week ago

Question

★★★★★

MidSouth Tool Company produces an aircraft part. The company can produce the part entirely at a flexible work center with computerized machines. The company has four work centers, all of which have...

Answered: 1 week ago

Question

★★★★★

Alan consumes both tea and coffee. His weekly budget for coffee and tea is $10. Tea always costs $1 per cup. Coffee is normally $2 per cup. This week Alan's cafeteria runs a promotional campaign: if...

Answered: 1 week ago

Question

★★★★★

3. Tell students how they should gain admission to the room if they are late.

Answered: 1 week ago

Question

★★★★★

Actual revenues are greater than budgeted for December, so our revenue variance is favorable. Give an example of when this would be good news and when it could be bad news.

Answered: 1 week ago

Question

★★★★★

1. In Exhibit 1, The New York Times article claims that Jones awarded Mr. Boneparth $35 million in stock options. How do you think this figure was determined? What has to happen for Mr. Boneparth to...

Answered: 1 week ago

Question

★★★★★

Corrie wants to earn a net operating income of $10,000 this month. She currently sells her product for $50 each, has $10 of variable expense per product, and incurs $5,000 of fixed expenses. How many...

Answered: 1 week ago

Question

★★★★★

You are evaluating a project that costs $78,000 today. The project has an inflow of $166,000 in one year and an outflow of $68,000 in two years. What are the IRRs for the project? (A negative...

Answered: 1 week ago

Question

★★★★★

Timber Log Homes Ltd. (Timber) has produced log home kits in its current location of Langley, British Columbia, since 1987. Until recently, Dean Fortin, the chief operating officer, was the sole...

Answered: 1 week ago

Question

★★★★★

Find the annual depreciation using SYD method. A Computer Company has purchased some computers worth $5,000,000. It cost them $200,000 to transport the Computer to their location. The Company...

Answered: 1 week ago

Question

★★★★★

Jennifer Lopez owned four speedboats named Porpoise, Priscilla, Providence, and Prudence. On April 2, Jennifer made written offers to sell the four boats in the order named for $4,200 each to Aiden,...

Answered: 1 week ago

Question

★★★★★

Following the discovery of the collapsed storage racking, no one secured the scene. (a) Why is it important to secure the scene of this near miss? Note: You should support your answer, where...

Answered: 1 week ago

Question

★★★★★

From information below work out the Total Control Cost (TCC) = _$____________ Annual expected savings: $550 Combined control effectiveness: 50% Annual covered loss: $950

Answered: 1 week ago

Question

★★★★★

Both job order costing and process costing track the product costs of direct materials, direct labor, and manufacturing overhead through three inventory accounts on the balance sheet. Select one:...

Answered: 1 week ago

Question

★★★★★

Heineken N.V., a global brewer based in the Netherlands, reports the following balance sheet accounts for the year ended December 31, 2016 (euros in millions). Prepare the balance sheet for this...

Answered: 1 week ago

Question

★★★★★

Your company must make a $500,000 balloon payment on a lease 2 years and 9 months from today. You have been directed to deposit an amount of money quarterly, beginning today, to provide for the...

Answered: 1 week ago

Question

★★★★★

LeGaroutte Industries makes industrial pipe manufacturing equipment. Use direct-labor hours as the burden vehicle, and compute the total cost per unit for each model given in the table. Total...

Answered: 1 week ago

Question

★★★★★

A man decides to deposit $50 in the bank today and to make 10 additional deposits every 6 months beginning 6 months from now, the first of which will be $50 and increasing $10 per deposit after that....

Answered: 1 week ago

Question

★★★★★

Use the data in books.dat for this problem. a. Plot replace vs. purchase for the raw data. b. Plot replace vs. purchase using the sampling weights. c. Using a design-based approach, estimate the...

Answered: 1 week ago

Question

★★★★★

Schei and Bakketeig (1989) took an SRS of 150 women between 20 and 49 years of age from Trondheim, Norway. Their goal was to investigate the relationship between sexual and physical abuse by a spouse...

Answered: 1 week ago

Question

★★★★★

Use the file winter.dat for this exercise. The data were first discussed in Exercise 19 of Chapter 3. a. Test the null hypothesis that class is not associated with breakaga. In the context of Section...

Answered: 1 week ago

Previous Question Next Question