Question

Rocky Alcoa has decided to start saving for her daughter's wedding by depositing $4200 at the...

Rocky Alcoa has decided to start saving for her daughter's wedding by depositing $4200 at the end of every year for 15 years. Assuming the bank pays interest at the rate of 4%, how much money will be in the account immediately after the 15th deposit?  (Round your answer to the nearest dollar)

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Particulars amount($) interest($) total at end($)
1st year 4200 168 4368
2nd year 4368+4200 342.72 8910.72
3rd year 8910.72+4200 5244.43 13635.15
4th year 13635.15+4200 713.40 18548.55
5th year 18548.55+4200 909.94 23658.49
6th year 23658.49+4200 1114.34 28972.83
7th year 28972.83+4200 1326.91 34499.74
8th year 34499.74+4200 1547.99 40247.73
9th year 40247.73+4200 1777.91 46225.64
10th year 46225.64+4200 2017.02 52442.66
11th year 52442.66+4200 2265.71 58908.37
12th year 58908.37+4200 2524.33 65632.70
13th year 65632.70+4200 2793.31 72626.01
14th year 72626.01+4200 3073.04 79899.05
15th year 79899.05+4200 3363.96 87463.01

Yearly deposit amount = 4200$

Interest per annum = 4%

At the end of the 15th year/ after 15th year amount will be receiving is = 87,463$

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A large tire manufacturer has just lost a major lawsuit and now must make 6 payments...
A large tire manufacturer has just lost a major lawsuit and now must make 6 payments of $583000 at the end of each year to the injured parties. The court demands that an account be set up immediately to fund the payments. Using a 8% interest rate, how much must be in the account?  (Round your answer to the nearest dollar) 2. Jesse is saving for her daughter's college education. She will deposit $2000 a year for the next 15 years...
You decide to start saving for a dream vacation by putting money into a savings account...
You decide to start saving for a dream vacation by putting money into a savings account that pays 2.5% APR compounded annually. You will make the first deposit $4,500 at the end of the first year and increase their deposit by $300 each year after that, how much money will be in that account in 15 years? (Assume you do make your last deposit at the end of 15 years.)
On her 25th​ birthday, a young woman engineer decides to start saving toward building up a...
On her 25th​ birthday, a young woman engineer decides to start saving toward building up a retirement fund that pays​ 6% interest compounded monthly​ (the market interest​ rate). She feels that​ $1,000,000 worth of purchasing power in​ today's dollars will be adequate to see her through her sunset years after her 65th birthday. Assume a general inflation rate of​ 4% per year. ​(a) If she plans to save by making 480 equal monthly​ deposits, what should be the amount of...
"You plan to start saving for your retirement by depositing $9,583 exactly one year from now....
"You plan to start saving for your retirement by depositing $9,583 exactly one year from now. Each year you intend to increase your retirement deposit by 3%. You plan on retiring 30 years from now, and you will receive 6% interest compounded annually. This type of cash flow is called a geometric gradient. The formula to calculate the present worth of a geometric gradient is found in Table 3.6 in the textbook. However, in year 10, you have sudden expenses,...
Parents of a student are saving money for his study cost of $40,000 to be needed...
Parents of a student are saving money for his study cost of $40,000 to be needed at the end of 5 years from now. The parents have decided to deposit $6,000 at the end of each year into a bank account that pays interest at 16% compounding quarterly. If there is no withdrawal, find the amount of money the parents will get from this bank account at the end of 5 years =   the effective annual rate =  
Your friend is celebrating her 35th birthday today wants to start saving for her anticipated retirement...
Your friend is celebrating her 35th birthday today wants to start saving for her anticipated retirement at age 65. She wants to be able to withdraw $105,000 from her savings account on each birthday for 20 years following her retirement; the first withdrawal will be on her 66th birthday. Your friend intends to invest her money in the local credit union, which offer 7 percent interest per year. She wants to make equal annual payments on each birthday into the...
Suppose you deposit $20,000 into a saving account at your local bank. If the bank pays...
Suppose you deposit $20,000 into a saving account at your local bank. If the bank pays an average interest rate of 5% annually, how much money will you have in your saving account in 15 years? Suppose, your bank talks you into opening a saving account with them. The bank promises that if you put $10,000 in the saving account today, you will receive $20,000 10 years from now. What is the average interest rate that the bank will pay...
Kate deposits P5,000 to her bank account every year when she was in high school for...
Kate deposits P5,000 to her bank account every year when she was in high school for four years to prepare for her college degree. She took an engineering course and since then, she stopped depositing to her bank account. Right after graduation (she graduated on time), she got a job that pays P250,000 a year. If she continues to deposit to the same bank account P50,000 every year for 10 years, calculate the future worth after 30 years if the...
Mitch and Bill are both age 75. When Mitch was 24 years​ old, he began depositing...
Mitch and Bill are both age 75. When Mitch was 24 years​ old, he began depositing ​$1300 per year into a savings account. He made deposits for the first 10​ years, at which point he was forced to stop making deposits.​ However, he left his money in the​ account, where it continued to earn interest for the next 41 years. Bill​ didn't start saving until he was 47 years​ old, but for the next 28 years he made annual deposits...
You decide to start a savings account in 2020 and you begin by putting $300 into...
You decide to start a savings account in 2020 and you begin by putting $300 into the account every month. If the APR on the account is 3%, how much money will you have in the account by 2055? Round to the nearest whole dollar. (no commas) Total in Account: $   Of your calculated Total deposit amount, how much money total would you have put into the account by 2055? Round to the nearest whole dollar. (no commas) Total money...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT