Question

Daniel makes deposits of 2000 on the last day of each month in an account earning...

Daniel makes deposits of 2000 on the last day of each month in an account earning 6% compounded monthly (This is not yet compounded or would be called a monthly rate). The first deposit is January 31, 2010 and the final deposit is December 31, 2034. The accumulated account is then used to pay for monthly payments of Y starting January 31, 2035 with the final one on December 31, 2050. Find Y.

Math   Advanced-Math   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
If Jackson deposits $50 at the end of each month in a savings account earning interest...
If Jackson deposits $50 at the end of each month in a savings account earning interest at a rate of 3%/year compounded monthly, how much will he have on deposit in his savings account at the end of 3 years, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.)
On the first day of the month, starting January 1, 1995, Smith deposits 100 in an...
On the first day of the month, starting January 1, 1995, Smith deposits 100 in an account earning i (12) = 0.09, with interest credited the last day of each month. In addition, Smith deposits 1,000 in the account every December 31. Around what date does the account first exceed 100,000?
For 20 years Jenny deposits $500 at the end of each month in an account earning...
For 20 years Jenny deposits $500 at the end of each month in an account earning 4.5% per year compounded monthly. How much will she have in the account in 20 years? How much interest did she earn in this 20 year period? for the next 25 years Jenny neither deposits nor withdraws any money while the account continues to earn 4.5% per year compounded monthly. How much does Jenny have in the account after these 25 years? How much...
Jane is planning for her retirement. Each month she places $200 in an account that pays...
Jane is planning for her retirement. Each month she places $200 in an account that pays 12% nominal interest compounded monthly. She makes the first deposit of $200 on January 31, 1997. The last $200 deposit will be made on December 31, 2016. If the interest rate remains constant and all deposits are made as planned, what amount will be in Jane’s retirement account on January 1, 2017? Answer: $198,000. I know the correct answer but am struggling to get...
Katie makes deposits of $500.00 at the end of each month for 5 years into an...
Katie makes deposits of $500.00 at the end of each month for 5 years into an account earning 9.5% annually, then lets the money sit in the account for another 8 years after the last deposit. Find Katie'S balance after this 13 year period.
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How...
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How much will you have in the account in 25 years? b) How much total money will you put into the account? c) How much total interest will you earn? 2) Suppose you invest $190 a month for 6 years into an account earning 7% compounded monthly. After 6 years, you leave the money, without making additional deposits, in the account for another 21 years....
Franklin Company deposits all cash receipts on the day they are received and makes all cash...
Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin's August bank statement shows $14,237 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $4,500 Outstanding checks $3,900 Bank service fees, not yet recorded by company $50 The bank collected on a note receivable, not...
Franklin Company deposits all cash receipts on the day they are received and makes all cash...
Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $20,162. Franklin's August bank statement shows $19,837 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 6,600 Outstanding checks $ 5,300 Bank service fees, not yet recorded by company $ 120 The bank collected on a...
Clayborn Company deposits all cash receipts on the day they are received and makes all cash...
Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $25,025. Clayborn's May bank statement shows $22,200 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 7,600 Outstanding checks $ 6,200 Bank service fees, not yet recorded by company $ 105 A NSF check from a...
Easton Co. deposits all cash receipts on the day they are received and makes all cash...
Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on June 30, its Cash account shows a debit balance of $63,709. Easton's June bank statement shows $61,149 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 4,850 Outstanding checks $ 2,275 Check printing fee, not yet recorded by company $ 22 Interest earned on account, not...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT