Question

You have decided to place $972 in equal deposits every month at the beginning of the...

You have decided to place $972 in equal deposits every month at the beginning of the month into a savings account earning 14.83 percent per year, compounded monthly for the next 12 years. The first deposit is made today. How much money will be in the account at the end of that time period?

Round the answer to two decimal places.

Homework Answers

Answer #1

future value of money in the account at the end of the time period = $ 387,223.40

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You have decided to place $361 in equal deposits every month at the beginning of the...
You have decided to place $361 in equal deposits every month at the beginning of the month into a savings account earning 4.63 percent per year, compounded monthly for the next 5 years. The first deposit is made today. How much money will be in the account at the end of that time period? Round the answer to two decimal places.
3c3. You need to accumulate $75,706 for your son's education. You have decided to place equal...
3c3. You need to accumulate $75,706 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 5 years. The savings account pays 14.25 percent per year, compounded annually. How much will each annual payment be? Round the answer to two decimal places. 3b3. You plan to buy a house in 13 years. You want to save money for a down payment on the new house. You are able to place $323...
What is the present value of the following annuity? $1,070 every half year at the beginning...
What is the present value of the following annuity? $1,070 every half year at the beginning of the period for the next 14 years, discounted back to the present at 3.13 percent per year, compounded semiannually. You plan to buy a house in 14 years. You want to save money for a down payment on the new house. You are able to place $348 every month at the end of the month into a savings account at an annual rate...
You are going to save money for your son’s education. You have decided to place $786...
You are going to save money for your son’s education. You have decided to place $786 every half year at the end of the period into a saving account earning 5.15 percent per year, compounded semi-annually for the next 13 years. How much money will be in the account at the end of that time period?
You are going to save money for your son’s education. You have decided to place $579...
You are going to save money for your son’s education. You have decided to place $579 every half year at the end of the period into a saving account earning 3.07 percent per year, compounded semi-annually for the next 5 years. How much money will be in the account at the end of that time period?
3b4 You are going to save money for your son’s education. You have decided to place...
3b4 You are going to save money for your son’s education. You have decided to place $2,724 every half year at the end of the period into a saving account earning 11.02 percent per year, compounded semi-annually for the next 11 years. How much money will be in the account at the end of that time period? Round the answer to two decimal places.
Sophie made equal deposits at the beginning of every 3 months into an RRSP. At the...
Sophie made equal deposits at the beginning of every 3 months into an RRSP. At the end of 6 years, the fund had an accumulated value of $40,000. If the RRSP was earning 3.25% compounded monthly, what was the size of the quarterly deposits?
Ali made equal deposits at the beginning of every 3 months into an RRSP. At the...
Ali made equal deposits at the beginning of every 3 months into an RRSP. At the end of 8 years, the fund had an accumulated value of $60,000. If the RRSP was earning 4.50% compounded monthly, what was the size of the quarterly deposits?
You need to accumulate $119,221 for your son's education. You have decided to place equal year-end...
You need to accumulate $119,221 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 7 years. The savings account pays 4.08 percent per year, compounded annually. How much will each annual payment be? Round the answer to two decimal places.
You need to accumulate $114,480 for your son's education. You have decided to place equal year-end...
You need to accumulate $114,480 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 14 years. The savings account pays 6.88 percent per year, compounded annually. How much will each annual payment be? Please show your work and do not use calculators.