Question

Future value with periodic rates. Matt Johnson delivers newspapers and is putting away $30 at the...

Future value with periodic rates. Matt Johnson delivers newspapers and is putting away $30 at the end of each quarter from his paper route collections. Matt is 10 years old and will use the money when he goes to college in 8 years. What will be the value of​ Matt's account in 8 years with his quarterly payments if he is earning 5.5​% (APR), 10.5% ​(APR), or 12.5% (APR)?

Homework Answers

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
Future value with periodic rates. Matt Johnson delivers newspapers and is putting away ​$45 at the...
Future value with periodic rates. Matt Johnson delivers newspapers and is putting away ​$45 at the end of each quarter from his paper route collections. Matt is 8 years old and will use the money when he goes to college in 10 years. What will be the value of​ Matt's account in 10 years with his quarterly payments if he is earning 5.5​% (APR), 9.5 % (APR), or 13.5% (APR)?
 Matt Johnson delivers newspapers and is putting away ​$30 at the end of each quarter from...
 Matt Johnson delivers newspapers and is putting away ​$30 at the end of each quarter from his paper route collections. Matt is 13 years old and will use the money when he goes to college in 5 years. What will be the value of​ Matt's account in 5 years with his quarterly payments if he is earning 7​% ​(APR), 8 % ​(APR), or 13.5 % ​(APR)?
Matt Johnson delivers newspapers and is putting away $50 at the end of each quarter from...
Matt Johnson delivers newspapers and is putting away $50 at the end of each quarter from his paper route collections. Matt is 9 years old and will use the money when he goes to college in 9 years. what will be the value of Matt's account in 9 years with his quarterly payments if he is earning 5.5% (APR), 10% (APR), or 13% (APR)?
Future value with periodic rates.  Matt Johnson delivers newspapers and is putting away ​$17 at the...
Future value with periodic rates.  Matt Johnson delivers newspapers and is putting away ​$17 at the end of each month from his paper route collections. Matt is 12 years old and will use the money when he goes to college in 6 years. What will be the value of​ Matt's account in 6 years with his monthly payments if he is earning 5​% ​(APR), 9% ​(APR), or 13% ​(APR)? What will be the value of​ Matt's account in 6 years...
Future value with periodic rates.  Matt Johnson delivers newspapers and is putting away ​$19 at the...
Future value with periodic rates.  Matt Johnson delivers newspapers and is putting away ​$19 at the end of each month from his paper route collections. Matt is 12 years old and will use the money when he goes to college in 6 years. What will be the value of​ Matt's account in 6 years with his monthly payments if he is earning 6.5​% ​(APR), 8.5 % ​(APR), or 14.5 % ​(APR)? What will be the value of​ Matt's account in...
Matt Johnson delivers newspapers and is putting away ​$35 at the end of each quarter from...
Matt Johnson delivers newspapers and is putting away ​$35 at the end of each quarter from his paper route collections. Matt is 11 years old and will use the money when he goes to college in 7 years. What will be the value of​ Matt's account in 7 years with his quarterly payments if he is earning 7​% ​(APR), 10 % ​(APR), or 14.5 % ​(APR)? What will be the value of​ Matt's account in 7 years with his quarterly...
Sam​ Hinds, a local​ dentist, is going to remodel the dental reception area and add two...
Sam​ Hinds, a local​ dentist, is going to remodel the dental reception area and add two new workstations. He has contacted​ A-Dec, and the new equipment and cabinetry will cost $22,000. The purchase will be financed with an interest rate of 9% loan over 8 years. What will Sam have to pay for this equipment if the loan calls for semi-annual payments and monthly payments. Compare the annual cash flows of the two statements. Why does the monthly payment plan...
Intermediate 1. Multiple compounding periods: Find the future value of an investment of $2,500 made today...
Intermediate 1. Multiple compounding periods: Find the future value of an investment of $2,500 made today for the following rates and periods: a.            6.25 percent compounded semiannually for 12 years b.            7.63 percent compounded quarterly for 6 years c.            8.9 percent compounded monthly for 10 years d.            10 percent compounded daily for 3 years 2. Multiple compounding periods: Find the present value of $3,500 under each of the following rates and periods. a.            8.9% compounded monthly for five years. b.          ...
1. John invested $20,000 fifteen years ago with an insurance company that has paid him 8...
1. John invested $20,000 fifteen years ago with an insurance company that has paid him 8 percent (APR), compounded quarterly (every 3 months). How much interest did John earn over the 15 years? a. $2,416.08 b. $45,620.62 c. $24,000.00 d. $28,318.95 e. $65,620.62 2. You are running short of cash and really need to pay your tuition. A friend suggests that you check out the local title pawn shop. At the shop they offer to loan you $5,000 if you...
1. For the next 6 years, you pan to make equal quarterly deposits of $600.00 into...
1. For the next 6 years, you pan to make equal quarterly deposits of $600.00 into an account paying 8% compounded quarterly. How much will be the total you have at the end of the time? 2. How much money will you have to deposit now if you wish to have $5,000 at the end of 8 years. Interest is to be at the rate of 6% compounded semiannually? 3. In the California “Million Dollar Lottery” a winner is paid...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT