Question

Derek can deposit $297.00 per month for the next 10 years into an account at Bank...

Derek can deposit $297.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 13.00% and compounds interest monthly. Derek can deposit $2,551.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years?

Category

Prior year

Current year

Accounts payable

41,400

45,000

Accounts receivable

115,200

122,400

Accruals

16,200

13,500

Additional paid in capital

200,000

216,660

Cash

???

???

Common Stock @ par value

37,600

42,000

COGS

131,400

179,694.00

Depreciation expense

21,600

23,798.00

Interest expense

16,200

16,724.00

Inventories

111,600

115,200

Long-term debt

135,000

138,868.00

Net fixed assets

378,728.00

399,600

Notes payable

59,400

64,800

Operating expenses (excl. depr.)

50,400

66,310.00

Retained earnings

122,400

136,800

Sales

255,600

336,945.00

Taxes

9,900

18,503.00

What is the current year's return on equity (ROE)?

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