Question

When you were born, your dear old Aunt Minnie promised to deposit $807 into a savings...

When you were born, your dear old Aunt Minnie promised to deposit $807 into a savings account bearing a 14% compounded annual rate (EAR) on each birthday, beginning with your first. You have just turned 21 and want the dough. However, it turns out that dear old (forgetful) Aunt Minnie made no deposits on your 2th and 10th birthdays. How much is in the account right now?
Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

SOLVED WITH EQUATIONS = FORMULAS

NO EXCEL FUNCTION IS USED

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
when you were born your dear old Aunt Minnie promised to deposit OMR 500 into a...
when you were born your dear old Aunt Minnie promised to deposit OMR 500 into a savings account bearing a 5% compounded annual rate on each birthday. beginning with your first . you have just turned 21 and want the dough. however it turns out that dear old (forgetful) aunt minnie made no deposits on your fifth and eleventh birthdays. how much is in the account right now ? a- omr 16,768.19 b-21,000.00 c-10,500.00 d-17,859.63 e-15,953.74
Dear Aunt Minnie was determined that you should go to college, so when you were born,...
Dear Aunt Minnie was determined that you should go to college, so when you were born, she decided that on each of your birthdays she would invest $4,000 into an account paying 6% interest. On your 10th birthday, she was short on money and was unable to invest the $4,000 that year. She faithfully invested the $4,000 on all of your other birthdays. You just turned 18 today and Aunt Minnie made her last investment of $4,000. She then tells...
When you were born, your Grandma started a savings plan for you. The plan has an...
When you were born, your Grandma started a savings plan for you. The plan has an interest rate of 7% compounded monthly and the terms of the savings plan stated that she was to make payments on your birthday each year – including the year that you were born. The contract states that you cannot withdraw the money until your 25th birthday. If Grandma makes the deposit on your 25th birthday and you are able to withdraw $55,320.65, how much...
Your grandmother deposited $1,000 into an account for you when you were born, and on each...
Your grandmother deposited $1,000 into an account for you when you were born, and on each birthday ever since. Interest rates are 4%. (8 pt.s) How much will be in the account on your 21st birthday? If your grandmother forgot to make a deposit when you turned 16, how much will be in the account when you turn 21? If a $100 zero coupon bond is sold with a 6 month maturity and a 3.5% yield, how much would it...
1. You have just turned 23 years old. Your aunt gave you $ 1,000 for your...
1. You have just turned 23 years old. Your aunt gave you $ 1,000 for your birthday. You will use the money to open a bank account. The account has a quarterly return of 12 percent. How much do you expect to have in the account on your 65th birthday? explain process Step by Step?
Your uncle deposited $5,000 into an account for you when you were born, $5,000 more when...
Your uncle deposited $5,000 into an account for you when you were born, $5,000 more when you turned six, and $5,000 more when you turned twelve. How much will be in the account on your 21st birthday if interest rates are 6%?
Say a bank has a scheme where you can deposit $5,000 a year starting on the...
Say a bank has a scheme where you can deposit $5,000 a year starting on the day your granddaughter is born till the day she turns 21 years old (22 deposits). For doing this the bank is ready to pay your grand daughter $3,000 on her 22nd birthday, and increase the amount by $2,000 every year till she turns 60. What rate of return per year compounded yearly did the bank pay for the deposits? Around 2% Around 5% Around...
You are considering two different strategies for a savings account that you intend to close when...
You are considering two different strategies for a savings account that you intend to close when you retire exactly 29 years from today. For Strategy 1, deposit $1,750 per quarter for 8 years (first deposit today; last one exactly 8 years from today); no new deposits will be made after the end of the deposit period, but interest continues to accrue until the account is closed. For Strategy 2, you’ll make your first quarterly deposit exactly 8 years from today,...
You are considering two different strategies for a savings account that you intend to close when...
You are considering two different strategies for a savings account that you intend to close when you retire exactly 29 years from today. For Strategy 1, deposit $1,750 per quarter for 8 years (first deposit today; last one exactly 8 years from today); no new deposits will be made after the end of the deposit period, but interest continues to accrue until the account is closed. For Strategy 2, you’ll make your first quarterly deposit exactly 8 years from today,...
You are considering two different strategies for a savings account that you intend to close when...
You are considering two different strategies for a savings account that you intend to close when you retire exactly 29 years from today. For Strategy 1, deposit $1,750 per quarter for 8 years (first deposit today; last one exactly 8 years from today); no new deposits will be made after the end of the deposit period, but interest continues to accrue until the account is closed. For Strategy 2, you’ll make your first quarterly deposit exactly 8 years from today,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT