Question: Bob Terwilliger received 12 345 for his services as financial
Bob Terwilliger received $ 12,345 for his services as financial consultant to the mayor’s office of his hometown of Springfield. Bob says that his consulting work was his civic duty and that he should not receive any compensation. So, he has invested his paycheck into an account paying 3.98 percent annual interest and left the account in his will to the city of Springfield on the condition that the city could not collect any money from the account for 200 years. How much money will the city receive from Bob’s generosity in 200 years?
Answer to relevant QuestionsKirk Van Houten, who has been married for 23 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30- year wedding anniversary. As sume that the cost of the ring will be $ 12,000 in 7 ...What is the accumulated sum of each of the following streams of payments? a. $ 500 a year for 10 years compounded annually at 5 percent b. $ 100 a year for 5 years compounded annually at 10 percent c. $ 35 a year for 7 ...In 20 years you’d like to have $ 250,000 to buy a vacation home, but you have only $ 30,000. At what rate must your $ 30,000 be compounded annually for it to grow to $ 250,000 in 20 years? Use a spreadsheet to calculate ...Dennis Rodman has a $ 5,000 debt balance on his Visa card that charges 12.9 percent compounded monthly. Dennis’s current minimum monthly payment is 3 percent of his debt balance, which is $ 150. How many months (round up) ...Don Draper has signed a contract that will pay him $ 80,000 at the end of each year for the next 6 years, plus an additional $ 100,000 at the end of year 6. If 8 percent is the appropriate discount rate, what is the present ...
Post your question