What is the future worth of a series of equal year-end deposits of $3,000 for 15 years
Question:
What is the future worth of a series of equal year-end deposits of $3,000 for 15 years in a savings account that earns 9% annual interest if the following were true?
(a) All deposits are made at the end of each year?
(b) All deposits are made at the beginning of each year?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
a With deposits made at ...View the full answer
Answered By
Rashul Chutani
I have been associated with the area of Computer Science for long. At my university, I have taught students various Computer Science Courses like Data Structures, Algorithms, Theory of Computation, Digital Logic, System Design, and Machine Learning. I also write answers to questions posted by students in the area of and around Computer Science.
I am highly fortunate to receive great feedback on my teaching skills that keeps me motivated. Once a student sent me an email stating that I had explained to him a concept better than his professor did.
I believe in the fact that "Teaching is the best way to learn". I am highly fascinated by the way technology nowadays is solving real-world problems and try to contribute my bit to the same.
Besides tutoring, I am a researcher at the Indian Institute of Technology. My present works are in the area of Text Summarization and Signal and Systems.
Some of my achievements include clearing JEE Advanced with an All India Rank of 306 out of 1.5 million contesting candidates and being the Department Ranker 1 at my University in the Department of Computer Science and Engineering.
I look forward to providing the best Tutoring Experience I can, to the student I teach.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
What is the future worth of a series of equal year-end deposits of $2,000 for 15 years in a savings account that earns 8% annual interest if the following were true? (a) All deposits are made at the...
-
What is the future worth of a series of equal end-of-month payments of $1,500 if the series extends over a period of eight years at 9% interest compounded at the given intervals? (a) Quarterly (b)...
-
What is the future worth of a series of equal yearly deposits of $5,000 for 7 years in a savings account that earns 5% annual compound interest if (a) All deposits are made at the end of each year?...
-
Calculate the anion gap for a 58 year old insulin dependent diabetic woman who is admitted to the emergency room in a comatose state Na-135mmol/L K= 3.5 mmol/L CI-102 mmol/L HCO3-= 15mmol/L. Include...
-
Find a study that includes an emotion like depression or happiness as one of the measured variables. Explain how the researchers measured that emotion. Discuss whether the method of measurement is...
-
At December 31, 2016, certain accounts included in the property, plant, and equipment section of Golden Corporation's statement of financial position had the following balance:...
-
The weights of checked bags on flights between San Francisco and Atlanta. State whether the data described are discrete or continuous and explain why?
-
In Problem 2-6, the Colonial House Furniture Company has investigated the manufacturing process to identify potential improvements that would improve quality. The company has identified four...
-
7. Draw the Gantt chart and calculate average waiting time for the following processes using round robin scheduling with time quantum-4. [The information of the processes are given in the image. Draw...
-
Jimmy owns a garden in which he has planted N trees in a row. After a few years, the trees have grown up and now they have different heights. Jimmy pays much attention to the aesthetics of his...
-
You are paying into a mutual fund that earns 6% compound interest. If you are making an annual contribution of $10,000, how much will be in the funds in 20 years?
-
How much invested now at 8% would be just sufficient to provide three payments. with the first payment in the amount of $9,000 occurring two years hence, then $6,000 five years hence, and finally...
-
Diagonalize the matrices, if possible. The eigenvalues are as follows: (11) = 1, 2, 3; (12) = 1, 4; (13) = 5, 1; (14) = 3, 4; (15) = 3, 1; (16) = 2, 1. 0 -4-6 -1 0-3 12 5
-
Discuss the impact of CPP contributions on an employee's net taxable income and how the transition from the first to the second contribution and reaching the annual maximum contribution will impact...
-
The stock is priced at $165.13/share (non-dividend). The expirations are August 21 and October 16 and the continuously compounded interest rates are 5.35% and 5.71%, respectively. The options are...
-
What is the company's 2021 current ratio?
-
Discuss the use of pallets in a shipping system. What considerations must be taken when deciding whether or not a pallet is required for a specific shipment of boxes? What considerations must be made...
-
Read the Google Terms of Service (GTOS) document thoroughly! GTOS is linked on the Contract Assignment/Exercise page on Moodle and above in this message. Please answer each question about Tiffany...
-
What is the value of the global retail development index?
-
Graph the following conic sections, labeling vertices, foci, directrices, and asymptotes (if they exist). Give the eccentricity of the curve. Use a graphing utility to check your work. 10 5 + 2 cos 0
-
What will be the amount accumulated by each of these present investments? (a) $7,890 in 10 years at 9% compounded semiannually. (b) $4,500 in 15 years at 8% compounded quarterly. (c) $29,800 in 7...
-
If your credit card calculates interest based on 13.90% APR, compounded monthly, (a) What are your monthly interest rate and annual effective interest rate? (b) If your current outstanding balance is...
-
How many years will it take an investment to triple if the interest rate is 6% compounded at the given intervals? (a) Quarterly (b) Monthly (c) Continuously
-
Solve the equation. Check the solution. -8x=-16
-
The bonds issued by United Corp. bear a coupon of 4 percent, payable semiannually. The bond matures in 18 years and has a $1,000 face value. Currently, the bond sells at $991. The yield to maturity...
-
What is the Net Present Value of the following cash flow streams at an interest rate of 8.25%: at year 0: $0; year 1: $75; year 2: $225; year 3: $0; and year 4: $300. $
Study smarter with the SolutionInn App