A person invests $5000 at the beginning of a year in a savings account that offers a
Question:
A person invests $5000 at the beginning of a year in a savings account that offers a return of 4.5% compounded annually. At the beginning of each subsequent year an additional $1000 is invested in the account. How much will there be in the account at the end of 10 years?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
5000 10450 10001...View the full answer
Answered By
Evans Cherono
I am an Information Technology Graduate and willing to work on any computer science or IT work to ensure I do my best all the time.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Mathematics questions
-
An individual saves $5000 in a bank account at the beginning of each year for 10 years. No further savings or withdrawals are made from the account. Determine the total amount saved if the annual...
-
A person borrows $100 000 at the beginning of a year and agrees to repay the loan in ten equal instalments at the end of each year. Interest is charged at a rate of 6% compounded annually. (a) Find...
-
The revenue of a firm (in $100 000s) at the end of each year for the next five years is listed in Table 3.30. Calculate the present value of the revenue stream if the annual discount rate is 8%....
-
The ordinary share capital of PP Ltd (a trading company) is owned 32% by QQ Ltd, 35% by RR Ltd and 23% by SS Ltd. The remaining 10% is owned by various individuals, none of whom own more than 1%. All...
-
One mole of hydrogen and dry air enter a combustion chamber at 25 8C and 1 atm and leave at 800 K. Calculate the heat transfer from the chamber for stoichiometric air. (A) 200 MJ (B) 150 MJ (C) 100...
-
On June 30, 2024, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $30,000 on March 31, 2025. The fair value of the...
-
What is the difference between a predator and a situational (accidental) fraudster?
-
(Comprehensive 2-Year Worksheet) Hobbs Co. has the following defined-benefit pension plan balances on January 1, 2010. Projected benefit obligation? ? ? ? ? ? ? ? ? ? ? ? ? ??$4,600,000 Fair value of...
-
1. Suppose that x1,. ,...,xk+1 is a circuit of length k in a graph G (x = xk+1) of length 3 or greater (k 3). Suppose as well that the circuit does not repeat edges (ie xx+1 xjxj+1 for i j). Show...
-
Jamie and Cecilia Reyes are husband and wife and file a joint return. They live at 5677 Apple Cove Road, Boise, ID 83722. Jamies social security number is 412-34-5670 (date of birth 6/15/1967) and...
-
The current extraction of a certain mineral is 12 million tonnes a year, and this is expected to fall at a constant rate of 6% each year. Estimate the current minimum level of world reserves if the...
-
A person wishes to save a regular amount at the beginning of each month in order to buy a car in 18 months time. An account offers a return of 4.8% compounded monthly. Work out the monthly savings if...
-
What is the difference between an observational study and an experiment?
-
1. The maintenance cost for equipment has been $10,000 per year for the past six years. The interest rate was 6% per year compounding monthly for the first two years, 7% for the third year, and 8%...
-
You are the manager of a monopolistically competitive firm. Your demand and total costs are represented by Demand Q = 36 4P Total cost = 4 + 4Q + Q2. 2a What is the expression for marginal revenue?...
-
Suppose the required reserve ratio is 0.20. Total bank deposits are $200 million and the bank holds $50 million in reserves. How much more money could the bank create if it does not hold excess...
-
1. Briefly explain the relationship between the quality and quantity of the fixed capital stock in a country, and that countrys ability to increase output over time.
-
What does the circular flow diagram suggest about the economic impact of business expansion initiatives?
-
The vertical displacement of a wave on a string is described by the equation y(x, t) = A sin1Bx - Ct), in which A, B, and C are positive constants. (a) Does this wave propagate in the positive or...
-
Assume a simple Keynesian depression economy with a multiplier of 4 and an initial equilibrium income of $3,000. Saving and investment equal $400, and assume full employment income is $4,000. a. What...
-
Once a year company employees are given the opportunity to join one of three pension plans: A,B.or C. Once an employee decides to join one of these plans, the employee cannot drop the plan or switch...
-
Repeat Problem 67 if the exit from room B to room R is Problem 67 A rat is placed in room for room B of the maze shown in the figure. The rat wanders from room to room until it enters one of the...
-
A company manufacturing surfboards has fixed costs of $300 per day and total costs of $5,100 per day for a daily output of 20 boards. (A) Assuming that the total cost per day C(x) is linearly related...
-
During the first quarter of the year, Coronado Industries generated sales revenue of $1260000 on sales of 60000 units of its wireless earbuds. The break-even point is 30000 units. What is the...
-
In the Depreciation Recapture Example, if Mike sells the property for $350,000, how much income would he realize?
-
What impact do leadership styles and behaviors have on team-building outcomes, and how can leaders adapt their approach to leadership to accommodate diverse team compositions, work contexts, and...
Study smarter with the SolutionInn App