Each year on his childs birthday, Ben put $100 into a savings account that earns 5% annually;
Question:
Each year on his child’s birthday, Ben put $100 into a savings account that earns 5% annually;
a. How much would the child have at age 65?
b. What would the outcome have been had Ben started the savings account on the day of the child’s birth vs. the end of the child’s first year?
c. What accounts for the difference?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
a 4567980 b 4796379 c The differ...View the full answer
Answered By
Benish Ahmad
I'm a professional software engineer. I'm lectutrer at GCUF and I have 3 years of teaching experience. I'm looking forward to getting mostly computer science work including:
Programming fundamentals
Object oriented programming
Data structures
object oriented design and analysis
Database system
Computer networks
Discrete mathematics
Web application
I am expert in different computer languages such as C++, java, JavaScript, Sql, CSS, Python and C#. I'm also have excellent knowledge of essay writing and research. I have worked in other Freelancing website such as Fiverr and Upwork. Now I have finally decided to join the SolutionInn platform to continue with my explicit work of helping dear clients and students to achieve their academic dreams. I deliver plagiarism free work and exceptional projects on time. I am capable of working under high pressure.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Personal Finance Building Your Future
ISBN: 978-0073530659
1st edition
Authors: Robert B. Walker, Kristy P. Walker
Question Posted:
Students also viewed these Business questions
-
If you put $6,000 in a savings account that pays interest at the rate of 4 percent, compounded annually, how much will you have in 5 years? (Hint: Use the future value formula.) How much interest...
-
On January 1, 2013, Alan King decided to transfer an amount from his checking account into a savings account that later will provide $80,000 to send his son to college (four years from now). The...
-
A friend was left $50,000 by his uncle. He has decided to put it into a savings account for the next year or so. He finds there are varying interest rates at savings institutions: 43/8% compounded...
-
The binding constants for Mg2+ and Ca2+ are too similar for the species to be determined independently by titration without proper treatment. When a dilute NaOH solution is added to the tap water...
-
Mary Kate owns a building that she leases to an individual who operates a grocery store. Rent income is $10,000, and rental expenses are $6,000. On what Form 1040 schedule or schedules are the income...
-
Consider a system that has the input-output differential equation (Input-Output model) \[a_{1} y+a_{2} \dot{y}+a_{3} \ddot{y}=b_{1} u+b_{2} \dot{u},\] where the input is \(u(t)\) and output is...
-
Is the UK system of corporate governance more effective than the Sarbanes-Oxley Act in preventing company fraud?
-
On December 3, Ainge Printing purchased inventory listed at $7,400 from Craig Paper Supply. Terms of the purchase were 3/10, n/20. Ainge Printing also purchased inventory from Tippetts Ink Wholesale...
-
https://www.youtube.com/watch?v=jQbXao0mQ1M 1. Identify the cultural misunderstandings that occurred during Kenichi Takahashi's meeting with Rob, Ella, and Stephanie. Explain and support your...
-
Google is noted for its generous employee benefits. The following data reflect the number of vacation days that a sample of employees at Google have left to take before the end of the year: a....
-
You pick out a new car and the dealer is offering 0% interest for 60 months or a $4,000 cash-back bonus. Your negotiated price is $25,000. Your credit union is currently offering a special 3.5% for...
-
A decade ago, Monty purchased a 30 year, $1,000 Treasury bond. The interest rate at the time of purchase was 7%. Today, comparable bonds are paying 5%. Approximately how much could Monty sell his...
-
The highway bureau records the following numbers of accidents during the past 365 days. Does this frequency distribution cause us to reject the null hypothesis that the accidents exhibit a Poisson...
-
The U.S. Department of Agriculture (USDA) uses sample surveys to produce important economic estimates. One pilot study estimated durum wheat prices in July and in January using independent samples...
-
Home Depot is considering setting up a store in Santiago, Chile. The store requires an initial investment of 3000 million pesos for land, building and fixtures. Home Depot plans to borrow 136.5...
-
3. Forecasting of Income Statement and Balance Sheet. Fill in the 2021E (stands for 2021 forecast) numbers in Tables 1 and 2 below. Provide your detailed calculations. Use 2 decimal places for...
-
a) Calculate Financial Ratios (any 12 ratios) of year 2014 and 2013 on the basis of the Balance sheet and Income Statement? b) Using Common size and Index analysis, Evaluate the company's financial...
-
(a) For the following stage game, check whether the strategy profile given (below) is a subgame- perfect equilibrium of the game in which the stage game is repeated infinitely many times. The...
-
Find a parametric description of the line segment from the point P to the point Q. Solutions are not unique. P(1, 3), Q(-2, 6)
-
Using a graphing utility, graph y = cot -1 x.
-
Which securities market regulations deal with each of the following? a. Requires disclosure of relevant information on initial public offerings and registration with the FTC b. Created the Securities...
-
Arianna just made a fantastic investment: She purchased 400 shares in Great Gains Corporation for $21.50 per share. Yesterday the stock closed at $56.50 per share. In order to lock in her gains, she...
-
Assume you just purchased 250 shares of Home Depot at $40 per share and 50 percent of this was purchased "on the margin." Fill in the blanks to determine your contribution to this transaction: Total...
-
Discuss the dynamic organization of the cytoskeleton and its pivotal role in cellular motility, intracellular transport, and structural integrity .
-
Would you support the idea of a government issued Digital currency? Why ? and why not?
-
To protect her savings against further inflation and to help her prepare for a healthy financial future, Hanna Lind deposits $9,100 in an investment account earning 6% interest compounded quarterly....
Study smarter with the SolutionInn App