Davis Depot invested $12,600 in a savings account paying 4% interest on January 1, 2025, to...

 

Transcribed Image Text:

Davis Depot invested $12,600 in a savings account paying 4% interest on January 1, 2025, to accumulate funds to buy a new forklift on January 1, 2030. What amount will be in the savings account as of January 1, 2030? (For calculation purposes, use fiv decimal places as displayed in the factor table provided. Round your answer to two decimal places (e.g., 52.75).) Table 1: Future Value of a Single Amount (n) Periods 4% 5% 6% 7% 0 1.00000 1.00000 1.00000 1.00000 1 1.04000 1.05000 1.06000 1.07000 2 1.08160 1.10250 1.12360 1.14490 1.12486 1.15763 1.19102 1.22504 4 1.16986 1.21551 1.26248 1.31080 5 1.21665 1.27628 1.33823 1.40255 Savings account balance as of January 1, 2030 $ Davis Depot invested $12,600 in a savings account paying 4% interest on January 1, 2025, to accumulate funds to buy a new forklift on January 1, 2030. What amount will be in the savings account as of January 1, 2030? (For calculation purposes, use fiv decimal places as displayed in the factor table provided. Round your answer to two decimal places (e.g., 52.75).) Table 1: Future Value of a Single Amount (n) Periods 4% 5% 6% 7% 0 1.00000 1.00000 1.00000 1.00000 1 1.04000 1.05000 1.06000 1.07000 2 1.08160 1.10250 1.12360 1.14490 1.12486 1.15763 1.19102 1.22504 4 1.16986 1.21551 1.26248 1.31080 5 1.21665 1.27628 1.33823 1.40255 Savings account balance as of January 1, 2030 $