The plan was to leave $5,000 on deposit in a savings account for 15 years at 6.5

Question:

The plan was to leave $5,000 on deposit in a savings account for 15 years at 6.5 percent interest compounded annually. It became necessary to withdraw

$1,500 at the end of the fifth year. How much will be on deposit at the end of the 15-year period?

a. $11,359

b. $9,359

c. $12,043

d. $10,043

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Principles Of Engineering Economic Analysis

ISBN: 9781118163832

6th Edition

Authors: John A. White, Kenneth E. Case, David B. Pratt

See More Books

Question Posted: Mar 26, 2024 01:02 AM

See More Questions

The plan was to leave $5,000 on deposit in a savings account for 15 years at 6.5% interest compounded annually. It became necessary to withdraw $1,500 at the end of the 5th year. How much will be on...
On January 1, 2014, you plan to take a trip around the world upon graduation four years from now. Your grandmother wants to deposit sufficient funds for this trip in a savings account for you. On the...
On January 1, 2013, you plan to take a trip around the world upon graduation four years from now. Your grandmother wants to deposit sufficient funds for this trip in a savings account for you. On the...
In Exercises 1 through 14, compute the indicated values of the given function. f(x) = 3x 2 + 5x 2; f(0), f(2), f(1)
In 2017 the Moncrief Company purchased from Jim Lester the right to be the sole distributor in the western states of a product called Zelenex. In payment, Moncrief agreed to pay Lester 20% of the...
What are the advantages and disadvantages of a currency board over a monetary policy that just uses an exchange-rate target?
Taj Mahabub was the founder and CEO of GenAudio, a Colorado-based audio technology company. GenAudio had struggled financially practically since its formation, and Mahabub wished to secure a...
Intangible Amortization Presented below is selected information for Palmiero Company. 1. Palmiero purchased a patent from Vania Co. for $1,500,000 on January 1, 2008. The patent is being amortized...
If the input is 3210, what is output? Start x = Get next input TRUE x>0 Put 2 x to output FALSE Put to output End
A child receives $$100$,000 as a gift, which is deposited in a bank account earning 6 percent compounded semiannually. If $$5$,000 is withdrawn at the end of each half year, how long will the...
A deposit of $3,000 is made in a savings account that pays 7.5 percent interest compounded annually. How much money will be available to the depositor at the end of 16 years? a. $8,877 b. $10,258 c....
Data Set 11 in Appendix B includes a sample of 21 red M&Ms with weights having a mean of 0.9097 g and a standard deviation of 0.0275 g. The data set also includes a sample of 8 orange M&Ms with...
In The Big Short: Inside the Doomsday Machine Michael Lewis writes a credit default swap was confusing mainly because it wasnt really a swap at all. It was an insurance policy, typically on a...
Christine Law is the Chief Investment Officer for Elite Investment Company. She is now calculating the equity value of Rays Food Company. In 2018, Elite paid a dividend of $5 per share. By 2022, that...
Would you personally rather participate in a profit sharing plan or a gainsharing plan? Why?
What is a currency swap?
Do you think that organizations should provide more rights or fewer rights to employees than those listed in the chapter? If more, what would you add? If fewer, which rights do you think are...
A pistoncylinder device, with a set of stops on the top, initially contains 3 kg of air at 200 kPa and 27C. Heat is now transferred to the air, and the piston rises until it hits the stops, at which...
1. As a general strategy, would you recommend that Carl take an aggressive approach to capacity expansion or more of a wait-and-see approach? 2. Should Carl go with the option for one facility that...
3 Two point charges A and B each have a charge of +6.4 x 10-19 C. They are separated in a vacuum by a distance of 12.0m, as shown in Fig. 17.5. +6.4 x 10-19 CA P Fig. 17.5 3.0 m 12.0 B +6.4 x 10-19 C...
why is stakeholder analysis so important in change management? When involving stakeholders, Fundamental strategic change requires direct and continuous involvement of the executive level of the...
What ethical considerations arise in the practice of literary criticism, particularly concerning issues of representation, cultural appropriation, and the responsibilities of critics in shaping...

The plan was to leave $5,000 on deposit in a savings account for 15 years at 6.5

Question:

Step by Step Answer:

Principles Of Engineering Economic Analysis

Students also viewed these Business questions