Question: Future value You recently won a drawing at work with a grand prize of $1,000. Being wise in the ways of finance, upon winning you

Future value You recently won a drawing at work with a grand prize of

$1,000. Being wise in the ways of finance, upon winning you immediately invest it in one of those online savings accounts that pays 3.8 %, compounded monthly. Assuming you don’t put any more in or take any more out, what would the account balance be fifteen years from now?

Step by Step Solution

★★★★★

3.43 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Principles Corporate Finance Questions!

Rachel and Tom Baker are your friends with whom you have attended the same Bible study for several years. You are a mortgage originator for the XYZ Mortgage Brokerage, Inc., and the Bakers have come...

Future value. You recently won a drawing at work with a grand prize of $1,000. Being wise in the ways of finance, upon winning you immediately invest it in one of those online savings accounts that...

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Chapter 7:7.2 #2 (p. 168) Chapter 8:8.2 #3 (p. 205) Chapter 9:9.2 #1 (p. 225) a., b., and c. (for c., only answer the adjustable rate mortgage part Chapter 7 from Personal Finance was adapted by The...

PowerPoint Assignment for BUS 401: Principles of Finance You have been asked by a manager in your organization to put together a training program explaining Net Present Value (NPV) and Future Value...

Complete the Preliminary Analysis of the financial statements for the City of Providence including the balance amounts. CITY OF PROVIDENCE, RHODE ISLAND COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal...

Hello, i need help with question 12 of Part III: Analysis of Pension and Other Post-Employment Benefit Costs(page 10 of the Case pdf) . I have uploaded the documents needed to answer this question....

Hello, i need help with question 6 of Part II: Additional Analysis of the CAFR (page 7 of the Case pdf) . I have uploaded the documents needed to answer this question. CITY OF PROVIDENCE, RHODE...

Hello, i need help with question 8 of Part II: Additional Analysis of the CAFR (page 9 of the Case pdf) . I have uploaded the documents needed to answer this question. CITY OF PROVIDENCE, RHODE...

Write a report for MYOB Group Limited, it should including: Budgets and Performance Measures 1. Look for your company's mission statement or statement that sets out the overall philosophy and...

PLEASE COMPLETE NO LATER THAN 11/04 @8am Each question(1,2,& 3) must be a minimum of 200 words. Please EXPLAIN answers in FULL detail and make answers knowledgeable based off the attached reading,...

Convert the statements to negation normal form and conjunctive normal form (CNF). Explain each step. Starting formula de Morgan distribution replace implications double negation 1. ((QP)(QT)) 2....

A manufacturer is preparing to set the price on a new action game. Demand is thought to depend on the price and is represented by the model: D = 2,000 3.5P The accounting department estimates that...

should financial institutions assume that all foreign customers and entities are higher risk?

Define collusion, and explain why you think it is difficult to detect. LO1

JLChem Corporation, a chemical manufacturing firm with changing investment opportunities, is considering a major change in dividend policy. It currently has 50 million shares outstanding and pays an...

GL Corporation, a retail firm, is making a decision on how much it should pay out to its stockholders. It has $100 million in investible funds. The following information is provided about the firm:...

InTech, a computer software firm that has never paid dividends before, is considering whether it should start doing so. This firm has a cost of equity of 22% and a cost of debt of 10% (the tax rate...

southwest tires declares a 2 for 1 stock split. the current price is $80 per share, and you own 600 shares. what is the expected share price after the split? what is your wealth before the split?...

Does TCP uses Go - Back - N or Selective Repeat or use some mechanism from both scheme?

A. Calculate the PV of $100 due in 5 years compounded daily at 12%. B. Calculate the FV of $1000 due in 3 years at 6% compounded quarterly. C. Calculate the FVA of $300 due at the end of each of the...