Question: A Dillonvale, Ohio, man saved pennies for 65 years. When he finally decided to cash them in, he had roughly 8 million of them (or

A Dillonvale, Ohio, man saved pennies for 65 years. When he finally decided to cash them

in, he had roughly 8 million of them (or $80,000 worth), filling 40 trash cans. On average,

the man saved $1,230 worth of pennies a year. If he had deposited the pennies saved eachyear, at each year's end, into a savings account earning 5 percent compound annual interest,

how much would he have had in this account after 65 years of saving?

Step by Step Solution

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 Finance Questions!

4. A Dillonvale, Ohio, man saved pennies for 65 years. When he finally decided to cash em in, he had roughly 8 million of them (or $80,000 worth), filling 40 trash cans. On average, the man saved...

r 1. Amoxicillin and clavulanate potassium 300 mg p.o q8h (ordered according to dose of amoxicillin). Available is amoxicillin and clavulanate potassium for oral suspension 200 mg/28.5 mg per 5 mL....

4. A Dillonvale, Ohio, man saved pennies for 65 years. When he finally decided to cash them in, he had roughly 8 million of them (or $80,000 worth), filling 40 trash cans. On average, the man saved...

For this assignment, you will read the Electrolux and GE Appliances case study, which offers an analysis of the Electrolux?s valuation process during its acquisition of GE Appliances in August of...

-Would higher quality and more technologically advanced motorcycles open new doors to future growth? -Was it a good idea for Harley to focus more on product attributes such as quality and technology...

GUARANTEED LIKE Question 5 (15 Points) Assuming that Dahlgren is correct in that Swedish Match will receive a credit rating of BBB if it moves forward with the transaction. Answer the following: What...

For the exclusive use of A. Bennis, 2015. MH0005 0 0 7 7645065 Fra nk T. R othaermel M ichael Jano vec InterfaceRAISE (in 2010): Raising the Bar in Sustainability Consulting MR. JIM HARTZFELD walked...

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

HI GOOD AFTERNOON, IS IT POSSIBLE THAT I MAY GET SOME ASSISTANCE WITH THIS ASSIGNMENT. SEE ATTACHMENT INSTRUCTIONS ARE AS FOLLOWS: ONLY THE RELEVANT HISTORY IS IMPORTANT, IN TERMS OF A PROBLEM...

1 question! Learning Objectives & Instructions In this assignment you will analyze the proposed change in the financial policy of Swedish Match. The case is set around September 2005. During this...

A small box is held in place against a rough wall by someone pushing on it with a force directed upward at 28o above the horizontal. The coefficients of static and kinetic friction between the box...

How can you develop professionalism to be successful in the future?

Need answers for this mini case for my finance class, included are pictures for the questions The Case: Please refer to the Alan & Angel Young Mini - Case in your textbook for all client information....

A hula hoop and solid disc of equal radii are rolled, from rest and without slipping, down an incline plane. Which one will reach the bottom of the inclined plane first? Explain.

In many cases, consolidated EPS is computed based on consolidated net income and parent company shares and convertibles. However, a different process must be used for some business combinations. When...

Advance planning of an overseas business trip is, from one perspective, the most important stage of the visit. It allows the business person to acquire important information about the country to be...

When a company buys an affiliate's debt instrument from an outside party, the reciprocal balances (investment and debt, interest revenue and expense, etc.) usually do not agree. LO4