Question: Derek will deposit $ 9 , 0 5 9 . 0 0 per year for 3 0 . 0 0 years into an account that

Derek will deposit $9,059.00 per year for 30.00 years into an account that earns 5.00%, The first deposit is made next year. How much will be in the account 33.00 years from today?

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!

Q:

2. Use the provided excel sheet Annual Deposit on Birthdays 55-64 to answer these questions: a. Frankie Figs just turned 55 years old today. He plans to retire in 10 years. He currently has $500,000...

Q:

Derek will deposit $531 per year for 18.00 years (18 deposits) into an account that earns 5% p.a.. The first deposit will be made next year. How much will be in the account 24.0 years from today?...

Q:

1- If 1500 dollars is invested in an account for 10 years. Find the value of the investment at the end of 10 years if the interest is: a) 6% compounded annually: $ b) 6% compounded semiannually: $ a)...

Q:

Exercises Show your work and write your answers on a separate piece of paper. Do not attempt to do the work in the spaces between problems. Skills 1. A friend lends you $200 for a week, which you...

Q:

1.You deposit $5000 each year into an account earning 4% interest compounded annually. How much will you have in the account in 15 years? 2. Suppose you want to have $400,000 for retirement in 35...

Q:

2. Future value functions How Excel can help you find the future value of your investments? One of the most commonly applied concepts in finance is the determination of the value of an investment in...

Q:

Please show detailed steps. Thank you! You open a savings account that pays 3.000%, compounded annually. You invest $500 at the end of the year every year for 5 years. What is it worth at the end of...

Q:

It is Corporate Finance work and I would appreciate the help 7. In 3 years you are to receive $5,000. If the current interest rate (which is 3.284%) were to suddenly decrease, the present value of...

Q:

1. What will be the approximate population of the United States, if its current population of 316 million grows at a compound rate of 2.1% annually for 25 years? 2. Assume that a gallon of milk costs...

Q:

Do 3-26 3-23 3-34 An inheritance will be $20,000. The interest rate for the time value of money is 6%. How much is the inheritance worth now, if it will be received in 5 years? in 10 years? in 20...

Q:

Draw the network diagram. Determine the normal time it will take to complete this project. Determine the critical path for the project. Calculate the cost of completing the project in normal time.

Q:

Identify the issues managers consider when they analyze organizational readiness to internationalize.

Q:

Which of the following statements is true? Group of answer choices The annual percentage rate will usually be lower than the effective annual rate. Inflation is not considered when selecting an...

Q:

2023 1040 form 1.Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent, and Claire is a flight attendant. Phillip and Claire have three dependent...