Question: Don't use Excel, type it out, show all work Your parents will give you $843 every month for 4 years starting from the last day

Don't use Excel, type it out, show all work Your parents

Don't use Excel, type it out, show all work

Your parents will give you $843 every month for 4 years starting from the last day of this month. Suppose the annual interest is 9 percent, but compounded monthly. If you saved every penny of your allowance every month, how much will you have in four years? Round your answer to FOUR decimal places. (Hint: payment period: END)

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!

1. Assuming an interest rate of 5.9 percent, what is the value of the following cash flows today? Round your answer to four decimal places. Year Cash Flow 1 $ 159 2 198 3 277 2. Your parents will...

Your parents will give you $100 every month for 4 years starting from the last day of this month. Suppose the annual interest is 6 percent, but compounded monthly. If you saved every penny of your...

Your parents will give you $243 every month for 4 years starting from the last day of this month. Suppose the annual interest is 5.2 percent, but compounded monthly. If you saved every penny of your...

See Proj3InstructionsSp15 (1).docx In this document I just need the T-Accounts to be completed on the top, They may be completed from the information on the top of the page. The bottom page under the...

Read the below article and provide feedback using the QQC (Quote, Question, Comment) Model. Quote: Select a phrase or concept from the article and share what stood out and why. Question: What...

Problem 01. Explain your answer 1. The following is from an article in the Wall Street Journal, describing events in the market for Treasury securities on the given day: "Treasury prices were mixed,...

Problem 1 Below you find mortgage rate information: Assume that the bank calculates monthly payments using 2 5 - year amortization regardless of the term the customer chooses. The "term" of the...

Case assignments must be completed with a written 1-page study on the assigned case questions in the textbook. The format requested for these assignments is based on elaborating and including two...

1.Your friend tells you he has a very simple trick for taking one-third off the time it takes to repay your mortgage: Use your Christmas bonus to make an extra payment on January 1 of each year (...

Hello, If you could check my work to see if all the following answers are correct, that would be greatly appreciated. If one of them is not correct, please provide a detailed solution so I may be...

In an e-commerce company, it is desired to report the number of sales, returns and cancellations made in the last day and week, on the basis of the digital channel reached by the customer, of the...

After reading this chapter, it should be fairly obvious why an IS professional should be able to make a business case for a given system. Why, however, is it just as important for non-IS...

Which technological advancement in ERP is critical for maintaining regulatory compliance and automated financial reporting?

Add "Viggo Mortenslet cast = new Map ( ) ;en " to the cast as the key, with value "Aragorn".