Question: If you put $ 1 , 0 0 0 in a savings account that pays interest at the rate of 4 percent, compounded annually, how

If you put $1,000 in a savings account that pays interest at the rate of 4 percent, compounded annually, how much will you have in 7 years? Round the answer to the nearest cent. Round FV-factor to three decimal places or use the Appendix A.(Hint: Use the future value formula.)
$
How much interest will you earn during the 7 years? Round the answer to the nearest cent.
$
If you put $1,000 at the end of each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after 7 years? Use the Appendix B. Round the answer to the nearest cent. Round FV-factor to three decimal places.
$

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:

On January 1, 2019 Alex deposit of $3500 into a savings account that pays interest of 8%, compounded annually. If he makes no further deposits or withdrawals, how much will Alex have in his account...

Q:

part 2, 3 plz 1 - You deposited $1,000 in a savings account that pays 8 percent interest, compounded annually. planning to use it to finish your last year in college. A year and a half later, how...

Q:

1. You deposit $2,000 in a savings account that pays 10 percent interest, compounded annually. How much will your account be worth in 15 years

Q:

on January 1, 2018, John deposited $5000 into a savings account that pays interest at 5% compounded annually. If he makes no further deposits or withdrawals, how much will John having his account on...

Q:

Chapter 4 1-Steamer Corporation makes investments of $20,000 this year, $34,000 next year, and $42,500 the following year. This form of payment represents a(n) _____. a. annuity due b. compounded...

Q:

Explain the attachment. Suppose you are estimating parameters of the following regression model: Where: Y = average starting pay at graduation, in pounds. Xx = tuition fee in 2012, in pounds. X=...

Q:

Q9 Which of the following is the best measure of the wealth of a firm's stockholders? A. The firm's Net Income during the past year B. Expected Earnings per Share during the coming year C. Book Value...

Q:

Spond I syntheh.eu/ HaC HCM 2557/dee Question Completion Status QUESTION 6 Say you were hired to do marketing for a bank. You are expected to market the great interest rates for loans and swing...

Q:

1) If Easton deposits $19,750 in a bank account that pays interest of 3.75%, compounded annually, how much will Easton have in the account after 8 years? 10pts 2) If Easton deposits $19,750 in a bank...

Q:

I don't understand, 1)If I deposit $11,000 in a bank account that pays interest of 2%, compounded annually, how much will I have in the account after 10 years? 2)If I deposit $11,000 in a bank...

Q:

ABC Company is considering purchasing new equipment that will cost $120,000. The equipment is expected to have a useful life of 5 years and will generate the following annual cash inflows: $30,000 in...

Q:

Let X have the standard normal distribution, and let Y have the t distribution with five degrees of freedom. Explain why c = 1.63 provides the largest value of the difference Pr(c

Q:

Which of the following statements is false with respect to the auditors report on internal control over financial reporting? The report will be dated as of the date of the financial statements. The...

Q:

Grouper, Inc. has budgeted direct materials purchases of $410,000 in March and $505,000 in April. The company policy is to pay for 60% of purchases in the month of purchase and the remaining 40% in...