Kevin deposits $1423.62 each quarter into an annuity account for his child's college fund in order...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Kevin deposits $1423.62 each quarter into an annuity account for his child's college fund in order to accumulate a future value of $85,000 in 12 years. How much of the $85,000 will Kevin ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Answer How to enter your answer (opens in new window) Amount Kevin will deposit: $ Interest earned: Formulas Keypad Keyboard Shortcuts Kevin deposits $1423.62 each quarter into an annuity account for his child's college fund in order to accumulate a future value of $85,000 in 12 years. How much of the $85,000 will Kevin ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Answer How to enter your answer (opens in new window) Amount Kevin will deposit: $ Interest earned: Formulas Keypad Keyboard Shortcuts
Expert Answer:
Related Book For
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
Posted Date:
Students also viewed these mathematics questions
-
If $500 is deposited each quarter into an account paying 8% compounded quarterly for 3 years, find the interest earned during each of the 3 years.
-
In order to accumulate $500,000 after 25 years, calculate the amounts that must be invested at the end of each year, if the invested funds earn: a. 6% compounded annually. b. 7% compounded annually....
-
An investment has a future value of $150,000 when it is held for five years at an annual investment earnings rate of 10%. What is the present value of this investment, when rounded up to the nearest...
-
Classify the following as microeconomics or macroeconomics and provide a justification for your choice. (i) The effect of changes in household saving rates on the growth rate of national income. (ii)...
-
Presented below is a partial trial balance for the Kansas Instruments Corporation at December 31, 2011. Additional information: 1. The note receivable, along with any accrued interest, is due on...
-
In Exercises 7780, determine whether each statement makes sense or does not make sense, and explain your reasoning. I added matrices of the same order by adding corresponding elements.
-
A conducting bar of width \(w=0.12 \mathrm{~m}\) and mass \(m=\) \(8.0 \mathrm{~g}\) can slide freely on two parallel conducting rails positioned at an incline of \(\theta=15^{\circ}\) (Figure...
-
The following are steps in the methodology for designing tests of controls, substantive tests of transactions, and tests of details of balances for the payroll and personnel cycle: 1. Design tests of...
-
Sub Saharan Africa: Be able to find Angola, Benin, Burundi, Burkina Faso, Chad, Cameroon, Democratic Republic of the Congo, Eritrea, Ethiopia, The Gambia, Ghana, Ivory Coast, Kenya, Madagascar, Mali,...
-
Sebastian Trains Co (ST) is a UK based rail operating company which holds three UK rail franchises. The franchises allow ST to run trains on the rail network in a particular geographical area within...
-
2. Consider the following transportation tableau. Shipping Cost Demand Point Source 3 4 Supply 1 10 9. 12 1 9. 12 15 18 1 3 8. 6. 4 9. 12 16 1 13 1 Demand 1 1 (a) Transform this balanced...
-
a) Due to how Donals has enough stock to control a corporation he must follow the liability of controlling shareholders. What is being violated is that since Donald has majority stock control he has...
-
Adrian, a fully qualified specialized registered nurse, is deaf. He relies upon an American Sign Language (ASL) interpreter to communicate with hearing individuals in the workplace. Adrian applied...
-
Therefore, how do we conceive of "supply management," and the creation of economic value? From what perspective(s) would entities, (people, companies, entrepreneurs, etc.), prefer a coordinated or an...
-
Write a matlab script 'lin_solve' to solve linear systems of algebraic equations (Ax = b) of any size N, using LU factorization method. The script should call 'lu_factor' to perform the factorization...
-
You are looking to explore the possibilities of opening a coffee shop across downtown North Bay. Before COVID-19 came into our lives, it appeared to be a solid idea and you had already begun your...
-
Sally Rice is unable to reconcile the bank balance as of January 31. Here is Sally's reconciliation. Cash balance by bank $4,388.20 Plus: NSF check 483.00 Less: Bank service charge 41.28 Adjusted...
-
The outer loop controls the number of students. Note that the inner loop of this program is always executed exactly three times, once for each day of the long weekend. Modify the code so that the...
-
An oil tanker hits a reef and begins to leak. The efforts of the workers repairing the leak cause the rate at which the oil is leaking to decrease. The oil was leaking at a rate of 31 barrels per...
-
Given y = 6400x - 18x2 - x3 / 3, Find the absolute maximum and minimum for y when (a) 0 x 50 and (b) 0 x 100
-
The Ace Parking Garage charges $5.00 for parking for 2 hours or less and $1.50 for each extra hour or part of an hour after the 2-hour minimum. The parking charges for the first 5 hours could be...
-
Demonstrate how to reduce risk through hedging and diversification.
-
Assume that the economy can experience four possible states: high growth, normal growth, recession, or depression. For each of those states, you expect the following stock market returns for the...
-
Suppose an investment pays off $800 or $1,600 with equal probability per $1,000 invested. What is the maximum leverage ratio you could have and still have enough to repay the loan in the event the...
Study smarter with the SolutionInn App