Question: Question 13 (6.66 points) How much must you deposit in an account today so that you have a balance of $ 24,280 at the end

Question 13(6.66 points)

How much must you deposit in an account today so that you have a balance of $ 24,280 at the end of 5 years if interest on the account is 16 % p.a., but with quarterly compounding?(Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

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. Journalize the following transactions in the general journal On January 1, 2018, a payment in cash for $12,000 is made for prepaying rent for the entire year 2018. On January 4, 2018, accounting...

Question 3 (6.66 points) Compute the present value of a perpetuity that pays $ 9,635 annually given a required rate of return of 10 percent per annum. (Round your answer to 2 decimal places; record...

Assume that you deposit $ 608 each year for the next 15 years into an account that pays 10 percent per annum. The first deposit will occur one year from today (that is, at t = 1) and the last deposit...

Question 11 (6.66 points) I plan to deposit $ 258 into my retirement every year for the next 25 years. The first deposit will be made today (that is, at t- O) and the last deposit will be made at the...

P Please answer the three questions above. Question 13 (6.66 points) How much must you deposit in an account today so that you have a balance of $14,115 at the end of 14 years if interest on the...

Assume that you deposit $801 each year for the next 15 years into an account that pays 13 percent per annum. The first deposit will occur one year from today (that is, at t=1 ) and the last deposit...

please answer both. Question 12 (6.66 points) Assume that you deposit $ 544 each year for the next 15 years into an account that pays 17 percent per annum. The first deposit will occur one year from...

Compute the present value of an annuity of $ 789 per year for 25 years, given a discount rate of 8 percent per annum. Assume that the first cash flow will occur one year from today (that is, at t =...

Question 10 (6.66 points) Listen Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15 year, monthly payment mortgage with an interest rate of 8.75 percent per annum. Bill is...

Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15 year, monthly payment mortgage with an interest rate of 8.75 percent per annum. Bill is thinking about refinancing his...

Question 11 (6.66 points) Listen I plan to deposit $329 into my retirement every year for the next 25 years. The first deposit will be made today (that is, at t = 0) and the last deposit will be made...

Independent random samples of n1 = n2 = n observations are to be selected from each of two binomial populations 1 and 2. If you wish to estimate the difference in the two population proportions...

Ambrose Corporation reports the following information: In liquidation, what amount of cash should each class of liabilities expect tocollect? Book Value Liquidation Value $245,000 103,000 81,000...

Regular Dividends (LO1) The statement of financial position for Knox Corp. is shown here in market value terms. There are 12,000 shares of stock outstanding. The company has declared a dividend of...

The Williams Novelty Company makes stuffed animals. Production for the remaining week in the fiscal year is to be set to make use of existing raw material inventory and contracted labor while...

If 10% interest rate per year compounded quarterly, what is the effective interest rate per quarter? Select one: a. 0.83% b. 2.5% c. 7.5% d. 5%

Inorganic phosphate inhibits the phosphatase activity, less pNP are formed when high conc. of inorganic phosphate are added. How phosphate inhibits the production of pNP and which stages of...

Identify and describe in about 300 words the top three real business industry competitors for your apple company and how your company's brand of a non existence 3D printer is positioned in comparison.

This is a dairy industry that is going into Czech Republic. Any help would be great. Country Attractiveness Assessment, you will submit a country attractiveness assessment. It should include the...

Create a 200 word summary on the Juvenile Justice System than and today. Describe The Juvenile system and provide a generalizable definition. Highlight the issues in the Juvenile system and why this...

What is a focused value stream? LO1

What are the five principles of lean thinking? LO1

Explain how lean manufacturing is able to produce small batches (low-volume products) of differing products (high variety). LO1