Question: Sylvia decides to put a recent $85,600 inheritance away into an investment account gaining 9.5% interest compounded monthly. How much will be in the account

Sylvia decides to put a recent $85,600 inheritance away into an investment account gaining 9.5% interest compounded monthly. How much will be in the account at the end of 10 years? Round to the nearest cent

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 Mathematics Questions!

On December 31, Hawkin's records show the following accounts. Cash Accounts Receivable $ 6,100 1,100 Supplies 4,000 Equipment 15,000 Accounts Payable 6,500 Common stock 11,900 Retained earnings,...

7.) Sylvia decides to put a recent $85,600 inheritance away into an investment account gaining 9.5% interest compounded monthly How much will be in the account at the end of 10 years? Round to the...

RETIREMENT CALCULATOR How much money can you save for retirement? In this project, we will consider three variables: annual salary, savings rate, and interest rate. 1. Wolfram Alpha can provide an...

1. A bank account that offers 10 percent of monthly compounded interest, you want to deposit $500 at the end of each month, how much money will be in your account in 54 years?\ 2.Stacy wishes to...

For each scenario, identfity the type of finanical problem, outline the formulas necessary to solve each question, and then compute the solution? 1 . A bank account that offers 1 0 percent of monthly...

9) Ms. Molly invests $10,000 in an investment that gives 8 percent interest rate compounded annually for 5 years. How much would be the total accumulated fund from this investment after this is...

Solve the following problems Question 1 The term "effective yield" used in the textbook is also known as "Annual Percentage Yield" (APY). Annual Percent Yield The Annual Percent Yield or APY is given...

Looking at the Problem 6.37 tab, I am trying to figure out how to find the Desired first year retirement income adjusted for inflation, Return on portfolio investment, and the amount needed to fund...

I've attached the question as a word file, thanks! JWCL165_c10_444-505.qxd 8/12/09 7:24 AM Page 444 10 Liabilities Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1...

The following selected account balances relate to the plant asset accounts of Karas Inc. at year-end. Additional information:1. Karas purchased $85,000 of equipment and $30,000 of land for cash in...

Q1. When amounts are correct, the accounting equation, Assets = Liabilities + Stockholders Equity, (_________ / will not) always be in balance. Similarly, Debits (_________/ will not) always equal...

How long does an appointment entity have to pay for renewal appointment before an adjusters appointment is canceled?

Using the following information, calculate the static budget, flexible budget and sales-volume variances: Actual Budget Total Revenue Total Food Cost Total Variable Labor Total Fixed Costs Guests...