Today is your 21* birthday, and you are opening up an investment account. You plan to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Today is your 21* birthday, and you are opening up an investment account. You plan to contribute $2,000 per year on your birthday. The first contribution will be made today, and the 45", and final, contribution will be made on your 65h birthday. If you earn 10% a year on your investments, how much money will you have in the account on your 65th birthday, immediately after making your final contribution? Today is your 21* birthday, and you are opening up an investment account. You plan to contribute $2,000 per year on your birthday. The first contribution will be made today, and the 45", and final, contribution will be made on your 65h birthday. If you earn 10% a year on your investments, how much money will you have in the account on your 65th birthday, immediately after making your final contribution?
Expert Answer:
Answer rating: 100% (QA)
First Contribution 2000 on 21st birthday Final Contribution 2000 on 65th bi... View the full answer
Related Book For
Microeconomics
ISBN: 9781464146978
1st edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
Posted Date:
Students also viewed these accounting questions
-
How much money will you have in your bank account in 5 years if it pays 4% annually and you start with the following amounts. a. $5,000. b. $10,000. c. $15,000. d. $20,000.
-
How much money would you have to deposit for 5 consecutive years starting one year from now if you want to be able to withdraw P50,000 ten years from now? Assume the interest is 14% compounded...
-
How much money would you have at the end of 10 years if you made deposits of $4,000 at the end of every three months into an investment that accumulated at 9 compounded quarterly
-
Chambers Corporation purchased a piece of equipment for $36,000. It estimated a 6-year life and $6,000 salvage value. Thus, straight-line depreciation was $5,000 per year [($36,000 $6,000) 6]. At...
-
Xiang Zhu, a client of FinCorp Inc., has phoned you with a question. She has been reading a finance textbook and cannot understand how to use the binomial option pricing model to value a call option....
-
Which regression equation is best for predicting city fuel consumption? Why? Refer to the accompanying table, which was obtained using the data from 21 cars listed in Data Set 20 Car Measurements in...
-
The Wide World of Fluids article titled "A Sailing Ship without Sails,". Determine the magnitude of the total force developed by the two rotating cylinders on the Flettner "rotor-ship" due to the...
-
Apparent Weight, A 550-N physics student stands on a bathroom scale in an 850-kg (including the student) elevator that is supported by a cable. As the elevator stands moving, the scale reads 450 N....
-
Carla Vista manufactures mountain bikes. Its sales mix and contribution margin information per unit are as follows: Sales Mix Contribution Margin Destroyer 14% $130 Voyager 62% 62 Rebel 24% 48 It has...
-
Premier Consultings two consultants, Avery and Baker, can be scheduled to work for clients up to a maximum of 160 hours each over the next four weeks. A third consultant, Campbell, has some...
-
Some types of inventories (piles of sand, livestock, jewelry) represent measurement challenges for auditors. Explain how auditors can overcome these challenges and obtain reliable evidence (be...
-
Have you ever felt empowered in an organization? If so, why? And what effects, if any, did such feelings of being empowered have on your performance?
-
What is the nucleus of a cell? What does the nucleus contain?
-
A Central Appalachia 12,500 Btu, 1.2 SO 2 coal has an average price of \($60\) per ton. A mine having 7 million tons of coal has a first cost of \($42\) million. The cost of mining is \($45\) per...
-
You and a friend go to a garden shop to buy fertilizer for your new plants. Your friend says, Didnt we just learn that plants make their own organic molecules through photosynthesis? Plants shouldnt...
-
Aspirin can cure a headache, but when you pop an aspirin tablet, how does the aspirin know to go to your head rather than to your big toe?
-
ignored.) (Worth 5%) Question 3 Give a reasoned explanation as to why the outer border has 3 rounded corners unlike the inner border? (Limit your answer to 500 characters only. Any longer answers...
-
Rewrite the code of Figure 7.3 in Ada, Java, or C#. Figure 7.3: template class queue { item items [max_items]; int next_free, next_full, num_items; public: queue () : next_free (0), next_full(0),...
-
Suppose that the market demand for rose hips is given by P = 100 - Q. There are two firms, A and B, producing rose hips, each at a constant marginal and average total cost of $5. Fill in the table...
-
The graph below depicts the market for aloe vera gel. The left-hand panel depicts market demand and industry supply; the right-hand panel depicts the long-run cost curves for a representative firm in...
-
Harry is dating Sally. Because he is devastated at the thought of being dumped, he spends considerable resources making himself attractive to her: expensive haircuts, ballroom dancing classes, a gym...
-
A thermos flask is an example of isolated system. State True (T) or False (F)
-
In a closed system, mass does not remain constant. State True (T) or False (F)
-
In a reversible process, initial and final states of the system are same. State True (T) or False (F)
Study smarter with the SolutionInn App