Question: Your client placed $ 4 , 3 6 7 in a savings account today that earns an annual interest rate of 8 . 2 2

Your client placed $4,367 in a savings account today that earns an annual interest rate of 8.22 percent compounded annually. How much you will have in this account at the end of 33 years? Assume that all interest received at the end of the year is reinvested the next year. Round the answer to two 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:

Answers only please QUESTION 1 You are given the following information for Lowell, Inc. Sales240,000 Debt110,000 Dividends5,000 Equity30,000 Interest rate7% Net income16,000 Tax rate30% Assume the...

Q:

Answers only please QUESTION 1 You are given the following information for Lowell, Inc. Sales240,000 Debt110,000 Dividends5,000 Equity30,000 Interest rate7% Net income16,000 Tax rate30% Assume the...

Q:

You placed $4,568 in a savings account today that earns anannual interest rate of 5 percent compounded annually. How much you will have in this account at the end of 26years? Assume that all interest...

Q:

You deposit $1173 into a savings account which cams an annual interest rate of 2%. How much would you have after 8 years? (Enter only numbers and decimals, do not use a comma) $ Starting at age 30...

Q:

an son 27 of vered What is the PV of the following stream of cash flows assuming an interest rate of 50%? Years: 0 2 3 1 1 SO $100 S215 S152 ad out of stior on 28 Your Uncle has just tired and has...

Q:

1) John plans to buy a vacation home in 5 years from now and wants to have saved $86,216 for a down payment. How much money should he place today in a saving account that earns 9.15 percent per year...

Q:

1. Linear Regression The table below shows the value, V , of an investment (in dollars) n years after 1986. n 1 3 7 12 14 19 V 13087 13387.78 14809 16731.32 16818 17340.35 Determine the linear...

Q:

1. How much will $1,000 deposited in a savings account earning a compound annual interest rate of 6 percent be worth at the end of the following number of years? a. 3 years b. 5 years c. 10 years 2....

Q:

1. Which account below would be credited to record this transaction: purchase merchandise for resale on cred? A. Inventory B. Cash C. Accounts payable D. Accounts receivable E. None of the above 2....

Q:

8.3-8.6. Using the Finance Formulas potage 2 of 21 15. Suppose you invest $5,000 in a savings account that pays an annual interest rate of 4%. If the interest is compounded monthly, what is the...

Q:

Countdown Ltd owns and manages a large office block and classifies it as an investment property. It acquired the property on January 3, 2018 for a total cost of $18 million. It is estimated that 25%...

Q:

What is an equal-weighted average? Which average has this characteristic?

Q:

Which of the following would be capitalized and depreciated, rather than expensed? A Modification for new use B Paint job C Replacement of tires D Normal repair of engine

Q:

Discuss qualitative research designs in detail?