Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you deposit $1,400 at the end of each year into an

You deposit $1,400 at the end of each year into an account paying 9.6 percent interest....

50.1K

Verified Solution

Question

Finance

You deposit $1,400 at the end of each year into an accountpaying 9.6 percent interest. Required: (a) How much money will youhave in the account in 21 years? (b) How much will you have if youmake deposits for 42 years?

Required:
(a)How much money will you have in the account in 21 years?
(Click to select)85,388.68, 75,777.74, 34,890.73, 29,400.00,96,359.47

(b)

How much will you have if you make deposits for 42 years?

click to select) 895,737.24, 58,800.00, 504,294.66, 670,747.19,93,237.69

Answer & Explanation Solved by verified expert
4.4 Ratings (770 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

You deposit $1,400 at the end of each year into an accountpaying 9.6 percent interest. Required: (a) How much money will youhave in the account in 21 years? (b) How much will you have if youmake deposits for 42 years?Required:(a)How much money will you have in the account in 21 years?(Click to select)85,388.68, 75,777.74, 34,890.73, 29,400.00,96,359.47(b)How much will you have if you make deposits for 42 years?click to select) 895,737.24, 58,800.00, 504,294.66, 670,747.19,93,237.69

Other questions asked by students

Q

How much interest (to the nearest dollar) would be saved on the following loan if the...

Finance
Q

You have a bag of 10 marbles that has 6 blue ones and 4 red ones. 1.What...

Basic Math
Q

Which way would a capacitor start motor rotate if the centrifual switch was stuck open? Which motor...

Electrical Engineering
Q

Why are companies that implement the principles of conscious capitalism viewed as more ethical than their...

General Management
Q

A 150 resistor a 10 F capacitor and a 0 1 H inductor are connected...

Physics
Q

Jorce on charge or current AU shaped wire of mass m and length is immersed...

Physics
Q

Find the period y 2 tan x Graph the function HMS 212 WAN Need Help...

Geometry
Q

Round to 3 significant figures.1.235

Calculus
Q

Find parametric equations and a parameter interval for the motion of a 2 particle that...

Calculus
Q

_____________ is a true statement. * that direct costs cannot be identified specifically with a...

Accounting
Q

The Comprehensive Income and Other Income Statement provides information to investors and creditors that can...

Accounting
Q

If there are pay differences between men and women, discrimination has been given as one...

Accounting