Amishi deposited $800, at the end of each six months for 19 years in a savings account. If the account paid 8% interest, compounded semiannually, use the appropriate formula to find the future value of her account. (Round your answer to the nearest cent.) $ _____

Amishi deposited $800, at the end of each six months for 19 years in a savings account. If the account paid 8% interest, compounded semiannually, use the appropriate formula to find the future value of her account. (Round your answer to the nearest cent.) $ _____

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...

See similar textbooks

Related questions

Q: Louis is saving for his retirement by making annual end of year deposits for 30 years into a bank…

A: Future value of Annuity: It is the total value of annuity payments accumulated at a specific time…

Q: Jackie deposits GH¢200 at the beginning of each month for 5 years in an account paying nterest at 10…

A: Using excel FV function

Q: Leslie borrowed $25,000 at a rate of 6% compounded monthly (j12) for a term of 10 years. Calculate…

A: The loan is repaid in equal monthly instalments. Each instalment has interest and a portion of the…

Q: Maria's retirement fund has an accumulated amount of $50,000. If it has been earning interest at…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: A person deposited every 6 months ¢ 50,000.00 in an account that paid him 16% interest, convertible…

A: Semi-annual payment = ¢ 50,000.00 Interest rate = 16% Time Period = 20 Years

Q: Giselle wants to withdraw $7500 at the beginning of every three months for 20 years starting day of…

A: The given problem relates to retirement planning in which using the time value of money, we can…

Q: Hanna invests $8400 for 8 years and 10 months. The account earns 5% semiannually. What is n for the…

A: Basic Details: Investment = $8400 Time = 8 Years and 10 Months Interest = 5% semi Annually

Q: If Rachel obtained a business loan of $205,000.00 at 4.49% compounded semi-annually, how much should…

A: Present value of annuity Annuity is a series of equal payments at equal interval over a specified…

Q: Rachael invests $8000 for 7 years and 8 months. The account earns 12% semiannually. A) What is n…

A: Future value of present sum depends on whether it is simple interest or compounded…

Q: Amishi deposited $600, at the end of each six months for 19 years in a savings account. If the…

A: The future value (FV) represents the value of a current asset at some point in the future based on…

Q: Jane Adele deposits $1,700 in an account at the beginning of each 3-menth period for 12 years. If…

A: If the amount is deposited at end of each period, then such annuity is called ordinary annuity. If…

Q: Shelley Katz deposited $30,000 in a savings account at 5% interest compounded semiannually. At the…

A: Present value is the current worth of the future expected cash flows that an investor obtain from…

Q: Hanna invests $8400 for 8 years and 10 months. The account earns 5% semiannually. a) What is n for…

A: Basic Details: 1. Investment = $8400 2. Time = 8 years and 10 Months 3. Interest rate = 5 %…

Q: Thomas's retirement fund has an accumulated amount of $55,000. If it has been earning interest at…

A: Accumulated Value in retirement Account "FV" is $55,000 Interest rate is 2.44% Compounded monthly…

Q: Stephen deposited $1,200 at the end of every month into an RRSP for 8 years. The interest rate…

A: Amount deposited at the end of every month is $1200 Time period is 8 years Interest rate for first…

Q: Diane invested $4500 in an account that pays an annual interest rate of 3.7%, compounded monthly.…

A: Amount in the account after one year= $ 4669.35 Effective rate of interest = 3.76%

Q: A man deposits $11,000 at the beginning of each year for 10 years in an account paying 5% compounded…

A: The process of compounding involves addition of additional interest into the amount that is already…

Q: Sam deposits $800 at the end of every 6 months in an account that pays 7%, compounded semiannually.…

A: Ordinary annuity is the annuity that is paid at the end of the each period whereas the annuity due…

Q: Mr. Al Khasim deposited OMR 20,000 in a bank which offers a compound annual interest of 6%. How long…

A: Compound interest is one of the form of interest under which interest is charged on both principal…

Q: value of the investment after 5 years b) How much interest was earned

A: An annuity is the fixed amount that is deposited at a fixed interval of time over a predetermined…

Q: To attend school, Zahra deposits $600 at the end of every 6 months for five and one half years. What…

A: Given: Particulars Amount Amount(PMT) $600 Interest rate 3%

Q: Ma. Nochna Pula borrowed $10,000 at 6% annual compound interest. She agreed to repay the loan with…

A: Annual payment can be calculated using the present value of annuity formula. Present value of…

Q: On Juan’s 26th birthday, he deposited $7,500 in a retirement account. Each year thereafter he…

A: formula for future value of annuity growth: FVAG=Pr-g×1+rn-1+gnwhere,p=first paymentr=rate of…

Q: Yolanda deposited $1,800 at the end of each six months for 2 years in a savings account. If the…

A: The future value of an investment is the amount accumulated in the account after a period of time.…

Q: Alexis deposited $1,000 at the end of every month into an RRSP for 7 years. The interest rate earned…

A: Future value of annuity (FVA) is a stream of recurring cashflow compounded at specified rate.…

Q: Scott deposits $5,000 at the end of each year into an account for five years. Assuming 6% interest…

A: Given:

Q: Mrs. Parker bought a computer set for $32,000 to be paid in equal payments at the end of every 3…

A: Computer price (PV) = $ 32000 Interest rate = 8% Quarterly interest rate (r) = 8%/4 = 2% Period = 1…

Q: Brandt receives a loan of S10000 from a bank at an annual interest rate of 6% compounded monthly to…

A: Loan is contract between lender and borrower where lender provide funds to borrower that is repaid…

Q: Adam deposited $1,300 at the end of every month into an RRSP for 8 years. The interest rate earned…

A: When an investment is made, interest is earned on the deposit so made. The accumulated value of an…

Q: Sonia sets aside £125 at the start of each month in a savings scheme paying 14% p.a. compounded…

A: Compound Interest =A=P(1+rn)nt A = final amount P = initial principal balance r = interest rate n =…

Q: Kia deposited $1,200, at the beginning of each year for 30 years in a credit union account. If the…

A: The series of payments to be paid at the beginning of every period is called annuity due.

Q: Asa has invested money from the settlement of an insurance claim. She plans to withdraw $4,640 from…

A: The cash flows discussed here are a form of an annuity. To compute the value of insurance claims we…

Q: Carol

A: The basic compound interest formula A = P(1 + r/n)nt .Priincipal is $1500,t= 25 years,r=3%.

Q: Moxie Fox deposited $30,000 in a savings account at 6% interest compounded semiannually. At the…

A: As period goes on compounding interest increases with more compounding during the period.

Q: Harleen has deposited $125 at the end of each month for 13 years at 4.68% compounded monthly.…

A: Given the information in question Monthly deposit =$125 Interest rate =4.68%(monthly) ( I assume it…

Q: Lee Holmes deposited $15,300 in a new savings account at 8% interest compounded semiannually. At the…

A: Given Information: Amount deposited - $15,300 Rate of interest - 8% compounded semiannually Amount…

Q: On October 1, Lorelai made a single deposit of $12,000 into an investment account which earns…

A: In this question future value of the initial deposit is to be find out. Future value is the value of…

Q: Kia deposited $1,100, at the BEGINNING of each year for 25 years in a credit union account. If the…

A: Annuity means finite no. of payments which are same in size and made in equal intervals for the…

Q: Erica deposits $1,400 at the end of every 3 months in an RRSP that is earning 6.90% compounded…

A: Using excel NPER Function

Q: At the beginning of each year, Jerome invests $1,400 semiannually at 8% for nine years. Using the…

A: Annuity due refers to repeating payments that are made at the beginning of each period. We can…

Q: Kelsey deposited $1,100 at the end of every month into an RRSP for 6 years. The interest rate earned…

A: An RRSP is a Canadian retirement plan where money grows at a fixed rate and the final tax on this…

Q: Marissa converted an RRSP balance of $125,000 into an RRIF that will pay he $1,850 at the end of…

A: Future Value: The future value is the amount that will be received at the end of a certain period.…

Q: blake purchased an annuity that had an interest rate of 2.50% compounded semi- annually. it provided…

A: Solution- 2.50% interest rate semianually=2.52=1.25%=1.25100=1+r6-1=1+r=1.002072Monthly…

Q: Jacqueline invests $12000 for 8 years and 8 months. The account earns 11% semiannually. What is n…

A: Investment = $12000 Time of Investment = 8 Years and 8 Months Interest Rate = 11% per year…

Q: Asa has invested money from the settlement of an insurance claim. She plans to withdraw $1,560 from…

A: Using excel PV function to calculate the insurance settlement

Q: Irene makes six annual deposits of $2,000 in a savings account that pays interest at a rate of 4%…

A: Annual deposit (PMT) = $2,000 Interest rate = 4% Number of periods = 6

Question

Amishi deposited $800, at the end of each six months for 19 years in a savings account. If the account paid 8% interest, compounded semiannually, use the appropriate formula to find the future value of her account. (Round your answer to the nearest cent.)

$ _____

Video Video

Expert Solution

Step 1

The future value of an annuity is the value of a series of equal payments each period calculated at a future date.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264
Yolanda deposited $1,800 at the end of each six months for 2 years in a savings account. If the account paid 4% interest, compounded semiannually, use Table 12-1 to find the future value of her account. (Round your answer to the nearest cent.)
Yolanda deposited $1,600 at the end of each six months for 2 years in a savings account. If the account paid 8% interest, compounded semiannually, use Table 12-1 to find the future value of her account. (Round your answer to the nearest cent.) qu Need Help? Read It Watch It Master It
Kia deposited $1,100, at the BEGINNING of each year for 25 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. A. $73,441.24 B. $80,416.53 C. $86,849.86 D. $87,949.86
Kia deposited $1,300, at the BEGINNING of each year for 26 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. $95,037.72$103,940.74 $112,256.00$113,556.00
Lorna deposited $1,400, at the beginning of every six months for 13 years, in an account at her credit union. If the account paid 8% interest, compounded semiannually, use Table 12-1 from your text to find the future value of her account. $58,304.27 $62,036.44 $64,517.90 $69,954.62
At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8% compounded annually. How much is in the account today? How much would be in the account if the deposits were made at the beginning of each year (PMT Type) than at the end of each year? (Use Future Value of an Annuity
Imelda opens a savings account with $12,000, which pays an annual interest rate of 7.8%. If she reinvests the generated interest every month and also deposits $2,300 each month, how much will be in the account after 2 years? The interest is reinvested on the same day as the $2,300 deposit. Otions: 69177.89 71052.15 73548.61 70524.79
To prepare for his retirement in 13 years, Tekla deposited 10,000 in an account paying 9%. Nine years after, he deposited another 10,000. How much will be available at his retirement?* Find the simple interest earned in an account where 5,000 is on deposit from March 14, 2020 to your birthday next year at 5%. Write your birthday. Use all methods discussed.* For what rate it is possible for a deposit of 40,000 to earn 8,400 in simple interest if the money is to be left on deposit for 5½ years?* Find the principal necessary to earn 500 in simple interest if the money is to be left on deposit for 5 years and earns (A) 8.5%; (B) 8%; (c) 7.5%.* Michelle signs a note for 2,000 due in 9 months at 3%. Three months after the note is signed, the holder of the note sells it to Donita who charges 3.5%. How much does the holder receive?* Tekla owes 100 due in 5 months and 700 due in 9 months. What single payment in 6 months will discharge these obligations if the settlement is based on an interest…
Use the appropriate formula located on Illustration 10-1 on page 209 to solve the problem. Bob deposits $5000 at the end of each 6 months for 14 years in an account paying 6% interest compounded semiannually A) Find the amount he will have on deposit at maturity. B) How much interest did Bob earn? Hint: Find the total amount that was deposited by multiplying the total number deposits with amount of each deposit and then subtracting this from the future value. Show the use of the appropriate formulas for each part by indicating the evaluation of the formula with information and provide the answers. Be sure to parts using the provided letters and organize your work neatly.
At the end of every 3 months, Judy deposits $100 into an account that pays 6% compounded quarterly. After 4 years, she puts the accumulated amount into a certificate of deposit paying 7.5% compounded semiannually for 1 year. When this certificate matures, how much will Judy have accumulated? Round the answer to the nearest cent. A. $1823.20 B. $1920.96 C. $1930.25 D. $2072.31 .....
Derek will deposit $1,994.00 per year for 23.00 years into an account that earns 17.00 %, The first deposit is made next year. How much will be in the account 39.00 years from today? Submit Answer format: Currency: Round to: 2 decimal places. Atter