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Harper Lee made deposits of $900 semiannually to Mockingbird Bank, which pays 6% interest compounded semiannually. After seven years Harper made no more deposits. What will be the balance in the account eight years after the last deposit?

Harper Lee made deposits of $900 semiannually to Mockingbird Bank, which pays 6% interest compounded semiannually. After seven years Harper made no more deposits. What will be the balance in the account eight years after the last deposit?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Harper Lee made deposits of $900 semiannually to Mockingbird Bank, which pays 6% interest compounded semiannually. After seven years Harper made no more deposits. What will be the balance in the account eight years after the last deposit? (Use Tables)

Future Value of an annuity Perlod 2% 3% 4% 5% 6% 7% 8% 10% 11% 12% 13% %6 1 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 2.0200 2.0300 2.0400 2.0500 2.0600 2.0700 2.0800 2.0900 2.1000 2.1100 2.1200 2.1300 3.0604 3.0909 3.1216 3.1525 3.1836 3.2149 3.2464 3.2781 3.3100 3.3421 3.3744 3.4069 4 41216 41836 4.2465 4.3101 4.3746 4.4399 4.5061 45731 4.6410 4.7097 4.7793 4.8498 5.2040 5.3091 5.4163 5.5256 5.6371 57507 5.8666 5.9847 6.1051 6.2278 6.3528 6.4803 6.3081 6.4684 6.6330 6.8019 6.9753 71533 7.3359 75233 77156 7.9129 8.1152 8.3227 7. 7.4343 7.6625 7.8983 8.1420 8.3938 8.6540 8.9228 9.2004 9.4872 9.7833 10.0890 10.4047 8.5829 8.8923 9.2142 9.5491 9.8975 10.2598 10.6366 11.0285 11.4359 11.8594 12.2997 12.7573 6. 9.7546 10.1591 10.5828 11.0265 11.4913 11.9780 12.4876 13.0210 13.5795 14.1640 14.7757 15.4157 10 10.9497 11.4639 12.0061 12.5779 13.1808 13.8164 14.4866 15.1929 15.9374 16.7220 17.5487 18.4197 11 121687 12.8078 13.4863 14.2068 14.9716 15.7836 16.6455 17.5603 18.5312 19.5614 20.6546 21.8143 12 13.4120 14.1920 15.0258 15.9171 16.8699 17.8884 18.9771 201407 21.3843 22.7132 24.1331 25.6502 13 14.6803 15.6178 16.6268 17.7129 18.8821 201406 21.4953 22.9534 24.5227 26.2116 28.0291 29.9847 14 15.9739 17.0863 18.2919 19.5986 21.0150 22.5505 24.2149 26.0192 27.9750 30.0949 32.3926 34.8827 15 17.2934 18.5989 20.0236 21.5785 23.2759 251290 271521 29.3609 317725 34.4054 37.2797 40.4174 16 18.6392 201569 21.8245 23.6574 25.6725 27.8880 30.3243 33.0034 35.9497 39.1899 42.7533 46.6717 17 20.0120 21.7616 23.6975 25.8403 28.2128 30.8402 33.7503 36.9737 40.5447 44.5008 48.8837 53.7390 18 21.4122 23.4144 25.6454 28.1323 30.9056 33.9990 37.4503 41.3014 45.5992 50.3959 55.7497 61.7251 19 22.8405 251169 27.6712 30.5389 33.7599 37.3789 41.4463 46.0185 51.1591 56.9395 63.4397 70.7494 20 24.2973 26.8704 29.7781 33.0659 36.7855 40.9954 45.7620 511602 57.2750 64.2028 72.0524 80.9468 25 32.0302 36.4593 41.6459 47.7270 54.8644 63.2489 73.1060 84.7010 98.3471 114.4133 133.3338 155.6194 30 40.5679 47.5754 56.0849 66.4386 79.0580 94.4606 113.2833 136.3077 164.4941 199.0209 241.3327 293.1989 40 60.4017 75.4012 95.0254 120.7993 154.7616 199.6346 259.0569 3378831 442.5928 581.8260 767.0913 1013.7030 50 84.5790 1127968 152.6669 209.3470 290.3351 406.5277 573.7711 815.0853 1163.9090 1668.7710 2400.0180 3459.5010 in LO 00
Transcribed Image Text:Future Value of an annuity Perlod 2% 3% 4% 5% 6% 7% 8% 10% 11% 12% 13% %6 1 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 2.0200 2.0300 2.0400 2.0500 2.0600 2.0700 2.0800 2.0900 2.1000 2.1100 2.1200 2.1300 3.0604 3.0909 3.1216 3.1525 3.1836 3.2149 3.2464 3.2781 3.3100 3.3421 3.3744 3.4069 4 41216 41836 4.2465 4.3101 4.3746 4.4399 4.5061 45731 4.6410 4.7097 4.7793 4.8498 5.2040 5.3091 5.4163 5.5256 5.6371 57507 5.8666 5.9847 6.1051 6.2278 6.3528 6.4803 6.3081 6.4684 6.6330 6.8019 6.9753 71533 7.3359 75233 77156 7.9129 8.1152 8.3227 7. 7.4343 7.6625 7.8983 8.1420 8.3938 8.6540 8.9228 9.2004 9.4872 9.7833 10.0890 10.4047 8.5829 8.8923 9.2142 9.5491 9.8975 10.2598 10.6366 11.0285 11.4359 11.8594 12.2997 12.7573 6. 9.7546 10.1591 10.5828 11.0265 11.4913 11.9780 12.4876 13.0210 13.5795 14.1640 14.7757 15.4157 10 10.9497 11.4639 12.0061 12.5779 13.1808 13.8164 14.4866 15.1929 15.9374 16.7220 17.5487 18.4197 11 121687 12.8078 13.4863 14.2068 14.9716 15.7836 16.6455 17.5603 18.5312 19.5614 20.6546 21.8143 12 13.4120 14.1920 15.0258 15.9171 16.8699 17.8884 18.9771 201407 21.3843 22.7132 24.1331 25.6502 13 14.6803 15.6178 16.6268 17.7129 18.8821 201406 21.4953 22.9534 24.5227 26.2116 28.0291 29.9847 14 15.9739 17.0863 18.2919 19.5986 21.0150 22.5505 24.2149 26.0192 27.9750 30.0949 32.3926 34.8827 15 17.2934 18.5989 20.0236 21.5785 23.2759 251290 271521 29.3609 317725 34.4054 37.2797 40.4174 16 18.6392 201569 21.8245 23.6574 25.6725 27.8880 30.3243 33.0034 35.9497 39.1899 42.7533 46.6717 17 20.0120 21.7616 23.6975 25.8403 28.2128 30.8402 33.7503 36.9737 40.5447 44.5008 48.8837 53.7390 18 21.4122 23.4144 25.6454 28.1323 30.9056 33.9990 37.4503 41.3014 45.5992 50.3959 55.7497 61.7251 19 22.8405 251169 27.6712 30.5389 33.7599 37.3789 41.4463 46.0185 51.1591 56.9395 63.4397 70.7494 20 24.2973 26.8704 29.7781 33.0659 36.7855 40.9954 45.7620 511602 57.2750 64.2028 72.0524 80.9468 25 32.0302 36.4593 41.6459 47.7270 54.8644 63.2489 73.1060 84.7010 98.3471 114.4133 133.3338 155.6194 30 40.5679 47.5754 56.0849 66.4386 79.0580 94.4606 113.2833 136.3077 164.4941 199.0209 241.3327 293.1989 40 60.4017 75.4012 95.0254 120.7993 154.7616 199.6346 259.0569 3378831 442.5928 581.8260 767.0913 1013.7030 50 84.5790 1127968 152.6669 209.3470 290.3351 406.5277 573.7711 815.0853 1163.9090 1668.7710 2400.0180 3459.5010 in LO 00
TABLE 12.1 Future value of $1 at compound interest Perlod 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 10100 10150 10200 10300 10400 10500 10600 10700 10800 1.0900 1.1000 1.0201 1.0302 10404 10609 10816 11025 11236 13449 11664 1.1881 1.2100 1.0303 1.0457 1.0612 10927 11249 11576 11910 12250 12597 1.2950 1.3310 1.0406 1.0614 1.0824 11255 11699 1.2155 12625 1.3108 13605 1.4116 1.4641 1.0510 1.0773 11041 11593 1.2167 12763 13382 1.4026 14693 1.5386 1.6105 6. 1.0615 1.0934 11262 11941 1.2653 13401 1485 1.5007 15869 1.6771 17716 1.0721 11098 11487 12299 13159 1.4071 15036 1.6058 17138 1.8280 1.9487 1.0829 11265 11717 12668 13686 14775 15938 17182 18509 1.9926 21436 1.0937 1.1434 11951 13048 14233 15513 16895 18385 19990 2.1719 2.3579 10 1.1046 1.1605 1.2190 13439 1.4802 16289 17908 1.9672 2.1589 2.3674 25937 11 1.1157 11780 1.2434 13842 15395 17103 18983 21049 2.3316 2.5804 2.8531 12 1.1268 11960 1.2682 14258 16010 17959 2.0122 2.2522 2.5182 2.8127 3.1384 13 11381 1.2135 1.2936 14685 16651 18856 2.1329 2.4098 2.7196 3.0658 3.4523 14 1.1495 1.2318 1.3195 15126 17317 19799 2.2609 2.5785 2.9372 3.3417 3.7975 15 1.610 1.2502 13459 15580 18009 2.0789 2.3966 2.7590 3.1722 3.6425 41772 16 1.1726 1.2690 13728 16047 18730 21829 25404 2.9522 3.4259 3.9703 4.5950 17 1.1843 1.2880 1.4002 16528 19479 22920 2.6928 3.1588 3.7000 4.3276 5.0545 18 11961 13073 14282 17024 2.0258 2.4066 2.8543 3.3799 3.9960 4.7171 5.5599 19 1.2081 1.3270 1.4568 17535 21068 25270 3.0256 3.6165 4.3157 5.1417 6.159 20 1.2202 13469 1.4859 18061 2.1911 26533 3.2071 3.8697 4.6610 5.6044 67275 21 1.2324 1.3671 1.5157 18603 2.2788 27860 3.3996 4.3406 5.0338 6.1088 7.4002 22 1.2447 1.3876 1.5460 19161 2.3699 2.9253 3.6035 4.4304 5.4365 6.6586 8.1403 23 1.2572 1.4084 1.5769 19736 2.4647 3.0715 3.8197 4.7405 5.8715 7.2579 8.9543 24 1.2697 1.4295 16084 20328 25633 3.2251 40489 5.0724 6.3412 7.9111 9.8497 25 1.2824 14510 16406 2.0938 26658 3.3864 4.2919 5.4274 6.8485 8.6231 10.8347 26 1.2953 1.4727 16734 21566 27725 3.5557 4.5494 5.8074 7.3964 9.3992 11.9182 27 1.3082 1.4948 17069 22213 28834 37335 4.8223 6.2139 79881 10.2451 13.1100 28 1.3213 1.5172 17410 22879 2.9987 3.9201 5.17 6.6488 8.6271 11.1672 14.4210 29 1.3345 1.5400 17758 2.3566 3.187 4.1161 5.484 7143 9.3173 12.1722 15.8631 30 13478 1.5631 18114 24273 3.2434 4.3219 5.7435 7,6123 10.0627 13.2677 174494 Note: For more detailed tables, see your reference booklet, the Business Math Handbook.
Transcribed Image Text:TABLE 12.1 Future value of $1 at compound interest Perlod 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 10100 10150 10200 10300 10400 10500 10600 10700 10800 1.0900 1.1000 1.0201 1.0302 10404 10609 10816 11025 11236 13449 11664 1.1881 1.2100 1.0303 1.0457 1.0612 10927 11249 11576 11910 12250 12597 1.2950 1.3310 1.0406 1.0614 1.0824 11255 11699 1.2155 12625 1.3108 13605 1.4116 1.4641 1.0510 1.0773 11041 11593 1.2167 12763 13382 1.4026 14693 1.5386 1.6105 6. 1.0615 1.0934 11262 11941 1.2653 13401 1485 1.5007 15869 1.6771 17716 1.0721 11098 11487 12299 13159 1.4071 15036 1.6058 17138 1.8280 1.9487 1.0829 11265 11717 12668 13686 14775 15938 17182 18509 1.9926 21436 1.0937 1.1434 11951 13048 14233 15513 16895 18385 19990 2.1719 2.3579 10 1.1046 1.1605 1.2190 13439 1.4802 16289 17908 1.9672 2.1589 2.3674 25937 11 1.1157 11780 1.2434 13842 15395 17103 18983 21049 2.3316 2.5804 2.8531 12 1.1268 11960 1.2682 14258 16010 17959 2.0122 2.2522 2.5182 2.8127 3.1384 13 11381 1.2135 1.2936 14685 16651 18856 2.1329 2.4098 2.7196 3.0658 3.4523 14 1.1495 1.2318 1.3195 15126 17317 19799 2.2609 2.5785 2.9372 3.3417 3.7975 15 1.610 1.2502 13459 15580 18009 2.0789 2.3966 2.7590 3.1722 3.6425 41772 16 1.1726 1.2690 13728 16047 18730 21829 25404 2.9522 3.4259 3.9703 4.5950 17 1.1843 1.2880 1.4002 16528 19479 22920 2.6928 3.1588 3.7000 4.3276 5.0545 18 11961 13073 14282 17024 2.0258 2.4066 2.8543 3.3799 3.9960 4.7171 5.5599 19 1.2081 1.3270 1.4568 17535 21068 25270 3.0256 3.6165 4.3157 5.1417 6.159 20 1.2202 13469 1.4859 18061 2.1911 26533 3.2071 3.8697 4.6610 5.6044 67275 21 1.2324 1.3671 1.5157 18603 2.2788 27860 3.3996 4.3406 5.0338 6.1088 7.4002 22 1.2447 1.3876 1.5460 19161 2.3699 2.9253 3.6035 4.4304 5.4365 6.6586 8.1403 23 1.2572 1.4084 1.5769 19736 2.4647 3.0715 3.8197 4.7405 5.8715 7.2579 8.9543 24 1.2697 1.4295 16084 20328 25633 3.2251 40489 5.0724 6.3412 7.9111 9.8497 25 1.2824 14510 16406 2.0938 26658 3.3864 4.2919 5.4274 6.8485 8.6231 10.8347 26 1.2953 1.4727 16734 21566 27725 3.5557 4.5494 5.8074 7.3964 9.3992 11.9182 27 1.3082 1.4948 17069 22213 28834 37335 4.8223 6.2139 79881 10.2451 13.1100 28 1.3213 1.5172 17410 22879 2.9987 3.9201 5.17 6.6488 8.6271 11.1672 14.4210 29 1.3345 1.5400 17758 2.3566 3.187 4.1161 5.484 7143 9.3173 12.1722 15.8631 30 13478 1.5631 18114 24273 3.2434 4.3219 5.7435 7,6123 10.0627 13.2677 174494 Note: For more detailed tables, see your reference booklet, the Business Math Handbook.
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