Monthly payments of $150 are paid into an annuity beginning on January 31, with a yearly interest rate of 12%, compounded monthly. Add the future values of each payment to calculate the total value of the annuity on September 1. On September 1, the value of the annuity will be $ (Round to the nearest cent.)

Monthly payments of $150 are paid into an annuity beginning on January 31, with a yearly interest rate of 12%, compounded monthly. Add the future values of each payment to calculate the total value of the annuity on September 1. On September 1, the value of the annuity will be $ (Round to the nearest cent.)

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

See similar textbooks

Similar questions

Monthly payments of $75 are paid into an annuity beginning on January 31, with a yearly interest rate of 9%, compounded monthly. Add the future values of each payment to calculate the total value of the annuity on September 1. On September 1, the value of the annuity will be $_____________?
A certain annuity pays $108 at the end of every 3 months. If the present value of the annuity is $1,200 and the accumulated amount is $2,000, determine the nominal rate.
In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the accumulated amount of the annuity. (Round your answer to the nearest cent.) $2500 annually at 7% for 10 years.
Monthly payments of $200 are paid into an annuity beginning on January 31, with a yearly interest rate of 9%, compounded monthly. Add the future values of each payment to calculate the total value of the annuity on September 1. On September 1, the value of the annuity will be $ (Round to the nearest cent.)
If $417.00 is deposited at the end of each year for 6 years into an ordinary annuity earning 4.08% interest compound semiannually, construct a balance sheet showing the interest earning during each year and the balance at the end of each year. Assume this annuity rounds the interest and balance to the nearest penny at the end of each year.
Determine the amount of the ordinary annuity at the end of the given period. (Round your final answer to two decimal places.) $800 deposited semiannually at 6.6% for 10 years.
An annuity provides for 20 annual payments. The first payment of $ 100 is made immediately and the remaining payments increase by 15 % per year. Interest is calculated at 20 % per year. Calculate the present value of the annuity
Determine the value of an ordinary annuity if $290 is deposited each month into an account earning 4.5% interest compounded monthly for 15 years.
A payment of $500 is made at the end of each month for three years to a savings account. The interest rate is 12% compounded monthly. Find the future value of the annuity
An annuity-due makes payments of $15 every other year, with the first payment beginning immediately. The annuity-due makes ten payments. The nominal annual interest rate compounded semiannually is 5%. Calculate the present value of the annuity due. a. 100.0958 O b. 93.2775 O c. 66.7310 d. 124.3700 O e. 133.4620
For the following ordinary annuity, determine the size of the periodic payment. Future Present Payment Period 12 months Conversion Value Value Term of Annuity Interest Rate 10 years Period $21,300.00 8.5% annually The payment is S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
The amount (future value) of an ordinary annuity is given. Find the periodic payment. (Round your final answer to two decimal places.) A = $18,500, and the annuity earns 6% annual interest compounded monthly for 10 years.