Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text: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?
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Answer format: Currency: Round to: 2 decimal places.
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- Question 2 Compute the value in 18 years of a $2,000 deposit earning 9 percent per year. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Future Valuearrow_forwardYou deposit $2,000 in an account today earning 8% per year. Five years from today, you make another deposit. After 20 total years from today, you have $28,354.93 in the account. What was the amount of that deposit in year five? Round to the nearest dollar, use the $ symbol and comma if necessary.arrow_forwardCurrent Attempt in Progress To establish a revenue stream for your retirement, you deposit $89000 in an account with a nominal interest rate of 4.2 percent, compounding monthly, which sends you a check of $311.50 each month starting next month. After 10 years, the account value is O $89311.50 $89000 O $37380.00 O $88688.5 eTextbook and Media Save for Later Attempts: 0 of 2 used Submit Answerarrow_forward
- Please step by step solutionarrow_forwardHow long will it take $200 to double if it earns the following rates? Compounding occurs once a year. Round your answers to two decimal places. 4%. year(s) 13%. year(s) 17%. year(s) 100%. year(s)arrow_forwardYou deposit $650 in an account paying 7.8% simple interest. Find the future value of the investment after 3 years. (Round your answer to two decimal places.)arrow_forward
- How long will it take $800 to double if it earns the following rates? Compounding occurs once a year. Round your answers to two decimal places. 6%. year(s) 11%. year(s) 17%. year(s) 100%. year(s)arrow_forwardQuestionarrow_forwardOnce per year Ritchie Rich deposits an amount of $800 in an account which pays 10% interest per year, compounded annually, with additional deposits of $800 continually made at the end of the year. If B, is the balance in the account, in dollars, immediately after Ritchie makes the nth deposit, then we can write B₁ = $800. (a) Complete the table to find the following. Report to the nearest $0.01. i) the balance, B, of the account on the day immediately after the second deposit. ii) the balance, B₁, of the account on the day immediately after the third deposit. iii) the balance, B₁, of the account on the day immediately after the fourth deposit 71 (Number of deposits) 1 2 OO B= $321158.22 (b) Suppose Ritchie makes 38 deposits. What is the balance of the account on the day immediately after the 38th deposit? 0 B$29923.47 B$29123.47 B= $264031.59 B, ($) $800 $ Number O B$291234.75 (It is more than $880.) $ Number S Number Q (c) Suppose Ritchie makes 438 deposits. Which is true about the…arrow_forward
- Can you please help asaparrow_forwardDetermine the amount of money in a savings account at the end of 4 years, given an initial deposit of $13,000 and a 4 percent annual interest rate when interest is compounded: Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) a. Annually b. Semiannually c. Quarterly Future Valuearrow_forward4farrow_forward
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