On September 8, Bert Sarkis started an annuity. He arranged to have $60 deducted from his end-of-month paychecks. The money would earn 7% interest compounded monthly.(a) Find the future value of the account on December 1 using an Amortization Formula. (Round your answer to the nearest cent.)$ 10280X(b) Find the future value of the account on December 1 by applying the Compound Interest Formula to each payment individually. (Round your answer to the nearest cent.)5.75X(c) Find Bert's total contribution to the account.$ 2356.176x(d) Find the total interest. (Round your answer to the nearest cent.)$ 7923.824X

(a)Deduction amount at month-end paycheck, A = $60 Interest rate = 7% compounded monthlyInterest…

On September 8, Bert Sarkis started an annuity. He arranged to have $60 deducted from his end-of-month paychecks. The money would earn 7% interest compounded monthly (a) Find the future value of the account on December 1 using an Amortization Formula. (Round your answer to the nearest cent.) $ 10260 X (b) Find the future value of the account on December 1 by applying the Compound Interest Formula to each payment individually. (Round your answer to the nearest cent.) 5.75 (c) Find Bert's total contribution to the account. $2356.176 (d) Find the total interest. (Round your answer to the nearest cent) $ 7925824

On September 8, Bert Sarkis started an annuity. He arranged to have $60 deducted from his end-of-month paychecks. The money would earn 7% interest compounded monthly (a) Find the future value of the account on December 1 using an Amortization Formula. (Round your answer to the nearest cent.) $ 10260 X (b) Find the future value of the account on December 1 by applying the Compound Interest Formula to each payment individually. (Round your answer to the nearest cent.) 5.75 (c) Find Bert's total contribution to the account. $2356.176 (d) Find the total interest. (Round your answer to the nearest cent) $ 7925824

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

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