Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
Bartleby Related Questions Icon

Related questions

Question
Rosa Burnett needs $6,000 in three years to make the down payment on a new car. How much must she invest today if she receives 2.5% interest annually,
compounded annually?
Click the icon to view the present value of $1.00 table.
She must invest $
(Round to the nearest cent as needed.)
expand button
Transcribed Image Text:Rosa Burnett needs $6,000 in three years to make the down payment on a new car. How much must she invest today if she receives 2.5% interest annually, compounded annually? Click the icon to view the present value of $1.00 table. She must invest $ (Round to the nearest cent as needed.)
Rate per period
Periods
4%
5%
6%
8%
10%
12%
0.5%
0.99502 0.99010 0.98522 0.98039 0.97561 0.97087 0.96154 0.95238 0.94340 0.92593 0.90909 0.89286
0.99007 0.98030 0.97066 0.96117 0.95181 0.94260 0.92456 0.90703 0.89000 0.85734 0.82645 0.79719
0.98515 0.97059 0.95632 0.94232 0.92860 0.91514 0.88900 0.86384 0.83962 0.79383 0.75131 0.71178
0.98025 0.96098 0.94218 0.92385 0,90595 0.88849 0.85480 0.82270 0.79209 0.73503 0.68301 0.63552
0.97537 0.95147 0.92826 0.90573 0.88385 0.86261 0.82193 0.78353 0.74726 0.68058 0.62092 0.56743
0.97052 0.94205 0.91454 0.88797 0.86230 0.83748 0.79031 0.74622 0.70496 0.63017 0.56447 0.50663
0.96569 0.93272 0.90103 0.87056 0.84127 0.81309 0.75992 0.71068 0.66506 0.58349 0.51316 0.45235
0.96089 0.92348 0.88771 0.85349 0.82075 0.78941 0.73069 0.67684 0.62741 0.54027 0.46651 0.40388
0.95610 0.91434 0.87459 0.83676 0,80073 0.76642 0.70259 0.64461 0.59190 0.50025 0.42410 0.36061
0.95135 0.90529 0.86167 0.82035 0.78120 0.74409 0.67556 0.61391 0.55839 0.46319 0.38554 0.32197
0.94661 0.89632 0.84893 0.80426 0.76214 0.72242 0.64958 0.58468 0.52679 0.42888 0.35049 0.28748
0.94191 0.88745 0.83639 0.78849 0.74356 0.70138 0.62460 0.55684 0.49697 0.39711 0.31863 0.25668
0.93722 0.87866 0.82403 0.77303 0.72542 0.68095 0.60057 0.53032 0.46884 0.36770 0.28966 0.22917
0.93256 0.86996 0.81185 0.75788 0.70773 0.66112 0.57748 0.50507 0.44230 0.34046 0.26333 0.20462
0.92792 0.86135 0.79985 0.74301 0.69047 0.64186 0.55526 0.48102 0.41727 0.31524 0.23939 0.18270
0.92330 0.85282 0.78803 0.72845 0.67362 0.62317 0.53391 0.45811 0.39365 0.29189 0.21763 0.16312
1%
1.5%
2%
2.5%
3%
1
2
3
4.
6.
7
8
10
11
12
13
14
15
16
expand button
Transcribed Image Text:Rate per period Periods 4% 5% 6% 8% 10% 12% 0.5% 0.99502 0.99010 0.98522 0.98039 0.97561 0.97087 0.96154 0.95238 0.94340 0.92593 0.90909 0.89286 0.99007 0.98030 0.97066 0.96117 0.95181 0.94260 0.92456 0.90703 0.89000 0.85734 0.82645 0.79719 0.98515 0.97059 0.95632 0.94232 0.92860 0.91514 0.88900 0.86384 0.83962 0.79383 0.75131 0.71178 0.98025 0.96098 0.94218 0.92385 0,90595 0.88849 0.85480 0.82270 0.79209 0.73503 0.68301 0.63552 0.97537 0.95147 0.92826 0.90573 0.88385 0.86261 0.82193 0.78353 0.74726 0.68058 0.62092 0.56743 0.97052 0.94205 0.91454 0.88797 0.86230 0.83748 0.79031 0.74622 0.70496 0.63017 0.56447 0.50663 0.96569 0.93272 0.90103 0.87056 0.84127 0.81309 0.75992 0.71068 0.66506 0.58349 0.51316 0.45235 0.96089 0.92348 0.88771 0.85349 0.82075 0.78941 0.73069 0.67684 0.62741 0.54027 0.46651 0.40388 0.95610 0.91434 0.87459 0.83676 0,80073 0.76642 0.70259 0.64461 0.59190 0.50025 0.42410 0.36061 0.95135 0.90529 0.86167 0.82035 0.78120 0.74409 0.67556 0.61391 0.55839 0.46319 0.38554 0.32197 0.94661 0.89632 0.84893 0.80426 0.76214 0.72242 0.64958 0.58468 0.52679 0.42888 0.35049 0.28748 0.94191 0.88745 0.83639 0.78849 0.74356 0.70138 0.62460 0.55684 0.49697 0.39711 0.31863 0.25668 0.93722 0.87866 0.82403 0.77303 0.72542 0.68095 0.60057 0.53032 0.46884 0.36770 0.28966 0.22917 0.93256 0.86996 0.81185 0.75788 0.70773 0.66112 0.57748 0.50507 0.44230 0.34046 0.26333 0.20462 0.92792 0.86135 0.79985 0.74301 0.69047 0.64186 0.55526 0.48102 0.41727 0.31524 0.23939 0.18270 0.92330 0.85282 0.78803 0.72845 0.67362 0.62317 0.53391 0.45811 0.39365 0.29189 0.21763 0.16312 1% 1.5% 2% 2.5% 3% 1 2 3 4. 6. 7 8 10 11 12 13 14 15 16
Expert Solution
Check Mark
Step 1

Workings:

Amount required=Principal×1+ratetime$6,000=Principal×1+0.0253$6,000=Principal×1.0769Principal=$6,0001.0769=$5,572

Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:9781285595047
Author:Weil
Publisher:Cengage
Text book image
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Text book image
EBK CFIN
Finance
ISBN:9781337671743
Author:BESLEY
Publisher:CENGAGE LEARNING - CONSIGNMENT
Text book image
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning