Mathematics, 18.02.2020 02:55 Stucklikechuck1703

Suppose that you invest $1000 on dec 31 of evry year , in a bank account which pays 3.5% interest, compounded annually. You make a separate $1000 deposit on the last day of each 2015, 2016, 2017 and 2018 and then tally up the total amount of money in the account right after making your deposit on De. 31, 2018.

a. How much does the Dec. 31 2015 deposit contribute to the account value as of Dec. 31, 2018?
i. How much does the Dec. 31 2016 deposit contribute to the account value as of Dec. 31, 2018?
ii. How much does the Dec. 31 2017 deposit contribute to the account value as of Dec. 31, 2018?
iii. How much does the Dec. 31 2018 deposit contribute to the account value as of Dec. 31, 2018?

b. Based on your answers in part (a), what is the total account value on Dec 31, 2018?
c. Use the formula FV formula FV= PMT(1+t)^n-1/i to verify that your answer to part (b) is correct. PMTto verify that your

Answers: 3

Show answers

Other questions on the subject: Mathematics

Mathematics, 21.06.2019 18:00, nakeytrag

Big boi and travis scott are performing at the super bowl. travis scott is 62 years younger than twice big boi’s age. the sum of their ages is 70 years old. use b to represent big boi’s age. write and solve an equation.

Answers: 1

continue

Mathematics, 21.06.2019 20:00, nails4life324

Ana drinks chocolate milk out of glasses that each holdof a liter. she has of a liter of chocolate milk in her refrigerator. 10 how many glasses of chocolate milk can she pour?

Answers: 2

continue

Mathematics, 22.06.2019 01:30, ponylover9558

5cakes cost 3.50 how much do 7 cakes cost

Answers: 2

continue

Mathematics, 22.06.2019 02:00, Kemosdasavage

What is solution for the following system of equations, 2x+8y=4 and x=-3y+5 1) x=14 y=-3 2) x=2 y=-3 3) x=-3 y=-3 4)x=12 y=5

Answers: 1

continue

You know the right answer?

Suppose that you invest $1000 on dec 31 of evry year , in a bank account which pays 3.5% interest, c...