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Mathematics, 09.06.2020 05:57 aredding6282
Justin and Adrienne deposited $20,000 into an investment account for 5 years. They hoped the money invested and the
money made on their investment would amount to at least $30,000 to help pay for their daughter's college tuition and
expenses. The account they chose has several benefits and fees associated with it. Every 6 months, a summary
statement is sent to Justin and Adrienne. The statement includes the amount of money either gained or lost. Below are
semiannual (twice a year) statements for a period of 5 years. In addition to the statements, the following information is
needed to complete the task:
For every statement, there is an administrative fee of $15 to cover costs such as secretarial work, office
supplies, and postage.
If there is a withdrawal made, a broker's fee is deducted from the account. The amount of the broker's fee is
2% of the transaction amount.
Using the above information, semiannual statements, register, and beginning balance, do the following:
1. Record the beginning balance and all transactions from the account statements into the register.
2. Determine the annual gain or loss as well as the overall 5-year gain or loss.
3. Determine if there is enough money in the account after 5 years to cover $30,000 of college expenses for Justin and
Adrienne's daughter.
Write a summary to defend your answer. Be sure to indicate how much money is in excess, or
the shortage that exists.
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