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2 years ago

WHEN LOIS MARTIN WAS BORN, HER FATHER DEPOSITED $2000 IN A SAVINGS

1 answer:

7 0

The future value of the savings account, after 18 years when it was withdrawn to help pay for Lois Martin's college expenses, would be <u>$5,816.85</u>.

<h3>How are the future values determined?</h3>

The future values of the savings account are calculated in two installments.

The first installment is for 10 years when the account earns 6% compounded semiannually.

Using the future value after 10 years, the second installment is for 8 years when the account earns 6% compounded quarterly.

Future values can be determined using the future value formula or an online finance calculator, as follows:

<h3>Data and Calculations:</h3><h3>Investment of $2,000 for 10 years:</h3>

N (# of periods) = 20 (10 years x 2)

I/Y (Interest per year) = 6%

PV (Present Value) = $2,000

PMT (Periodic Payment) = $0

<u>Results:</u>

FV = $3,612.22

Total Interest $1,612.22

<h3>Investment of $3,612.22 for 8 years:</h3>

N (# of periods) = 32 (8 years x 4)

I/Y (Interest per year) = 6%

PV (Present Value) = $3,612.22 ($2,000 + $1,612.22)

PMT (Periodic Payment) = $0

<u>Results:</u>

FV = $5,816.85

Total Interest $2,204.63

Thus, the value of the account after 18 years was <u>$5,816.85</u>.

Learn more about future values at brainly.com/question/989421

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