1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
dem82 [27]
2 years ago
15

You want to purchase a motorcycle 4 years from now, and you plan to save $3,500 per year, beginning immediately. You will make 4

deposits in an account that pays 5.7% interest. Under these assumptions, how much will you have 4 years from today?
a.$16,112
b.$16,918
c.$17,763
d.$18,652
e.$19,584
Business
1 answer:
neonofarm [45]2 years ago
8 0

Answer:

The answer is option a). $16,111.99

Explanation:

To calculate the total amount amount you will have after 4 years, we need to sum the total amount after the end of each year for four years.

a). Total amount at the end of the first year

Total amount=Deposit+Interest

where;

Deposit=$3,500

Interest=Deposit×interest rate×number of years=3,500×(5.7/100)×1=199.5

replacing;

Total amount after the end of the first year=(3,500+199.50)=$3,699.50

b). Total amount at the end of the second year

Deposit for the second year=Total amount after end of first year+3,500

Deposit for the second year=(3,699.50+3,500)=7,199.50

Total amount at the end of the second year=Deposit+Interest

Total amount at the end of the second year=7,199.50+(7,199.50×5.7/100×1)=7,609.8715

Total amount after the end second year=$7,609.8715

c). Total amount at end of the third year

Deposit for the third year=Total amount after end of second year+3,500

Deposit for the third year=(7,609.8715+3,500)=11,109.8715

Total amount at the end of the third year=Deposit+Interest

Total amount at the end of the third year=11,109.8715+(11,109.8715×5.7/100×1)=11,743.134

Total amount for the end of the third year=$11,743.134

d). Total amount at end of fourth year

Deposit for the fourth year=Total amount at the end of the second year+3,500

Deposit for the fourth year=(11,743.134+3,500)=15,243.134

Total amount at the end of the fourth year=Deposit+Interest

Total amount at the end of the third year=15,243.134+(15,243.134×5.7/100×1)=16,111.99

Total amount for the end of the fourth year=$16,111.99

4 years from now, you will have $16,111.99

You might be interested in
Which career would benefit from an apprenticeship?
Mars2501 [29]
Arts Direction
that is the answer
hope it works
5 0
3 years ago
Read 2 more answers
Greg belongs to a society which makes very few distinctions between people and groups. This is reflected in his company, Sonata
almond37 [142]

Answer:

The correct answer is "Low on social stratification"

Explanation:

Social stratification refers to a pyramid in which are classify the persons depending on the position of the person or his family in a chain of command or social status.

3 0
3 years ago
Read 2 more answers
The net present value (NPV) method estimates how much a potential project will contribute to
lapo4ka [179]

This answer requires that we fill in the blanks

  • The net present value (NPV) method estimates how much a potential project will contribute to shareholder wealth
  • The larger the NPV,  the more value the project adds; and added value means a higher stock price.
  • The NPV calculation assumes that cash inflows can be reinvested at the project's risk-adjusted WACC
  • When the firm is considering independent projects, if the project's NPV exceeds zero the firm should accept the project.
  • When the firm is considering mutually exclusive projects, the firm should accept the project with the higher positive NPV.

What is the NPV?

In order to get the NPV we have to make the following calculations for the projects A and B.

This is calculated as

Project A

-900 + 620/1.08 + 395/1.08² + 200/1.08³ + 250/1.08⁴

= $355. 237

For the project B

We would have to perform similar calculation

Hence we would have

-900 + 620/1.08 + 395/1.08² + 200/1.08³ + 250/1.08⁴

= 378.98

From the calculations that we have done above, we can see that the value for project B is greater hence we have to choose project B.

Read more on NPV here:

brainly.com/question/17185385

#SPJ1

6 0
2 years ago
A process cost system would be appropriate for a:
Lyrx [107]
Companies that produce a continuous mass of like units through series of operations or process
5 0
1 year ago
PLEASE DON'T ANSWER IF YOU DON'T KNOW!!!
pishuonlain [190]

Answer:

State and federal prisons,country jails

8 0
3 years ago
Read 2 more answers
Other questions:
  • Television has had a positive impact on the growth of commercial sports because it
    14·1 answer
  • People who want to buy a house typically ask the bank for a ___ over a 10-to-30 year period
    12·2 answers
  • Swan Song is a spa that caters to the needs of a small percentage of highly health-conscious consumers. It offers state-of-the-a
    14·1 answer
  • None of the houses that Frank Lloyd Wright built in the Prairie Style actually stood on the prairie, though the drawings in the
    11·1 answer
  • The following is a partial unadjusted Trial Balance.
    14·1 answer
  • Which of the following are true about productive efficiency? I. All available resources are employed in production. II. Workers
    5·1 answer
  • Suppose the government increases the corporate income tax rate. this is
    14·1 answer
  • Karen Moore is a new employee with Cars R Us. One of her first responsibilities as the new HR Director is to create an incentive
    9·1 answer
  • True or False. A single working person may claim themselves as a dependent.
    10·2 answers
  • Annual inspections and planned maintenance for automotive lifts have been required in American National Safety Standards since 1
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!