One year ago, JK Mfg. deposited $20,500 in an investment account for the purpose of buying new equipment four years from today.
1 answer:
Answer:
$52,647.60 will be available when the company is ready to purchase the equipment
Explanation:
Given:
Amount deposited in the account in the previous year = $20,500
Amount deposited in the current year = $15,000
Amount deposited in the next year = $10,000
Amount deposited last year will yield interest for 5 years. Amount deposited today will yield interest for 4 years and the one deposited next year will yield interest for three years.
Amount available in the fifth year =
=24,347.57 + 17,212.85 + 11,087.18
=$52,647.360
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