A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $70,000. The en
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Answer:
The correct answer is 777.169.56.
Explanation:
According to the scenario, the given data are as follows:
Payment per year (PMT) = $3,000
Time (N) = 40 years
Rate of interest (R)= 8%
So, the future value of the following can be calculated by using the following formula:
Future value = PMT ×
Now, put the value of the following in the formula. then,
= 3,000 ×
= 3,000 × 259.0565
= 777,169.56
Hence, the value in the account after 40 years will be 777,169.56.