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My name is Ann [436]
3 years ago
9

You are a freshman in college and are planning a trip to Europe when you graduate from college at the end of four years. You pla

n to save the following amounts annually, starting today: $650, $670, $670, and $830. If you can earn 5.70 percent annually, how much will you have at the end of four years?
Business
1 answer:
aksik [14]3 years ago
6 0

Answer:

We will have $3227 at the end of 4 years.

Explanation:

In this case we are saving money each year starting with $650 in the first year, $670 in the second. $670 in the third and $830 in the last year which means the $650 saved in the first year will earn interest for 4 years, $670 for 3 years , then $670 for 2 years and $830 for 1 year. Now we have to find out the ending amount of each payment and add them up.

Future Value = Present value*(1+Interest rate)^Number of years.

FV 1st year savings=650*(1.0570)^4=811

FV 2nd year savings= 670*(1.0570)^3=791

FV 3rd year savings = 670*(1.0570)^2=748

FV 4th year savings= 830*(1.0570)^1=877

Add them all up to find how much will we have at the end of four years

=$3227

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Explanation:

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Some of the team members took great delight in stirring the pot at team meetings. They knew just how to get each team member agi
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4 0
3 years ago
The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period:
sweet [91]

Answer:

B. $250,300.

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we add up the beginning FG and the manufactured goods

then we subtract the ending FG which represent the unsold amount

Cost Of Goods Sold

beginning Finished Goods           72,300

Cost Of Goods Manufactured <u> 246,300</u>

Total goods available for sale       318,600

ending FG                             <u>     -68,300</u>

Cost Of Goods Sold           250300

8 0
3 years ago
Read 2 more answers
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