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tatuchka [14]
3 years ago
6

Katie had a high monthly food bill before she decided to cook at home every day in order to reduce her expenses. She starts to s

ave $1,410 every year and plans to renovate her kitchen. She deposits the money in her savings account at the end of each year and earns 5% annual interest. Katie’s savings are an example of an annuity. If Katie decides to renovate her kitchen, how much would she have in her savings account at the end of eight years?

Business
1 answer:
LekaFEV [45]3 years ago
3 0

Answer: $13,464.23‬

Explanation:

Kate is saving a constant amount of $1,410 per year so indeed it is an annuity.

The amount she will have in the account after 8 years is the future value of the annuity after 8 years.

The formula is;

Future Value of Annuity = Annuity * (future value factor of annuity, 8 years, 5%)

= 1,410 * 9.5491

= 13,464.231‬

= $13,464.23‬

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Issued stock is the total number of shares issued by the company.

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Outstanding stock are the share which is held by the stockholders of the company. The treasury shares are excluded from it because these share are held by company by itself not by the stockholders.

Issued Share of the corporation = 50,000,000 share

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