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Goshia [24]
3 years ago
5

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
Business
1 answer:
Andreyy893 years ago
8 0

Answer:

You will have $16,111.99

Explanation:

a) Data and Calculations:

Annual savings $3,500

Years = 4

Interest rate = 5.7%

Future value using finance calculator:

FV (Future Value) $16,111.99

PV (Present Value) $12,907.71

N (Number of Periods) 4.000

I/Y (Interest Rate) 5.700%

PMT (Periodic Payment) $3,500.00

Starting Investment $0.00

Total Principal $14,000.00

Total Interest $2,111.99

b) Your annual savings of $3,500 with 4 deposits will have a future value of $16,111.99 compounded at 5.7% for 4 years with a total principal of $14,000 ($3,500 * 4).

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Assume that Mahmood Corp. lends Ahmad $10,000 in exchange for a $10,000,
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2) Dr Notes receivable 10,515.42

         Cr Cash 10,000

         Cr Discount on notes receivable 515.42

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January 2, 2021       -$10,000                             $10,515.42

January 2, 2022       $1,000        $171.81            $10,343.61

January 2, 2023       $1,000        $171.81             $10,171.80    

January 2, 2024       $11,000       $171.80                  $0

4) December 31, accrued interest on notes receivable

Dr Interest receivable 1,000

Dr Discount on notes receivable 171.81

      Cr Interest revenue 1,171.81

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