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ASHA 777 [7]
3 years ago
15

A company deposits $2,378 in a bank at the end of every year for 10 years. The company makes no deposits during the subsequent 5

years. If the bank pays 10% interest, how much would be in the account at the end of 15 years?
Business
1 answer:
anygoal [31]3 years ago
7 0

Answer:

Final Value= $61,037.04

Explanation:

Giving the following information:

Investment= $2,378 in a bank at the end of every year for 10 years.

The company makes no deposits during the subsequent 5 years.

Interest rate= 10%

First, we need to calculate the first 10 years.

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {2,378*[(1.1^10)-1]} / 0.1

FV= $37,899.20

Now, the 5 years:

FV= PV*(1+i)^n

FV= 37,899.2*(1.1^5)

FV= $61,037.04

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Explanation:

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  Conversion  

   

"Units transferred to the next department 7.900  

Ending work in process:    

 Conversion:    

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Complete to conversion costs End  35%  1.750  

  Equivalent units of production   9.650  

6 0
3 years ago
Angelo's father says he's going to "live off his Social Security" once he's ready to retire. What is Social Security, and how do
Orlov [11]

Social Security is a program and agency that provides benefits. Angelo's father can apply for the benefits for retirement to receive an income every month after he retires.

In the United States, the Social Security Agency provides benefits to citizens, these benefits are indirectly paid by citizens through taxes. This includes:

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When Angelo's father refers to Social Security, he is likely referring to the benefits for retirement the Social Security Agency provides. This is a great benefit because Angelo and his family will receive money every month that will replace his wage as a worker.

This means he can use this benefit to pay for basic expenses such as housing, food, education, etc. without being an active worker.

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5 0
2 years ago
In December of Year 4, John (a cash-basis taxpayer) received a $2,000 payment from Tom who signed a year's lease to rent John's
larisa86 [58]

Answer:

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6 0
3 years ago
Tammy's take-home pay is $800 a month. 7% of her take-home pay is spent on her cell phone bill. how much is tammy's monthly cell
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Pretty sure its $56. Hope that helps
3 0
3 years ago
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goldfiish [28.3K]

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