1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
defon
3 years ago
5

Since your first​ birthday, your grandparents have been depositing $ 1 comma 000 into a savings account on every one of your bir

thdays. The account pays 6​% interest annually. Immediately after your grandparents make the deposit on your 18th​ birthday, the amount of money in your savings account will be closest​ to:
Business
1 answer:
nika2105 [10]3 years ago
3 0

Answer:

The amount of money in my savings account will be closest​ to $29,213

Explanation:

A fix Payment for a specified period of time is called annuity. The Compounding of these payment on a specified rate is known as Future value of annuity. In this question $1,000 per year payment for 18 years at 6% interest rate is also an annuity.

We can calculate the amount of saving by calculating the future value of the given annuity.

Formula for Future value of annuity  is as follow

Future value of annuity = FV = P x ( [ 1 + r ]^n - 1 ) / r

Where

P = Annual payment = $1,000

r = rate of return = 6%

n = number of years = 18 years

Placing Value in the formula

As on the 18th payment no compounding interest income is accrued yet because grandparent made it now.

Future value of annuity = FV = $1,000 + 1,000 x ( [ 1 + 6% ]^18-1 - 1 ) / 6%

Future value of annuity = FV = $1,000 + 1,000 x ( [ 1 + 0.06 ]^17 - 1 ) / 0.06

Future value of annuity = FV = $29,213

You might be interested in
At a nominal interest rate of i i convertible semiannually, an investment of 1,000 immediately and 1,500 at the end of the first
WINSTONCH [101]
At a nominal interest rate of i i convertible semiannually, an investment of 1,000 immediately and 1,500 at the end of the first year will accumulate to 2,600 at the end of the second year. Calculate i i.
8 0
2 years ago
One of the likeliest places to be involved in a property-damage only accident is?
sesenic [268]

Place your car in "park."

Defend you against approaching traffic.

When a vehicle collision occurs, it might be stressful, but it's crucial to keep in mind that your safety is always the top priority. Immediately upon being involved in a collision, keep in mind the following advice:

Verify your own health and the health of any passengers.

If you require medical asisstance or can't move your car, call "911" and follow the operator's instructions.

You should relocate to a safe area (such as the closest shoulder, the median, or the rightmost lane of the road) before exiting your car to examine the situation if it is still operational and neither you nor any of your passengers have been hurt.

to know more about property damage

brainly.com/question/4539405

#SPJ4

7 0
1 year ago
Read 2 more answers
​Apple has made a success from anticipating what consumers would want in new technological advances, convenience, and ease of us
Nady [450]

Answer:

core competency

Explanation:

Based on the information provided within the question in regards to the situation at hand it can be said that the iPad was a core competency for Apple. This term refers to the use of a company's resources and skills to create something in order to set it apart and give the company a competitive advantage in a market. Which is exactly what the iPad did for Apple.

If you have any more questions feel free to ask away at Brainly.

7 0
3 years ago
What is the type of occupation of densist​
ivann1987 [24]

Answer:

Dentist is an occupation related to dental/tooth disease.

Explanation:

It is an occupation related to dentistry which is in the field of health.

7 0
1 year ago
Why might a bank be willing to borrow funds from other banks at a higher rate than the rate at which it can borrow from the fed?
liberstina [14]
Because when a bank borrows money from the Fed it has to out toward collateral. Central banks in turn will want extra regulation, depending on the banks rep. As well as banks borrow too frequently from the Fed, resulting in the Fed restricting the ability to borrow in the future.
hope this helps!
3 0
3 years ago
Other questions:
  • Professor buchanan informed her colleagues about the various intercom systems she had investigated. she then recommended that th
    14·1 answer
  • Groupthink is defined as
    14·1 answer
  • What steps should to you take to prioritize your workload?
    9·2 answers
  • Wallyworld Company manufactures a product with the following costs per unit at the expected production level of 84,000 units: Di
    10·1 answer
  • A 2,000-kg test car, traveling 60 m/s hits a brick wall. Using motion pictures, the time involved is determined to be 0.050 s. W
    8·2 answers
  • Suppose you know a company's stock currently sells for $90 per share and the required return on the stock is 9 percent. You also
    6·1 answer
  • Which orientation, as it relates to marketing, maximizes a company's use of economies of scale?
    8·1 answer
  • Which of the following characteristics would lead theauditor to assess inherent risk relating to financial reporting at a higher
    15·1 answer
  • In the past there have been violent protests against the World Bank and the World Trade Organization. The protesters argued that
    9·1 answer
  • if beginning retained earnings balance is 1800 JD and total revenues is 9800 JD and total expenses 4600 JD and dividends 2100 JD
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!