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jeka94
3 years ago
6

A company that utilizes carbon fiber 3-D printing wants to have money available two years from now to add new equipment. The com

pany currently has $650,000 in a capital account and it plans to deposit $200,000 now and another $200,000 one year from now. The total amount available in two years, provided it returns a compounded rate of 15% per year, is closest to
Business
1 answer:
Alenkinab [10]3 years ago
5 0

Answer:

Total amount available in two years is $1,354,125.

Explanation:

The total amount available in two years can be calculated as follows:

Total amount in the deposit now = Current deposit + Amount planned to be deposited = $650,000 + $200,000 = $850,000

Future value of the total amount the deposit now = Total amount in the deposit now * (1 + Annual interest rate)^Number of years the deposit used = $850,000 + (1 + 15%)^2 = $1,124,125

Future value of next year's deposit = Next year's deposit * (1 + Annual interest rate)^Number of years the deposit used = $200,000 * (1 + 15%)^1 = $230,000

Total amount available in two years = Future value of the total amount the deposit now + Future value of next year's deposit = $1,124,125 + $230,000 = $1,354,125

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