How much will the account be worth

Assignment Help Business Economics

Reference no: EM13837251

As a savings plan for college, the Smithfield's deposited $15,000 in an account paying 6% compounded annually when their daughter Mary was born. How much will the account be worth when Mary is 18 years old?

Reference no: EM13837251

Questions Cloud

Total interest would have been paid by end of month three : Suppose that the initial loan of $20,000 and interest rate 1.2% per month. Interest due is paid at end of each month. $10,000 of the original unpaid balance is to be repaid at the end of month two and three only. How much total interest would have be..

Find the total installment cost and annual percentage rate : A small business owner purchased an HP computer system for $14,000. After making a down payment of $2,000, he agreed to make payments of $500.00 per month for 24 months. Find (a) the total instalment cost (b) the annual percentage rate.

Find average daily balance for the credit card account : Find the average daily balance for the following credit card account. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge is interest is 1.5% per month on the average daily balance. Finall..

What periodic sinking fund payment is required : A sinking fund is established by Alliance, Inc., at 8% interest compounded semiannually to meet a financial obligation of $1,800,000 in 4 years. What periodic sinking fund payment is required every 6-months to reach the company's goal?

How much will the account be worth : As a savings plan for college, the Smithfield's deposited $15,000 in an account paying 6% compounded annually when their daughter Mary was born. How much will the account be worth when Mary is 18 years old?

Game has nash equilibrium-every player is rational : Suppose we have a game G with an epistemic background such that (1) every player has beliefs consistent with knowledge, (2) every player is rational and (3) every player knows the type of every other player. Then such a game has a Nash Equilibrium.

What is the annual effective irr of this investment : A solar panel has an installed cost of $2900, and it reduces the homeowner’s energy bill by $29 per month. The residual value of the solar panel is negligible at the end of its 11-year life. What is the annual effective IRR of this investment?

Identify data that should incorporated into cgcs new system : Identify the data that should be incorporated into CGCs new system to provide adequate planning capability. Explain why each data item it is important and the level of detail needed for the data to be useful.

Assuming no more charges on the card are mad : You owe $1000 on your credit card. The APR is 18%, compounded monthly. The credit card company indicates that your minimum payment is $18.07. If you make only the minimum mouthy payment, how long will it take for you to repay the $1000 balance (assum..

User Account

All Pages