What has the dollar amount of each deposit

Reference no: EM13255436

For the last 10 years you have been depositing a fixed amount into your savings account. You have been doing that once a year at the beginning of each year. You now have $35,000 in your account.

What has the dollar amount of each deposit been if you've been consuming your interest, in other words, each year you've been withdrawing the accumulated interest and spending it? The annual interest rate for the last 10 years was 4%. Calculate and explain in words all calculations.

How much of the annual deposit would've been enough if you instead kept all accumulated money in the savings account each year without spending any? Calculate and explain in words all calculations.

Reference no: EM13255436

Questions Cloud

What is the best estimate of tapleys simple interest rate : Assuming that interest rates in the general economy are expected to re main at their current level, what is the best estimate of Tapley's simple interest rate onnew bonds?

Calculate gf using outside diameter of the pipe : A true centrifugal casting operation is to be performed in a horizontal configuration to make cast iron pipe sections. The sections will have a length = 42.0 in, outside diameter = 8.0 in, and a wall thickness = .50 in

Explain chlorine released from chlorofluorocarbons reacts : Chlorine released from chlorofluorocarbons (CFCs) reacts with ozone in the atmosphere to form oxygen. The proposed reactions are

Find the elf frequency at which the skin depth : ELF communication signals ( f

What has the dollar amount of each deposit : For the last 10 years you have been depositing a fixed amount into your savings account. You have been doing that once a year at the beginning of each year. You now have $35,000 in your account.

Calculate the speed of this spaceship : A spaceship of proper length 310 m takes 0.79 µs to pass an Earth observer. Determine the speed of this spaceship as measured by the Earth observer

Musculoskeletal and neurologic system : What does this mean and what could be the underlying cause of her pain and her abnormal lab values and what other assessments would be helpful?

Explain what is meant by industrial nitrogen fixation : Explain What is meant by industrial nitrogen fixation. What is produced during this process

Determine the inductance in h-m and the inductive reactance : A 60 Hz, 765 kV three-phase overhead transmission line has four ACSR 1113 kcmil 54/3 conductors per phase. Determine the 60 Hz resistance of this line in ohms per km per phase at 50o C.

User Account

All Pages