What is the amount of the annual deposit

Assignment Help Financial Accounting

Reference no: EM131260914

Compute the PMT for annual deposit

You want to have $75,000 in your savings account 12 years form now, and you've prepared to make equal annual deposits into the account at the end of each year. If the account pays 6.8 percent interest, what amount must you deposit each year?

What is the amount of the annual Deposit?

Reference no: EM131260914

Questions Cloud

Introduction to governmental and not for profit accounting : What are the proper journal entries to the following question: The city reduces tax bills by $60,000 based on taxpayer appeals of property value assessments, and taxpayers deduct $30,000 in discounts for early payment of bills. As a result, the city'..

Asset disposal-entry affect the accounting equation : Assume that Gonzalez Company purchased an asset on January 1, 2014, for $53,200. The asset had an estimated life of six years and an estimated residual value of $5,320. The company used the straight-line method to depreciate the asset. On July 1, 201..

Straight-line and units-of-production methods : Straight-Line and Units-of-Production Methods. Assume that Sample Company purchased factory equipment on January 1, 2016, for $60,000. The equipment has an estimated life of five years and an estimated residual value of $6,000. Calculate the deprecia..

Universal rule for achieving internal control over cash : Properly designed internal control will permit the same employee to: Which of the following is not a universal rule for achieving internal control over cash? Which of the following is not a control that generally is established over cash receipts?

What is the amount of the annual deposit : You want to have $75,000 in your savings account 12 years form now, and you've prepared to make equal annual deposits into the account at the end of each year. If the account pays 6.8 percent interest, what amount must you deposit each year? What is ..

Compute the unit product cost for one barbecue grill : Chuck Wagon Grills, Inc., makes a single product—a handmade specialty barbecue grill that it sells for $210. Data for last year’s operations follow: Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill..

What is the acquisition cost of each asset : To add to his growing chain of grocery stores, on January 1, 2016, Danny Marks bought a grocery store of a small competitor for $520,000. An appraiser, hired to assess the acquired assets' values, determined that the land, building, and equipment had..

Determine the acquisition cost of the equipment : On January 1, 2016, Ruby Company purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Ruby paid for the purchase on January 8. Determine th..

Variable costing contribution format income statement : During Heaton Company's first two years of operations, the company reported absorption costing net operating income as follows: Prepare a variable costing contribution format income statement for each year. Reconcile the absorption costing and the va..

User Account

All Pages