What is the future worth of the account on january

Assignment Help Business Economics

Reference no: EM131809270

A recent college graduate got a good job and began a savings account. He authorized the bank to automatically transfer $75 each month from his checking account to the savings account. The bank made the first withdrawal on July 1, 2012 and is instructed to make the last withdrawal on January 1, 2030. The bank pays a nominal interest rate of 4.5% and compounds twice a month. What is the future worth of the account on January 1, 2030?

Reference no: EM131809270

Questions Cloud

What is the future value of all the costs : What is the future value of all the costs of owning and operating this machine if the nominal interest rate is 7.2%?

Applying political cost hypothesis of positive accounting : Applying the political cost hypothesis of Positive Accounting Theory, explain the claim in the article that ‘The banks have promoted studies

What is the fund''s future worth when patrick is 18 : The fund pays 9% annual interest. What is the fund's future worth when Patrick is 18?

Interest with monthly compounding : A bank account pays 19.2% interest with monthly compounding. A series of deposits started with a deposit of $5000 on January 1, 2007

What is the future worth of the account on january : The bank pays a nominal interest rate of 4.5% and compounds twice a month. What is the future worth of the account on January 1, 2030?

Compute shin minimum amortization of the actuarial loss : The average remaining service period of Shin's employees is 7.5 years. Compute Shin's minimum amortization of the actuarial loss

Management has decided it would like to maintain a cash : management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31

Future worth analysis method : If the executive considers 9% a suitable rate of return in this situation, what must the Generous Electric stock be worth per share to make the two offers equal

Scatter plot to point out flaw with correlation analysis : Many attempts have been made to relate happiness with various factors. One such study relates happiness with age and finds that holding everything.

User Account

All Pages