What was the amount of his withdrawal

Assignment Help Financial Management

Reference no: EM132036145

Uriah Heep celebrated his 18th birthday by opening a savings account at the Thames River Bank and depositing $1, 900. He continued to deposit the same amount on every subsequent birthday until he was 27 years old.

After depositing $1, 900 on his 27th birthday Uriah decided to abandon his savings plan. He never saved again, but he left the accumulated savings in the bank account.

The bank paid an interest rate of 15%. When Uriah turned 65, he withdrew the money from the bank. What was the amount of his withdrawal? What was the amount of Uriah's withdrawal when he turned 65? $ (Round to the nearest cent)

Reference no: EM132036145

Questions Cloud

What is the significance of the vision quest : What is the significance of the vision quest practiced by Crow Sioux people from Southern Montana?

Calculate the marketing return on investment for campaign : A pizza company was considering a campaign which included placing a newspaper ad in the local paper to entice customer to get a free pizza.

Calculate the semiannual payments : Calculate the initial exchange of payments that takes place at the beginning of the swap. Calculate the semiannual payments.

Argument video that has committed a fallacy : What is the best way to find an argument video that has committed a fallacy? What type of arguments should I be searching for

What was the amount of his withdrawal : What was the amount of his withdrawal? What was the amount of Uriah's withdrawal when he turned 65? $

Compute the project total cash outflows : Piruli is considering a software development project. It will require a $200,000 initial investment as well as subsequent investments of $50,000.

Account of moral responsibility : Do you think his account is satisfactory? Why or why not? Make sure to give reasons in support of your assessment.

What happens when the dollar depreciates : What happens when the dollar depreciates (Euro appreciates), for example, if the $ falls 10% from the original value to .735 €?

Escapes the grasp of the senses : The incorporeal, despite being disembodied, invisible to the eyes, or escapes the grasp of the senses, captures the mind in an intimate

User Account

All Pages