What was the future worth of ayns deposits

Reference no: EM131969327

Problem

After receiving an inheritance of $25,000 on her 21st birthday, Ayn deposited the inheritance in a savings account with an effective annual interest rate of 6%. She decided to make regular deposits, beginning with $1000 on her 22nd birthday and increasing by $200 each year (i.e., $1200 on her 23 rd birth-day, $1400 on her 24th birthday, etc.). What was the future worth of Ayn's deposits on her 56th birthday?

Reference no: EM131969327

Questions Cloud

Assume annualized interest rates : Assume annualized interest rates in the U.S. and Australia are 4% and 10%, respectively,and the Australian dollar can be exchanged for $0.78.

What is the present worth of the econorobo system : Using present worth analysis, what is the present worth of the EconoRobo system?

Happening with each of these at different points in time : Consider a stock that is not planning to pay a dividend until five years from now. Explain what is happening with each of these at different points in time.

What is the reason behind capitalizing expenses : What is the reason behind capitalizing expenses? What accounting principle rests behind this accounting treatment? How does this favor a business financially?

What was the future worth of ayns deposits : After receiving an inheritance of $25,000 on her 21st birthday, Ayn deposited. What was the future worth of Ayn's deposits on her 56th birthday?

Prepare pro forma statements for the next year : Below are recent financial statements for Vectra Manufacturing. Prepare Pro Forma statements for the next year using the information and assumptions provided.

Confirm the values and ideas that we already hold : Which of the following terms reflects the idea that we tend to remember messages that confirm the values and ideas that we already hold?

Briefly define and provide an example of an expenditure : Reasonable and necessary business expenditures that are not completely deductible in the year. Briefly define and provide an example of an expenditure to each.

Relationship of conscious decisions and movements : Describe the relationship of conscious decisions and movements. What may this relationship reveal about consciousness?

User Account

All Pages