Solution-What was the value of his account when he left the

What was the value of his account when he left the country

Assignment Help Accounting Basics

Reference no: EM132527561

Question - Mark deposited X amount into an account that paid 8% compounded monthly. Five years later, he was sent overseas for two years. Prior to his departure, he had already made arrangements with his bank to pay his son £400 every month for two years. His account would be depleted when the final payment of £400 was made.

Required -

(a) What was the value of his account when he left the country?

(b) Find the value of X.

(d) Find the effective rate that is equivalent to the nominal rate above.

Reference no: EM132527561

Questions Cloud

Marie program to implement one round of rock paper scissors : Write a MARIE program to implement one round of rock paper scissors game. Your program should represent the three moves ‘rock', ‘paper' and ‘scissors

What is the amount of each annuity payment : What is the amount of each annuity payment for a 5 year 10000 loan if the interest rate is 10 percent assume the first payment will be made a year from today

Substitute numbers into formulas in separate steps : Your son is about to start kindergarten in a private school. Currently, the tuition is $12,000 per year, payable at the start of the school year (t=0).

Determine the quantity variance and the cost variance : Determine the quantity variance. Ruby Company produces a chair that requires 7 yards of material per unit. The standard price of one yard

What was the value of his account when he left the country : Mark deposited X amount into an account that paid 8% compounded monthly. What was the value of his account when he left the country

How much equal amount must be saved annually beginning : How much equal amount must be saved annually beginning one year from now in order to accumulate 100000 over the next 10 years earnings 8 percent annually

Estimate the direct materials quantity variance : Determine the direct materials quantity variance. Fletcher Company collected the data regarding production of one of its products.

Present value of its liabilities : The DataSoft Corporation has an employee pension scheme with a fixed liabilities and a long time horizon reflecting its young workforce.

Prepare journal entry to record capitalization of interest : Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2017

User Account

All Pages

What was the value of his account when he left the country

Reference no: EM132527561

Reference no: EM132527561

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT