Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a woman deposits $9000 at the end of each year for

A woman deposits $9000 at the end of each year for 15 years in an...

90.2K

Verified Solution

Question

Accounting

A woman deposits $9000 at the end of each year for 15 years in an account paying 7% interest compounded annually. (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 6% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account? (c) How much would she lose over 15 years by using her brother-in-law's bank? (a) She will have a total of $on deposit. (Simplify your answer. Round to the nearest cent as needed.)
image
A woman deposits $9000 at the end of each year for 15 years in an account paying 7% interest compounded annually. (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 6% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account? (c) How much would she lose over 15 years by using her brother-in-law's bank? (a) She will have a total of $ on deposit. (Simplify your answer. Round to the nearest cent as needed.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Lena Tucker contributed $20,000 in cash and land with an adjusted basis of $100,000 and a...

Basic Math
1.2K views

What is the relationship between transportation models and more general logistics models? Explain how these two...

Physics
1.2K views

45 180 On an open ground a motorist follows a track that turn to his...

Geometry
1.2K views

For each relation decide whether or not it is a function Domain paper moon chair...

Basic Math
1.2K views

Find the terminal point P x y on the unit circle determined by the given...

Calculus
1.2K views

Find the derivative of the given function y 8sin 4x 7 dy dx II

Algebra
1.2K views

An algae infection in a swimming pool is growing exponentially, and can be modelled by...

Accounting
1.2K views

5(10 points). Eddie Barzoon Inc. produces a variety of products. One division makes extremely realistic...

Accounting
1.2K views

On 1 December 2013, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals....

Accounting
1.2K views

Niles Manufacturing estimates its sales at 206,000 units in the first quarter and that sales...

Accounting
1.2K views

Harvey rents his second home. During the year, Harvey reported a net loss of $46,000...

Accounting
1.2K views

Rowdy Hill (40% shareholder) received the following amount from Hill production Inc. this year. Salary...