90.2K

Verified Solution

Link Copied!

On each December 31, you plan to transfer $2,600 from your checking account into an investment account. The investment account will earn 5 percent annual interest, which will be added to the account balance at each year-end. The first deposit will be made December 31, 2018 (at the end of the period). (Future Value of $1. Present Value of $1. Future Value Annuity of $1. Present Value Annuity of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. What will be the balance in the account at the end of the 10th year (i.e., 10 deposits)? 2. What is the total amount of interest earned on the 10 deposits 3. How much interest revenue did the fund earn in 2019? 2020? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What will be the balance in the account at the end of the 10th year ().e., 10 deposits)? (Round "Future Value to nearest whole dollar amount.) Table or Calculator Function: Annuity payments: n % Future Value Required 2 > On each December 31, you plan to transfer $2,600 from your checking account into an investment account. The investment account will earn 5 percent annual interest, which will be added to the account balance at each year-end. The first deposit will be made December 31, 2018 (at the end of the period). (Future Value of $1. Present Value of $1. Future Value Annuity of $1. Present Value Annuity of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. What will be the balance in the account at the end of the 10th year (.e., 10 deposits)? 2. What is the total amount of interest earned on the 10 deposits? 3. How much interest revenue did the fund earn in 2019 2020? Complete this question by entering your answers in the tabs below. Required: Requireq 2 Required 3 What is the total amount of interest earned on the 10 deposits? (Round your final answer to the nearest whole dollar amount Total nount of interest On each December 31, you plan to transfer $2,600 from your checking account into an investment account. The investment account will eam 5 percent annual Interest, which will be added to the account balance at each year-end. The first deposit will be made December 31, 2018 (at the end of the period). (Future Value of $1. Present Value of $1 Future Value Annuity of 51. Present Value Annuity of S1) (Use appropriate factor(s) from the tables provided) Required: 1. What will be the balance in the account at the end of the 10th year (ie, 10 deposits)? 2. What is the total amount of interest earned on the 10 deposits? 3. How much interest revenue did the fund earn in 2019 2020? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Requided 3 How much Interest revenue did the fund earn in 2019 2020? (Round your final answers to the nearest whole dollar amount.) Interest Revenue 2019 2020 (Required 2 Required

Answer & Explanation Solved by verified expert

See Answer