Ask Question
BusinessBusiness
24 January, 00:22

How much money will you have in a savings account that earns 16% annually in 10 years if you invest $5000 per year?

+2
Answers (1)
  1. 24 January, 00:30
    0
    The final value is $106,607.35.

    Explanation:

    Giving the following information:

    n = 10 years

    i = 16%

    Annual deposit = $5,000

    To calculate the final value we need to use the following version of the final value formula:

    FV = {A*[ (1+i) ^n-1]}/i

    A = annual deposit

    FV = {5,000*{ (1.16^10) - 1]}/0.16 = $106,607.35
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “How much money will you have in a savings account that earns 16% annually in 10 years if you invest $5000 per year? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which of the following is used by both internal and external users? A. Chart of Accounts B. Costing Reports C. Trial Balance D. Balance Sheet
Answers (1)
Robert sells his 30% interest in Kashmir Partnership on July 1 to Jimmy for $80,000. Robert's outside basis in Kashmir was $50,000 at the start of the year. Kashmir recognizes an ordinary loss of $30,000 for the entire calendar year.
Answers (1)
Based on Esteban's conduct, Floyd reasonably believes that Glynis has the authority to act on Esteban's behalf even though Glynis does not have the actual authority to do so. Floyd makes a payment to Glynis for Esteban.
Answers (1)
Which of the following was the fourth leading cause of deaths in the construction industry in 2005? A. Being struck by something B. Electrocution C. Falls D. Getting caught or between two objects
Answers (1)
The Red Bud Co. pays a constant dividend of $1.80 a share. The company announced today that it will continue to do this for another 2 years after which time they will discontinue paying dividends permanently.
Answers (1)
New Questions in Business
Ai Lun, a management trainee at a large New Yorkdashbased bank, is trying to estimate the real rate of return expected by investors.
Answers (1)
The government does which of the following in a planed economy
Answers (1)
The least amount that the buyers of stock must contribute to the corporation or be at risk to pay creditors at a future date is called the: Multiple Choice 1. Working capital. 2. Minimum legal capital. 3. Par value of preferred. 4. Stated value.
Answers (1)
Cow's Milk Farms needs a certain part for its pasteurizing equipment and enters into a contract to purchase the part from Dairy Supplies Inc., for $3000, with delivery promised on Monday.
Answers (1)
Adam is looking for a job in marketing. he has had some offers and his prospects are promising, but he has not yet accepted a job.
Answers (1)
Home » Business » How much money will you have in a savings account that earns 16% annually in 10 years if you invest $5000 per year?
Sign Up Forgot Password?