Register
A deposit of $350 earns the following interest rates: (a) 8 percent in the first year, (b) 6 percent in the second year, and (c) 5.5 percent in the third year. What would be the third year future value?
61.9k views
0 votes
A deposit of $350 earns the following interest rates: (a) 8 percent in the first year, (b) 6 percent in the second year, and (c) 5.5 percent in the third year. What would be the third year future value?

User Undertakeror
by
5.3k points

2 Answers

5 votes

Answer:

$422.72

Step-by-step explanation:

User GeoffDS
by
5.1k points
4 votes

Answer:

$422.72

Step-by-step explanation:

The future value of the deposit of $350 mentioned in the question at the end of year 3 shall be determined through following mentioned method:

Future value at end of year 1= $350*1.08=$378

Future value at end of year 2= $378*1.06=$400.68

Future value at end of year 3= $400.68*1.055=$422.72

User Aneef
by
5.0k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.6m questions

7.3m answers

Other Questions

On august 1 the darius co. purchased a photocopy machine for $8,000. the estimated annual depreciation on the machine is $1,680. if the company prepares annual financial statements on december 31, the
When president obama was elected, the u.s. economy was in trouble, and has slid into a recession. consumer spending was low and getting worse. in an effort to stop the decline, president obama proposed
Ensuring that an individual is who they claim to be is the function of _____. select one: a. confidentiality b. authorization c. availability d. authentication e. nonrepudiation
The current market price for good y is above the equilibrium price, and then the price of a subsitute good, x, increases. the demand curve for good y shifts as a result. what is the likely outcome of the
How do i figure out a months ending capital
Link Copied!