Future Value of Annuity Exercise
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Sandy Shores inc plans to make four annual deposits of 5000.00 each to a special fund at the beach museum. The fund assets will be invested and the expected rate of return will be 8%. Using the appropriate tabels determine how much will be accumulated in teh fund on December 31, 2012 under each of the following situations:
A. The first deposit is made on December 31, 2009 and interest is compounded annually.
B. The first deposit is made on December 31, 2008 and interest is compounded annually.
C. The first deposit is made on December 31, 2008 and interest is compounded quarterly.
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Solution Summary
Sandy Shores Inc plans to make four annual deposits of 5000.00 each to a special fund at the beach museum. The fund assets will be invested and the expected rate of return will be 8%. Using the appropriate tables determine how much will be accumulated in the fund on December 31, 2012 under each of the following situations:
A. The first deposit is made on December 31, 2009 and interest is compounded annually.
B. The first deposit is made on December 31, 2008 and interest is compounded annually.
C. The first deposit is made on December 31, 2008 and interest is compounded quarterly.
Purchase this Solution
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