Ask Question
BusinessBusiness
30 January, 17:41

Angela has just received an insurance settlement of $22,500. she wants to save this money until her daughter goes to college. if she can earn an average of 4.7 percent, compounded annually, how much will she have saved when her daughter enters college 6 years from now?

+4
Answers (1)
  1. 30 January, 20:15
    0
    To find the compounded amount, we start with the interest rate, exponentiate that over the number of periods, and multiply that figure by the starting value. So, in this case, we have 4.7% interest, or 1.047, applied to a starting balance of $22,500 over a compounding period of 6 years. Thus, the value in 6 years is $22500 * (1.047^6), or $29,639.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Angela has just received an insurance settlement of $22,500. she wants to save this money until her daughter goes to college. if she can ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
EB10. LO 6.3Frenchy’s has three cost pools and an associated cost driver to allocate the costs to the product.
Answers (1)
Calculate Payroll An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled $63,800.
Answers (1)
Healthy Farmer, Inc. has 41 comma 000 shares of common stock outstanding and 5 comma 000 shares of preferred stock outstanding. The common stock is $ 0.08 par value; the preferred stock is 4 % noncumulative with a $ 100.00 par value.
Answers (1)
Which of these states one of the opportunity costs of attending college?
Answers (1)
Which of the following factors could cause the economy to experience supply-side inflation? A. Increased security about jobs and future income. B. The development of new technology to increase productivity. C.
Answers (1)
New Questions in Business
E. why is it important for the cfo and his/her staff to analyze variances of budget to actual or forecasted to actual amounts, and investigate reasons for significant variances on a timely basis
Answers (1)
Memorial Stadium has worked with the same advertising company for 10 years. According to the company's data the stadium has spent approximately $2.5 million on advertising over that period for 100 events.
Answers (1)
Campbell Candy Corporation desires a 14% return on investment (ROI) on all operations. The following information was available for the company for the current year: Sales $ 14,000 Operating income $ 4,000 Turnover 0.
Answers (1)
N a mixed market economy, which of these would most likely be considered a basic function of government? a. to promote monopolies reactivate b. to regulate who can purchase services reactivate c. to ensure the financial stability of all citizens d.
Answers (1)
Pro forma financial statements are the most comprehensive means of financial forecasting. projections of financial statements for a future period. often required by prospective creditors. All of the options are true
Answers (1)
Home » Business » Angela has just received an insurance settlement of $22,500. she wants to save this money until her daughter goes to college. if she can earn an average of 4.
Sign Up Forgot Password?