Suppose 27 years ago, your father deposited $ 27,992 in an account earning 9%. Every year you...
Question:
Suppose 27 years ago, your father deposited $ 27,992 in an account earning 9%. Every year you withdrew $1,369 (you withdrew 27 times in total, your last withdrawal is today). How much is in the account after your last withdrawal?
Account Balances
When you deposit any amount in the bank there is interest associated with it which gets added to the amount at the end of the stipulated period and any withdrawal during the period is charged to the account.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerThe below table depicts the year on year progression in the account.
| Year | Opening Balance | Interest @ 9% on Opening... |
|---|
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Ledgers and Chart of Accounts: Definitions and Use
from
Chapter 3 / Lesson 5
45K
Discover the chart of accounts and ledger accounting definitions. Learn about the different ledgers and account types, as well as the chart of accounts numbering system.
Related to this Question
- Suppose 27 years ago your father deposited $27992 in an account earning 9%. Every year you withdrew $1369 (you withdrew 27 times in total, your last withdrawal is today). How much is in the account after your last withdrawal?
- Suppose 10 years ago, your father deposited $25,000 in an account earning 4.6%. Every year, you withdrew $1,200 (your first withdrawal occurred 9 years ago, your last withdrawal is today, you withdrew 10 times in total). How much money is in the account
- Suppose 20 years ago, your mother deposited $2,500 in an account earning 12%. After 10 years, she withdrew $1,000. What is the investment's value today? a. $21,007.88 b. $21,008.88 c. $21,009.88 d. $21,010.88 e. None of the above
- Suppose you plan to retire at age 70, and you want to be able to withdraw an amount of $70,000 per year on each birthday from age 70 to age 100 (a total of 31 withdrawals). If the account which contai
- Your father has $400,000 and wants to retire. He expects to live for another 20 years, and to be able to earn 10% on his invested funds. How much could he withdraw at the end of each of the next 20 ye
- A father wants to set aside money for his 5 year old son's future college education. Money can be deposited into a bank account that earns 8% per year compounded annually. What equal payments should be made by the father on his 6th through 17th birthdays
- Your father has $500,000 and wants to retire. He expects to live for another 20 years, and he also expects to earn 8% on his invested funds. How much could he withdraw at the beginning of each of the
- Your father's employer was just acquired, and he was given a severance payment of $550,000, which he invested at a 3.5% annual rate. He now plans to retire, and he wants to withdraw $25,000 at the end
- Andre's wonderful parents established a college savings plan for him when he was born. They deposited $50 into the account on the last day of each month. The account has earned 10.9% compounded monthly, tax-free. How much can they withdraw on his 18th bir
- Suppose you inherited $870,000 and invested it at 8.25% per year. How much could you withdraw at the beginning of each of the next 20 years? a. $67,543.38 b. $76,715.94 c. $99,230.40 d. $83,386.89 e. $97,562.66
- 1. You deposit $1,600 into an account that pays 4% per year. Your plan is to withdraw this amount at the end of 5 years to use for a down payment on a new car. How much will you be able to withdraw at
- Suppose you deposit $2000 into an account at the end of each of the next 10 years. If the account earns 12%, how much will be in the account at the end of 30 years?
- A father wants to set up a bank account that will pay his daughter $15,000 at the end- of- quarter EOQ 4 and $25,000 at EOQ 8. He will fund this account by making quarterly payments of $X from the pre
- Suppose you own a savings account that earned $10 over the past year. Your only transaction in the account has been to withdraw $3 on the last day of the 12-month period. The account bears an interest rate of 4 percent per year. a. What is the value of t
- Suppose you want to withdraw $2,500 from your savings account in 3 years and then make a final withdrawal of $7,500 from your savings account in 6 years. Your savings account pays an annual interest r
- You have just received an endowment of $32,976. You plan to put the entire amount in an account earning 8 percent compounded annually and to withdraw $4,000 at the end of each year. How many years can you continue to make the withdrawals?
- You have accumulated some money for your retirement. You are going to withdraw $92,801 every year at the beginning of the year for the next 21 years starting from today. How much money have you accumulated for your retirement? Your account pays you 14.69
- You have accumulated some money for your retirement. You are going to withdraw $83,102 every year at the beginning of the year for the next 19 years starting from today. How much money have you accumulated for your retirement? Your account pays you 11.67
- At the end of each quarter, a 50-year old woman puts $3000 in a retirement account that pays 5% interest compounded quarterly. When she reaches 60, she withdraws the entire amount and places it in a m
- Suppose you deposit $20,000 at the end of each of the next 30 years into a retirement account. Immediately after your last deposit, you take the entire accumulated value in your account and purchase a 20-year annuity, which will pay you X at the beginning
- Andrew's wonderful parents established a college savings plan for him when he was born. They deposited $50 into the account on the last day of each month. The account has earned 10.9% compounded monthly, tax-free. How much can they withdraw on his 18th bi
- You deposit $1,600 into an account that pays 6% per year. Your plan is to withdraw this amount at the end of 5 years to use for a down payment on a new car. How much will you be able to withdraw at th
- When your father was born 47 years ago, his grandparents deposited $550 in an account for him. Today, that account is worth $29,000. What was the annual rate of return on this account?
- You have accumulated some money for your retirement. You are going to withdraw $71,493 every year at the beginning of the year for the next 15 years, starting today. Your account pays you 9.91 percent per year, compounded annually. How much money have you
- Your uncle has $300,000 invested at 7.5%, and he now wants to retire. He wants to withdraw $35,000 at the end of each year, beginning at the end of this year. He also wants to have $25,000 left to give you when he ceases to withdraw funds from the account
- Bertie deposited $7,714 into an account paying 9% compounded annually. He withdrew $2,466 at the end of year 3. He deposited a bonus at the end of year 6. At the end of year 11 he had $26,010 in the a
- Your grandfather put some money into an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money. The account currently has $5.473 in it and pays an int
- You have accumulated some money for your retirement. You are going to withdraw $87,479 every year at the end of the year for the next 20 years. How much money have you accumulated for your retirement?
- You have accumulated some money for your retirement. You are going to withdraw $89,019 every year at the end of the year for the next 20 years. How much money have you accumulated for your retirement?
- You have accumulated some money for your retirement. You are going to withdraw $98,624 every year at the end of the year for the next 18 years. How much money have you accumulated for your retirement?
- A father wants to set up a bank acount that will pay his daughter $18,000 at the end-of-quarter (EOQ) 4 and $32,000 at EOQ 8. He will fund this account by making quarterly payments of $x from the pres
- You have accumulated some money for your retirement. You are going to withdraw $74,959 every year at the beginning of the year for the next 16 years starting from today. How much money have you accumulated for your retirement? Your account pays you 13.41
- You have accumulated some money for your retirement. You are going to withdraw $83,102 every year at the beginning of the year for the next nineteen years starting from today. How much money have you accumulated for your retirement? Your account pays you
- Suppose you put $100 into a savings account today. The account pays 8% compounded semiannually, and you withdraw $50 one year after your initial deposit. What would your ending balance be 20 years af
- You inherit $300,000 from your parents and want to use the money to supplement your retirement. You receive the money on your 65th birthday, the day you retire. You want to withdraw equal amounts at the end of each of the next 20 years. What constant amou
- You have accumulated some money for your retirement. You are going to withdraw $77,256 every year at the beginning of the year for the next 15 years. How much money have you accumulated for your retir
- Suppose that an investor opens an account by investing $1,000. At the beginning of each of the next four years, he deposits an additional $1,000 each year, and he then liquidates the account at the end of the total five-year period. Suppose that the yearl
- 1. Cary's wonderful parents established a college savings plan for him when he was born. They deposited $50 into the account on the last day of each month. The account has earned 10% compounded monthl
- You deposit $ 20,000 into a saving account and leave it for 20 years. Interest = 12% . At the end of year 21, you make a withdrawal and withdraw the same amount at the end of each year until the end o
- You have accumulated some money for your retirement. You are going to withdraw $56,545 at the beginning of every year for the next 22 years, starting today. Your account pays you 14.87 percent per yea
- Your father now has $1,000,000 invested in an account that pays 9.00%. He expects inflation to average 3%, and he wants to make annual constant dollar (real) end-of-year withdrawals over each of the next 20 years and end up with a zero balance after the 2
- Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and allowed to withdraw the money for the first time. The account currently has $3,996 in it an
- Two years ago, you opened an investment account and deposited $18,000. One year ago, you added another $3,300 to the account. Today, you are making a final deposit of $14,000. How much will you have i
- You have accumulated some money for your retirement. You are going to withdraw $50,311 every year at the beginning of the year for the next 29 years starting from today. How much money have you accu
- You have deposited $600 in the bank today and you plan to leave it on deposit for the next 12 years. You will earn 5% per year from the bank. What is the total amount you will have at the end of twelve years?
- Your aunt has $760,000 invested at 5.5%, and she now wants to retire. She wants to withdraw $45,000 at the beginning of each year, beginning immediately. She also wants to have $50,000 left to give you when she ceases to withdraw funds from the account. F
- Cary's wonderful parents established a college savings plan for him when he was born. They deposited $50 into the account on the last day of each month. The account has earned 10% compounded monthly,
- Slim made a single deposit of $5,000 in an account that pays 7.2% in 2012. What equal-sized annual withdrawals can Slim make from the account if the first withdrawal occurs in 2017 and the last occurs
- Assume that your father is now 50 years old, that he plans to retire in 10 years, and that he expects to live for 25 years after he retires, that is, until he is 85. He currently earns $40,000 per yea
- Your father is about to retire. His firm has given him the option of retiring with a lump sum of $50,000 or an annuity of $8,000 for ten years. Which is worth more now, if the discount rate is (a) 6%, (b) 18%?
- Parents would like to have the funds for their child to have an allowance in college for 4 years. They want him to be able to withdraw $300 each month. How much should they deposit into an account ear
- You are going to pay $800 into an account at the beginning of each of 20 years. The account will then be left to compound for an additional 20 years until the end of year 40 when it will turn into a p
- An investor has an account balance of 4,500,000 on his 65th birthday. On his 66th birthday, the investor will make her first annual retirement withdrawal, and the final withdrawal will take place on her 93rd birthday. Each withdrawal would be 4% larger th
- Your uncle has $375,000 and wants to retire. He expects to live for another 25 years and to earn 7.5% on his invested funds. How much could he withdraw at the end of each of the next 25 years and end up with zero in the account?
- Your uncle has $500,000 and wants to retire. He expects to live for another 30 years and to earn 6.5% on his invested funds. How much could he withdraw at the end of each of the next 30 years and end up with zero in the account?
- Your uncle has $375,000 and wants to retire. He expects to live for another 25 years and to earn 7.5% on his invested funds. How much could he withdraw at the end of each of the next 25 years and end up with zero in the account? a) $30,361.46 b) $35,323
- Suppose that you deposit $2000 into an account today that pays 3%. In one year, you deposit $2500. One year later, you deposit $3500, and one year after that you deposit $4000. How much money will you have in the account in three years?
- You have accumulated some money for your retirement. You are going to withdraw $92,645 every year at the beginning of the year for the next 19 years, starting today. Your account pays you 12.9% per ye
- With $1.2 million in an account expected to earn 9% annually over the retiree's 30 years of life expectancy, what annual annuity can be withdrawn, beginning today?
- With $1.5 million in an account expected to earn 8% annually over the retiree's 30 years of life expectancy, what annual annuity can be withdrawn, beginning today?
- With $1.5 million in an account expected to earn 8% annually over the retiree's 30 years of life expectancy, what annual annuity can be withdrawn, beginning today? a. $112,148.50 b. $120,000.00 c. $123,371.44 d. $133,241.15
- You have accumulated some money for your retirement. You are going to withdraw $81,167 every year at the end of the year for the next 15 years. How much money have you accumulated for your retirement?
- You have accumulated some money for your retirement. You are going to withdraw $61,746 every year at the end of the year for the next 28 years. How much money have you accumulated for your retirement?
- You have accumulated some money for your retirement. You are going to withdraw $92,965 every year at the end of the year for the next 17 years. How much money have you accumulated for your retirement?
- You have accumulated some money for your retirement. You are going to withdraw $59,573 every year at the end of the year for the next 18 years. How much money have you accumulated for your retirement?
- You have accumulated some money for your retirement. You are going to withdraw $45,500 every year at the end of the year for the next 20 years. How much money have you accumulated for your retirement?
- You have accumulated some money for your retirement. You are going to withdraw $5,9623 every year at the end of the year for the next 20 years. How much money have you accumulated for your retirement?
- You have accumulated some money for your retirement. You are going to withdraw $93,574 every year at the end of the year for the next 19 years. How much money have you accumulated for your retirement?
- You have accumulated some money for your retirement. You are going to withdraw $73,508 every year at the end of the year for the next 17 years. How much money have you accumulated for your retirement?
- You have accumulated some money for your retirement. You are going to withdraw $88,907 every year at the end of the year for the next 29 years. How much money have you accumulated for your retirement?
- You have accumulated some money for your retirement. You are going to withdraw $53975 every year at the end of the year for the next 30 years. How much money have you accumulated for your retirement?
- Your father is about to retire and he wants to buy an annuity that will provide him with $85,000 of income for 20 years with the first payment coming immediately. The going rate is 5.15%. How much wou
- Your grandfather put some money into an account for you on the day you were born You are now 18 years old and are allowed to withdraw the money The account currently has $6,451 in it and pays an interest rate of 9% How much money would be in the account
- Your grandfather put some money into an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money, the account now has $3,227 in it and pays an interest rate 3% 1. How much money would be in the account if y
- You have accumulated some money for your retirement. You are going to withdraw $81,756 every year at the beginning of the year for the next 24 years, starting today. Your account pays you 18.24 percen
- You have accumulated some money for your retirement. You are going to withdraw $60,554 every year at the beginning of the year for the next 29 years, starting today. Your account pays you 17.81 percen
- You opened a bank account that pays 8% interest compounded annually and you made a deposit. You made no more deposits and in exactly two years you withdrew all of the funds and closed the account. The balance at the time you closed the account was $419.90
- Your uncle has $375,000 and wants to retire. He expects to live for another 25 years, and he also expects to earn 7.5% on his invested funds. How much could he withdraw at the beginning of each of the next 25 years and end up with zero in the account?
- Your uncle has $475,000 and wants to retire. He expects to live for another 25 years, and he also expects to earn 8.5% on his invested funds. How much could he withdraw at the beginning of each of the next 25 years and end up with zero in the account?
- An amount, P, must be invested now to allow withdrawals of $1,000 per year for the next 15 years and to permit $320 to be withdrawn starting at the end of year 5 and continuing over the remainder of t
- 1) I have a retirement account that earns 5% per year. I will make 20 deposits of $2,000 per year starting this year. How much money will I have in this account in 30 years? 2) Your parents have $200
- You are going to pay $600 into an account at the beginning of each of 20 years. The account will then be left to compound for an additional 20 years. At the end of the 41st year, you will begin receiving a perpetuity from the account. If the account pays
- You have accumulated some money for your retirement. You are going to withdraw $57,103 every year at the beginning of the year for next 18 years starting from today. How much money have you accumulate
- In planning for your retirement, you would like to withdraw $70,000 per year for 11 years. The first withdrawal will occur 20 years from today. a)What amount must you invest today if your return is 1
- In planning for your retirement, you would like to withdraw $80,000 per year for 20 years. The first withdrawal will occur 20 years from today. a. What amount must you invest today if your return is
- In planning for your retirement, you would like to withdraw $80,000 per year for 18 years. The first withdrawal will occur 20 years from today. 1. What amount must you invest today if your return is 1
- At the end of each year, a self-employed person deposits $1,500 in a retirement account that earns 10 percent annually. a) How much will be in the account when the individual retires at the age of 65
- You are ready to retire. A glance at your 401(k) statement indicates you have $750,000. If the funds remain in an account earning 9.0%, how much could you withdraw at the beginning of each year for the next 25 years? A) $35,830 B) $2,500 C) $70,050 D) $55
- Suppose you plan to retire at age 70, and you want to be able to withdraw an amount of $6,000 per month beginning with the first month after your 70th birthday until you reach your birthday at age 100
- Assume that your father is now 50 years old, that he plans to retire in 10 years, and that he expects to live for 25 years after he retires - that is, until he is 85. He wants his first retirement pay
- You are going to pay $800 into an account at the beginning of each of 20 years. The account will then be left to compound for an additional 20 years until the end of year 40, when it will turn into perpetuity. You will receive the first payment from the p
- Starting at age 50, a woman puts $1600 at the end of each quarter into a retirement account that pays 7% interest compounded quarterly. When she reaches age 60, she withdraws the entire amount and pla
- Assume that your father is now 50 years old, plans to retire in 10 years, and expects to live for 25 years after he retires - that is, until age 85. He wants his first retirement payment to have the s
- Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution change over time. $294 per month invested at 5%, compounded monthly,
- You have accumulated some money for your retirement. You are going to withdraw $96,020 every year at the beginning of the year for the next 24 years starting from today. How much money have you accumu
- You have accumulated some money for your retirement. You are going to withdraw $98,190 every year at the beginning of the year for the next 29 years starting from today. How much money have you accumu
- You have accumulated some money for your retirement. You are going to withdraw $81,452 every year at the beginning of the year for the next 21 years starting from today. How much money have you accumu
- You have accumulated some money for your retirement. You are going to withdraw $91,026 every year at the beginning of the year for the next 18 years starting from today. How much money have you accumu
- You have accumulated some money for your retirement. You are going to withdraw $74,750 every year at the beginning of the year for the next 17 years starting from today. How much money have you accumu
- Andre's parents established a college savings plan for him when he was born. They deposited $50 into the account on the last day of each month. The account has earned 10.9% compounded monthly, tax-fre
Explore our homework questions and answers library
Browse
by subject