ACC 301-Mr. Ridge wants to invest a certain sum of money
Subject: Business   / Accounting
Question
Mr. Ridge wants to invest a certain sum of money at the end of each year for five years. The investment will earn 10% compounded annually. At the end of the fifth year, he will need a total of $30,000 accumulated. What is his approximate required annual investment?
Select one:
a. $5,348
b. $4,914
c. $3,726
d. $4,095
Question 7
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Portland Company wants to invest $1,000 on 1/1/15. The investment will earn 12% compounded semi-annually. What will be the approximate investment amount at 12/31/17?
Select one:
a. $1,340
b. $1,611
c. $1,419
d. $1,191
e. $1,405
Question 8
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Skagway Company purchases a machine on 1/1/17. The four Annual Payments will be $1,000 each January 1, beginning 1/1/17 through 1/1/20 inclusive. Interest Rate is 5% compounded annually. What is the approximate true cost of the machine?
Select one:
a. $3,546
b. $3,723
c. $3,329
d. $4,546
Question 9
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Hyde Park Company opens a savings account and agrees to deposit five $1,000 annual installments beginning one year from the account opening. The computation to determine the value of the account immediately after the fifth deposit is based on the
Select one:
a. Future Value of Annuity
b. Present Value of Annuity
c. Future Value of Annuity Due
d. Present Value of Annuity Due
Question 10
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Janice invests $100,000 in a savings account on 1/1/15. The account pays 5% annual interest through 12/31/18, and 10% thereafter. What is the approximate bank balance on 12/31/20?
Select one:
a. $147,077
b. $177,150
c. $154,081
d. $205,081
e. $140,073
