Solution-What is the amount that will be in the account

What is the amount that will be in the account

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Reference no: EM132739086

Problem 1: Chris Mann will deposit $22,400 into an account today that earns 10% per year compounded annually. Using the following factors, what is the amount that will be in the account at the end of the 5 years?

Type of cash flow (n) Periods (i) Interest rate Factor

PV of $1 5 10% .62092

FV of $1 5 10% 1.61051

PV ordinary annuity 5 10% 3.79079

FV ordinary annuity 5 10% 6.10510

PV annuity due 5 10% 4.16986

Option 1: $36,075

Option 2: $13,909

Option 3: $27,351

Option 4: $18,681

Reference no: EM132739086

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What is the amount that will be in the account

Reference no: EM132739086

Reference no: EM132739086

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