Ask Experts Questions for FREE Help !
Ask
    lg782212's Avatar
    lg782212 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 25, 2007, 03:53 PM
    Savings Return
    You deposited $1,000 in a savings account that pays 8 percent interest, compounded quarterly, planning to use it to finish your last year in college. Two years (24 months) later, you decide to go to the Rocky Mountains to become a ski instructor rather than continue in school, so you close out your account. How much money will you receive?
    TheSavage's Avatar
    TheSavage Posts: 564, Reputation: 96
    Senior Member
    		  
    #2

    Mar 25, 2007, 04:10 PM
    Please do your own homework -- we would be glad to check it but you must at least post a effort-- Savage
    lg782212's Avatar
    lg782212 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Mar 25, 2007, 04:21 PM
    Is there anyone else who can help me figure out how to do the problem? Not give me the answer. I would greatly appreciate it.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #4

    Mar 25, 2007, 04:54 PM
    Take a look at this website for a PV calculation

    Present value - Wikipedia, the free encyclopedia
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Savings deposit [ 3 Answers ]

You deposited $1,000 in a savings account that pays 8 percent interest, compounded quarterly, planning to use it to finish your last year in college. Eighteen months later, you decide to go to the Rocky Mountains to become a ski instructor rather than continue in school, so you close out your...

Savings Account [ 2 Answers ]

Hello there! I'm 23 years old. Both my girlfriend and I have good credit and decent income for our age. We want to purchase a home in the near future. What would be the best way to save for a down payment? Are there savings accounts that offer interest? What would be the best way to go?

Return on Assets & Return on Equity [ 1 Answers ]

Question... Lily Cosmetics has annual sales of $500,000,000. They maintain a net after tax profit margin of 5% and they have a sales-to-assets ratio of 4. A) What is the Return on assets? B) If the debt/equity ratio is 0.5, what is the Return on Equity?

How Much Savings for Retirement [ 4 Answers ]

A friend is planning on retiring by 50. She asked me how much money she should have in her retirement account in order to retirement. I gave her two scenarios: (1) with a retirement pension and (2) with no pension. So, if she has a pension, I told her she needed enough in her retirement...

Savings? [ 6 Answers ]

Hello all. I'm new here and hope to get some replies. I'm thinking of buying a co-op in NY city. I make about 1000 a week and pay 1000 a mo. In rent, my share, Anyway, what would the cost savings be if any should I buy this apt. The mortgage would be about 1600 a mo. Plus 1000 for fees and taxes...

View more questions Search