Carol Travis started a paper route on January 1, 2020. Every three months, she deposits $1,050 in her bank account, which earns 8 percent annually but is compounded quarterly. On December 31, 2023, she used the entire balance in her bank account to invest in a contract that pays 6 percent annually. How much will she have on December 31, 2026? (Use a Financial calculator to arrive at the answer. Round "FV Factor" to 3 decimal places. Round your intermediate and final answer to the nearest whole dollar.) Future value www.

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
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Carol Travis started a paper route on January 1, 2020. Every three months, she deposits $1,050 in her bank account, which earns 8
percent annually but is compounded quarterly. On December 31, 2023, she used the entire balance in her bank account to invest in a
contract that pays 6 percent annually.
How much will she have on December 31, 2026? (Use a Financial calculator to arrive at the answer. Round "FV Factor" to 3 decimal
places. Round your intermediate and final answer to the nearest whole dollar.)
Future value
Transcribed Image Text:Carol Travis started a paper route on January 1, 2020. Every three months, she deposits $1,050 in her bank account, which earns 8 percent annually but is compounded quarterly. On December 31, 2023, she used the entire balance in her bank account to invest in a contract that pays 6 percent annually. How much will she have on December 31, 2026? (Use a Financial calculator to arrive at the answer. Round "FV Factor" to 3 decimal places. Round your intermediate and final answer to the nearest whole dollar.) Future value
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