A company deposits $3500 in a bank at the end of every year for 12 years. The company makes no deposits during the subsequent 8 years. If the bank pays 6% interest, how much would be in the account at the end of 20 years?

FV= $94,108.42

Explanation:

First, we need to calculate the future value of the 12 annual deposits:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {3,500*[(1.06^12) - 1]} / 0.06

FV= $59,044.79

Now, the future value at the end of the 20 years (8 years more):

FV= PV*(1 + i)^n

FV= 59,044.79*(1.06^8)

FV= $94,108.42

(i know i'm late but the answer's "things about yourself" because you want to list things you're capable of, why you want to open up the business, the amount of money you're putting into it,etc.) i'm guessing you take online school small business, the answers to the quizzes are all over quizlet. just look up your question and type quizlet after it and it'll pop up.