BillyBob Corporation Deposits $80,000 at the Beginning of Every Quarter

question 105

Multiple Choice

BillyBob Corporation deposits $80,000 at the beginning of every quarter in a savings account for the next eight years so that it can purchase a new piece of machinery at the end of eight years. The interest rate is 4%. How much money will BillyBob Corporation have at the end of eight years? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.)

• A) $2,999,525
• B) $669,482
• C) $766,624
• D) $3,029,521

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Definitions:

Family Income

The total amount of money earned or received by all members of a family, often considered for financial assessments.

Siblings

Individuals who share one or both parents in common, known for having genetic ties and often significant roles in family dynamics.

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The physical, social, economic, and cultural surroundings that influence an individual's or group's quality of life within a community.

Home Environment

The physical and emotional surroundings where one lives, which can influence an individual's well-being, behavior, and development.