Chapter 23 Assignment - Name: Aaron New Class: ACC 240...

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Name: Aaron New Class: ACC 240 Section number 33858 Chapter 23 Assignment Date: October 3, 2010 Accounting 240 PV-FV PV-FV PROBLEMS (show calculations) 1. Your church has decided that one of its missions will be to provide assistance to those members that demonstrate a need for assistance to attend local community colleges. The board decided to set-up a trust fund that will be available in 5 years. One member puts up $10,000 to begin the fund. The church also collects another $5,000 per year for the next 5 years. How much will the fund have beginning in 5 years? Assume an interest rate of 5%. $10,000*1.2763 + $5,000*5.5256 = $40,391.00 The Church will have $40,391.00 in funding. 2. Assuming you won the $3,000,000 Power Ball this weekend and elect to take a lump sum, how much will you take home assuming 4% interest rate. $3,000,000/20 = $150,000 13.5903*$150,000 = $2,038,545 I will be taking home $2,038,545. 3.
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This note was uploaded on 10/16/2011 for the course ACC 240 taught by Professor Sidneyford during the Fall '10 term at Chandler-Gilbert Community College.

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Chapter 23 Assignment - Name: Aaron New Class: ACC 240...

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