One year ago, jk mfg. deposited $20,500 in an investment account for the purpose of buying new equipment four years from today. today, it is adding another $15,000 to this account. the company plans on making a final deposit of $10,000 to the account one year from today. how much will be available when it is ready to buy the equipment, assuming the account pays 3.5 interest?

$52,647.60 will be available when the  company is ready to purchase the equipment

Explanation:

Given:

Amount deposited in the account in the previous year = $20,500

Amount deposited in the current year = $15,000

Amount deposited in the next year = $10,000

Amount deposited last year will yield interest for 5 years. Amount deposited today will yield interest for 4 years and the one deposited next year will yield interest for three years.

Amount available in the fifth year =

=24,347.57 + 17,212.85 + 11,087.18

=$52,647.360

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