6. Computing the Time Value of Money. Using time value of money tables, calculate the following. (Obj.

Question:

6. Computing the Time Value of Money. Using time value of money tables, calculate the following. (Obj. 4)

a. The future value of $450 six years from now at 7 percent.

b. The future value of $800 saved each year for 10 years at 8 percent.

c. The amount a person would have to deposit today (present value) at a 6 percent interest rate to have $1,000 five years from now.

d. The amount a person would have to deposit today to be able to take out $500 a year for 10 years from an account earning 8 percent.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Personal Finance

ISBN: 9780073530697

10th Edition

Authors: Jack Kapoor, Les Dlabay, Robert Hughes

Question Posted: