Question
1. Find the periodic payment for each sinking fund that is needed to accumulate the given sum under the given conditions. (Round your answer to
1. Find the periodic payment for each sinking fund that is needed to accumulate the given sum under the given conditions. (Round your answer to the nearest cent.)
FV = $500,000, r = 5.6%, compounded weekly for 15 years$
2. An individual earns an extra $2000 each year and places this money at the end of each year into an Individual Retirement Account (IRA) in which both the original earnings and the interest in the account are not subject to taxation. If the account has an annual interest rate of 10.1% compounded annually, how much is in the account at the end of 40 years?
(Round your answer to the nearest cent.)
$ _____
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started