Question
1. You have $10,026.61 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your
1. You have $10,026.61 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $220,000. You expect to earn 11% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.
____ years
2. An investment will pay $150 at the end of each of the next 3 years, $250 at the end of Year 4, $300 at the end of Year 5, and $550 at the end of Year 6.
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If other investments of equal risk earn 10% annually, what is its present value? Round your answer to the nearest cent.
$ _____
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If other investments of equal risk earn 10% annually, what is its future value? Round your answer to the nearest cent.
$ _____
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