Question
29. Find the future value of the following annuity due. Then determine how much of this value is from contributions and how much is from
29. Find the future value of the following annuity due. Then determine how much of this value is from contributions and how much is from interest. $750 deposited at the beginning of each quarter for 11 years at 8.24% compounded quarterly. Part 1
The account will have a total of $____here after 11 years. (Round to the nearest cent as needed.)
How much of this is from contributions?
(Round to the nearest cent as needed.)
How much of this is from interest?
(Round to the nearest cent as needed.)
32. Suppose a 40-year-old person deposits $12,000 per year in an Individual Retirement Account until age 65. Find the total in the account with the following assumption of an interest rate. (Assume quarterly compounding, with payments of $3,000 made at the end of each quarter period.) Find the total amount of interest earned. 9% The total in the account is $___
Please help with both questions.
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