Question
Answer each of the following independent questions. Ignore personal income taxes. Required: 1. Suppose you invest $4,500 in an account bearing interest at the rate
Answer each of the following independent questions. Ignore personal income taxes. Required: 1. Suppose you invest $4,500 in an account bearing interest at the rate of 15 percent per year. Complete the table to show how your accumulation grows each year to equal $10,408.50 after six years. 2. You have estimated that your educational expenses over the next three years will be $15,000 per year. Your account bears interest at 12 percent per year. Complete the table given below to show that $36,030.00 is the amount you need to fund your educational expenses.
Complete this question by entering your answers in the tabs below. Suppose you invest \\( \\$ 4,500 \\) in an account bearing interest at the rate of 15 percent per year. Complete the table to show how your accumulation grows each year to equal \\( \\$ 10,408.50 \\) after six years. (Round your answers to 2 decimal places.) You have estimated that your educational expenses over the next three years will be \\( \\$ 15,000 \\) per year. Your account bears interest at 12 percent per year. Complete the table given below to show that \\( \\$ 36,030.00 \\) is the amount you need to fund your educational expenses. (Round your intermediate calculations and final answers to 2 decimal places.)Step by Step Solution
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