Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At the beginning of each period for 11 years, Merl Agnes invests $440 semiannually at 6%. What is the cash value of this annuity due

image text in transcribedimage text in transcribed At the beginning of each period for 11 years, Merl Agnes invests $440 semiannually at 6%. What is the cash value of this annuity due at the end of year 11? (Please use the following provided Table.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Future value interest factor of an ordinary annuity of $1 per period at i% for n periods, FVIFA(i,n). \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline Period & 0.5% & 1.0% & 1.5% & 2.0% & 2.5% & 3.0% & 3.5% & 4.0% & 4.5% & 5.0% & 5.5% & 6.0% & 6.5% & 7.0% & 7.5% & 8.0% & 8.5% & 9.0% & 9.5% & 10.0% \\ \hline 1 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 & 1.0000 \\ \hline 2 & 2.0050 & 2.0100 & 2.0150 & 2.0200 & 2.0250 & 2.0300 & 0350 & 0400 & 2.0450 & 0500 & 2.0550 & 2.0600 & 2.0650 & 2.0700 & 2.0750 & 2.0800 & 2.0850 & 2.0900 & 2.0950 & 2.1000 \\ \hline 3 & 3.0150 & 3.0301 & 3.0452 & 3.0604 & 3.0756 & 3.0909 & 3.1062 & 3.1216 & 3.1370 & 3.1525 & 3.1680 & 3.1836 & 3.1992 & 3.2149 & 3.2306 & 3.2464 & 3.2622 & 3.2781 & 3.2940 & 3.3100 \\ \hline 4 & 4.0301 & 4.0604 & 4.0909 & 4.1216 & 4.1525 & 4.1836 & 4.2149 & 2465 & 4.2782 & 4.3101 & 4.3423 & 4.3746 & 4.4072 & 4.4399 & 4.4729 & 4.5061 & 4.5395 & 4.5731 & 4.6070 & 4.6410 \\ \hline 5 & 5.0503 & 5.1010 & 5.1523 & 5.2040 & 5.2563 & 5.3091 & 5.3625 & 5.4163 & 5.4707 & 5.5256 & 5.5811 & 5.6371 & 5.6936 & 5.7507 & 5.8084 & 5.8666 & 5.9254 & 5.9847 & 6.0446 & 6.1051 \\ \hline 6 & 6.0755 & 6.1520 & 6.2296 & 6.3081 & 6.3877 & 6.4684 & .5502 & 6330 & 6.7169 & 6.8019 & 6.8881 & 6.9753 & 7.0637 & 7.1533 & 7.2440 & 7.3359 & 7.4290 & 7.5233 & 7.6189 & 7.7156 \\ \hline 7 & 7.1059 & 7.2135 & 7.3230 & 7.4343 & 7.5474 & 7.6625 & 7.7794 & 7.8983 & 8.0192 & 8.1420 & 8.2669 & 8.3938 & 8.5229 & 8.6540 & 8.7873 & 8.9228 & 9.0605 & 9.2004 & 9.3426 & 9.4872 \\ \hline 8 & 1414 & 8.2857 & 8.4328 & 8.5830 & 8.7361 & 8.8923 & .0517 & 2142 & 9.3800 & 9.5491 & 9.7216 & 9.8975 & 10.0769 & 10.2598 & 10.4464 & 10.6366 & 10.8306 & 11.0285 & 11.2302 & 11.4359 \\ \hline 9 & 9.1821 & 9.3685 & 9.5593 & 9.7546 & 9.9545 & 10.1591 & 10.3685 & 10.5828 & 10.8021 & 11.0266 & 11.2563 & 11.4913 & 11.7319 & 11.9780 & 12.2298 & 12.4876 & 12.7512 & 13.0210 & 13.2971 & 13.5795 \\ \hline 10 & 2280 & 10.4622 & 10.7027 & 10.9497 & 1.2034 & 11.4639 & 1.7314 & 2.0061 & 2.2882 & 2.5779 & 12.8754 & 13.1808 & 13.4944 & 13.8164 & 14.1471 & 14.4866 & 14.8351 & 15.1929 & 15.5603 & 15.9374 \\ \hline 11 & 11.2792 & 11.5668 & 11.8633 & 12.1687 & 12.4835 & 12.8078 & 13.1420 & 13.4864 & 13.8412 & 14.2068 & 14.5835 & 14.9716 & 15.3716 & 15.7836 & 16.2081 & 16.6455 & 17.0961 & 17.5603 & 18.0385 & 18.5312 \\ \hline 12 & 3356 & 12.6825 & 13.0412 & 13.4121 & 3.7956 & .1920 & .6020 & .0258 & 15.4640 & 5.9171 & 16.3856 & 16.8699 & 17.3707 & 17.8885 & 18.4237 & 18.9771 & 19.5492 & 20.1407 & 20.7522 & 21.3843 \\ \hline 13 & 13.3972 & 13.8093 & 14.2368 & 14.6803 & 15.1404 & 15.6178 & 16.1130 & 16.6268 & 17.1599 & 17.7130 & 18.2868 & 18.8821 & 19.4998 & 20.1406 & 20.8055 & 21.4953 & 22.2109 & 22.9534 & 23.7236 & 24.5227 \\ \hline 14 & .4642 & 14.9474 & 15.4504 & 15.9739 & 16.5190 & 7.0863 & 6770 & 8.2919 & 8.9321 & 9.5986 & 20.2926 & 21.0151 & 21.7673 & 22.5505 & 23.3659 & 24.2149 & 25.0989 & 26.0192 & 26.9774 & 27.9750 \\ \hline 15 & 15.5365 & 16.0969 & 16.6821 & 17.2934 & 17.9319 & 18.5989 & 19.2957 & 20.0236 & 20.7841 & 21.5786 & 22.4087 & 23.2760 & 24.1822 & 25.1290 & 26.1184 & 27.1521 & 28.2323 & 29.3609 & 30.5402 & 31.7725 \\ \hline 16 & 6.6142 & 17.2579 & 17.9324 & 18.6393 & 19.3802 & 20.1569 & 20.9710 & 21.8245 & 22.7193 & 23.6575 & 24.6411 & 25.6725 & 26.7540 & 27.8881 & 29.0772 & 30.3243 & 31.6320 & 33.0034 & 34.4416 & 35.9497 \\ \hline 17 & 17.6973 & 18.4304 & 19.2014 & 20.0121 & 20.8647 & 21.7616 & 22.7050 & 23.6975 & 24.7417 & 25.8404 & 26.9964 & 28.2129 & 29.4930 & 30.8402 & 32.2580 & 33.7502 & 35.3207 & 36.9737 & 38.7135 & 40.5447 \\ \hline 18 & 18.7858 & 19.6147 & 20.4894 & 21.4123 & 22.3863 & 23.4144 & 24.4997 & 25.6454 & 26.8551 & 28.1324 & 29.4812 & 30.9057 & 32.4101 & 33.9990 & 35.6774 & 37.4502 & 39.3230 & 41.3013 & 43.3913 & 45.5992 \\ \hline 19 & 19.8797 & 20.8109 & 21.7967 & 22.8406 & 23.9460 & 25.1169 & 26.3572 & 27.6712 & 29.0636 & 30.5390 & 32.1027 & 33.7600 & 35.5167 & 37.3790 & 39.3532 & 41.4463 & 43.6654 & 46.0185 & 48.5135 & 51.1591 \\ \hline 20 & 20.9791 & 22.0190 & 23.1237 & 24.2974 & 25.5447 & 26.8704 & 28.2797 & 29.7781 & 31.3714 & 33.0660 & 34.8683 & 36.7856 & 38.8253 & 40.9955 & 43.3047 & 45.7620 & 48.3770 & 51.1601 & 54.1222 & 57.2750 \\ \hline 21 & 22.0840 & 23.2392 & 24.4705 & 25.7833 & 27.1833 & 28.6765 & 30.2695 & 31.9692 & 33.7831 & 35.7193 & 37.7861 & 39.9927 & 42.3490 & 44.8652 & 47.5525 & 50.4229 & 53.4891 & 56.7645 & 60.2638 & 64.0025 \\ \hline 22 & 23.1944 & 24.4716 & 25.8376 & 27.2990 & 28.8629 & 30.5368 & 32.3289 & 34.2480 & 36.3034 & 38.5052 & 40.8643 & 43.3923 & 46.1016 & 49.0057 & 52.1190 & 55.4568 & 59.0356 & 62.8733 & 66.9889 & 71.4027 \\ \hline 23 & 24.3104 & 25.7163 & 27.2251 & 28.8450 & 30.5844 & 32.4529 & 34.4604 & 36.6179 & 38.9370 & 41.4305 & 44.1118 & 46.9958 & 50.0982 & 53.4361 & 57.0279 & 60.8933 & 65.0537 & 69.5319 & 74.3529 & 79.5430 \\ \hline 24 & 25.4320 & 26.9735 & 29.6335 & 30.4219 & 32.3490 & 34.4265 & 36.6665 & 39.0926 & 41.6992 & 44.5020 & 47.5390 & 50.9156 & 54.3546 & 59.1767 & 62.3050 & 66.7649 & 71.5932 & 76.79Q9 & 92.4164 & 99.4973 \\ \hline 25 & 26.5591 & 28.2432 & 30.0630 & 32.0303 & 34.1578 & 36.4593 & 38.9499 & 41.6459 & 44.5652 & 47.7271 & 51.1526 & 54.8645 & 58.8877 & 63.2490 & 67.9779 & 73.1059 & 78.6678 & 84.7009 & 91.2459 & 98.3471 \\ \hline 26 & 27.6919 & 29.5256 & 31.5140 & 33.6709 & 36.0117 & 38.5530 & 41.3131 & 44.3117 & 47.5706 & 51.1135 & 54.9660 & 59.1564 & 63.7154 & 68.6765 & 74.0762 & 79.9544 & 86.3546 & 93.3240 & 100.9143 & 109.1818 \\ \hline 27 & 28.8304 & 30.8209 & 32.9867 & 35.3443 & 37.9120 & 40.7096 & 43.7591 & 47.0842 & 50.7113 & 54.6691 & 58.9891 & 63.7058 & 68.8569 & 74.4838 & 80.6319 & 87.3508 & 94.6947 & 102.7231 & 111.5012 & 121.0999 \\ \hline 28 & 29.9745 & 32.1291 & 34.4815 & 37.0512 & 39.8598 & 42.9309 & 46.2906 & 49.9676 & 53.9933 & 58.4026 & 63.2335 & 68.5281 & 74.3326 & 80.6977 & 87.6793 & 95.3388 & 103.7437 & 112.9682 & 123.0938 & 134.2099 \\ \hline 29 & 31.1244 & 33.4504 & 35.9987 & 38.7922 & 41.8563 & 45.2189 & 48.9108 & 52.9663 & 57.4230 & 62.3227 & 67.7114 & 73.6398 & 80.1642 & 87.3465 & 95.2553 & 103.9659 & 113.5620 & 124.1354 & 135.7877 & 148.6309 \\ \hline 30 & 32.2800 & 34.7849 & 37.5387 & 40.5681 & 43.9027 & 47.5754 & 51.6227 & 56.0849 & 61.0071 & 66.4388 & 72.4355 & 79.0582 & 86.3749 & 94.4608 & 103.3994 & 113.2832 & 124.2147 & 136.30?5 & 149.6875 & 164.4940 \\ \hline 31 & 33.4414 & 36.1327 & 39.1018 & 42.3794 & 46.0003 & 50.0027 & 54.4295 & 59.3283 & 64.7524 & 70.7608 & 77.4194 & 84.8017 & 92.9892 & 102.0730 & 112.1544 & 123.3459 & 135.7730 & 149.5752 & 164.9078 & 181.9434 \\ \hline 32 & 34.6086 & 37.4941 & 40.6883 & 44.2270 & 48.1503 & 52.5028 & 57.3345 & 62.7015 & 68.6662 & 75.2988 & 82.6775 & 90.8898 & 100.0335 & 110.2182 & 121.5659 & 134.2135 & 148.3137 & 164.03?0 & 181.5741 & 201.1378 \\ \hline 33 & 35.7817 & 38.8690 & 42.2986 & 46.1116 & 50.3540 & 55.0778 & 60.3412 & 66.2095 & 72.7562 & 80.0638 & 88.2248 & 97.3432 & 107.5357 & 118.9334 & 131.6834 & 145.9506 & 161.9203 & 179.8003 & 199.8236 & 222.2515 \\ \hline 34 & 36.9606 & 40.2577 & 43.9331 & 48.0338 & 52.6129 & 57.7302 & 63.4532 & 69.8579 & 77.0303 & 85.0670 & 94.0771 & 104.1838 & 115.5255 & 128.2588 & 142.5596 & 158.6267 & 176.6836 & 196.9823 & 219.8068 & 245.4767 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Options Futures And Other Derivatives

Authors: John C. Hull

8th Edition

0132164949, 9780132164948

More Books

Students also viewed these Finance questions

Question

Most used aircraft are sold directly by the owner. T F

Answered: 1 week ago

Question

List at least three advantages to using a consultant.

Answered: 1 week ago