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I only need the answer to part D for both. Please show all work for a good rating. Calculate the future value. a. Use the
I only need the answer to part D for both. Please show all work for a good rating.
Calculate the future value. a. Use the compound interest formula, FV=PV(1+i)N, to find the future value of the current amount in the investment. After 9 years, the $34,000.00 will grow to b. Determine the annuity type. Ordinary Simple Annuity Ordinary General Annuity Simple Annuity Due General Annuity Due c. Identify the following pieces of information to be used to calculate the future value of the annuity. Periodic Payment: PMT= Number of Payments per Year: PY= Total Number of Payments: N= Annual Interest Rate: r= Number of Compoundings per Year: CY= d. Determine the total future value of the investment (incorporating your answer from part a. above). Nikola just turned 46 years old and is planning to retire at age 65 . She has already saved $250,000.00 in her RRSP. If she continues to contribute $425.00 at the beginning of every month, how much money will be in her RRSP at retirement if it can earn 9.6% compounded monthly? No deposit is made the day she turns 65. a. Use the compound interest formula, FV=PV(1+i)N, to find the future value of the current amount in the investment. At retirement, the $250,000.00 will have grown to b. Determine the annuity type. Ordinary Simple Annuity Ordinary General Annuity Simple Annuity Due General Annuity Due c. Identify the following pieces of information to be used to calculate the future value of the annuity. Periodic Payment: PMT= Number of Payments per Year: PY= Total Number of Payments: N= Annual Interest Rate: r= Number of Compoundings per Year: CY= d. Determine the total value of the investment at retirement (incorporating your answer from part a. above)Step by Step Solution
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