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In this part, calculate the future values. Use the Excel FV function to compute the future values. You have just made your first $5,000 contribution
In this part, calculate the future values. Use the Excel FV function to compute the future values.
- You have just made your first $5,000 contribution to your individual retirement account. Assuming you earn an annual rate of return of 9 percent and make no additional contributions, what will your account be worth when you retire in 45 years? (6 Points)
- Calculate the future values in the table below using the FV Excel function. (6 Points)
| Present value | Years | Interest rate | Future value |
| $2,950 | 8 | 14% | ? |
| $7,500 | 15 | 6% | ? |
| $85,300 | 19 | 8% | ? |
| $221,600 | 24 | 4% | ? |
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