Javier is currently paying

$1,200

in interest on his credit cards annually. If, instead of paying interest, he saved this amount every year, how much would he accumulate in a tax-deferred account earning

11

percent over

12,

17,

or

22

years?Click on the table icon to view the FVIFA table

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.If, instead of paying interest, this amount was saved every year in a tax-deferred account earning

11

percent over

12

years, the amount accumulated would be

$nothing.

(Round to the nearest dollar.)

Enter your answer in the answer box and then click Check Answer.

2

parts remaining

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Data Table

Compound Sum of an Annuity of $1 (FVIFA)
n	4%	5%	6%	7%	8%	9%	10%	11%	12%	13%
1	1.000	1.000	1.000	1.000	1.000	1.000	1.000	1.000	1.000	1.000
2	2.040	2.050	2.060	2.070	2.080	2.090	2.100	2.110	2.120	2.130
3	3.122	3.153	3.184	3.215	3.246	3.278	3.310	3.342	3.374	3.407
4	4.246	4.310	4.375	4.440	4.506	4.573	4.641	4.710	4.779	4.850
5	5.416	5.526	5.637	5.751	5.867	5.985	6.105	6.228	6.353	6.480
6	6.633	6.802	6.975	7.153	7.336	7.523	7.716	7.913	8.115	8.323
7	7.898	8.142	8.394	8.654	8.923	9.200	9.487	9.783	10.089	10.405
8	9.214	9.549	9.897	10.260	10.637	11.028	11.436	11.859	12.300	12.757
9	10.583	11.027	11.491	11.978	12.488	13.021	13.579	14.164	14.776	15.416
10	12.006	12.578	13.181	13.816	14.487	15.193	15.937	16.722	17.549	18.420
11	13.486	14.207	14.972	15.784	16.645	17.560	18.531	19.561	20.655	21.814
12	15.026	15.917	16.870	17.888	18.977	20.141	21.384	22.713	24.133	25.650
13	16.627	17.713	18.882	20.141	21.495	22.953	24.523	26.212	28.029	29.985
14	18.292	19.599	21.015	22.550	24.215	26.019	27.975	30.095	32.393	34.883
15	20.024	21.579	23.276	25.129	27.152	29.361	31.772	34.405	37.280	40.417
16	21.825	23.657	25.673	27.888	30.324	33.003	35.950	39.190	42.753	46.672
17	23.698	25.840	28.213	30.840	33.750	36.974	40.545	44.501	48.884	53.739
18	25.645	28.132	30.906	33.999	37.450	41.301	45.599	50.396	55.750	61.725
19	27.671	30.539	33.760	37.379	41.446	46.018	51.159	56.939	63.440