Mark is entering high school and is determined to save money for college. Mark feels he can save $1,500 each year for the next four years from his part-time job. If Mark is able to invest at 6%, how much will he have when he starts college? (Click the icon to view Present Value of $1 table.) (Click the icon to view Future Value of $1 table.) (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.) (Round your answer to the nearest dollar.) When Mark starts college he will have Reference Present Value of $1 Periods Period 2 1% 2% 3% 4% Period 1 0.990 0.980 0.971 0.962 0.952 0.980 0.961 0.943 0.925 0.907 5% 6% 7% 0.943 0.935 0.890 0.873 Period 3 0.971 0.942 0.915 0.889 0.864 0.840 Period 4 0.961 0.924 0.888 0.855 0.823 Period 5 0.951 0.906 0.863 0.822 0.784 Period 6 0.942 0.888 0.837 0.790 0.746 Period 7 0.933 0.871 0.813 0.760 0.711 Period 8 0.923 0.853 0.789 0.731 0.677 Period 9 0.914 0.837 0.766 0.703 0.645 0.592 Period 10 0.905 0.820 0.744 0.676 0.614 0.558 0.816 0.794 0.792 0.763 0.735 0.747 0.713 0.681 8% 9% 10% 12% 14% 15% 16% 18% 20% 0.926 0.917 0.909 0.893 0.877 0.870 0.862 0.847 0.833 0.857 0.842 0.826 0.797 0.769 0.756 0.743 0.718 0.694 0.772 0.751 0.712 0.675 0.658 0.641 0.609 0.579 0.708 0.683 0.636 0.592 0572 0.552 0,516 0.482 0.650 0.621 0.567 0.519 0.497 0.476 0.437 0.402 0.665 0.627 0.544 0.508 0.705 0.666 0.630 0.596 0.564 0.507 0.456 0.432 0.410 0.370 0.335 0.623 0.583 0.547 0.513 0.452 0.400 0.376 0.354 0.314 0,279 0.582 0.540 0.502 0.467 0.404 0.351 0.327 0.305 0.266 0.233 0.500 0.460 0.424 0.361 0.308 0.284 0.263 0.225 0.194 0.463 0.422 0.386 0.322 0.270 0.247 0.227 0.191 0.162 Period 11 0.896 0.804 0.722 Period 12 0.887 0.788 0.701 0.625 0.650 0.585 0.527 0.475 0.429 0.557 0.497 0.444 0.397 Period 13 0.879 0.773 0.681 0.601 0.530 0.469 0.415 Period 14 0.870 0.758 0.661 0.577 0.505 0.442 0.388 Period 15 0.861 0.743 0.642 0.555 0.481 0.417 0.362 0.388 0.350 0.287 0.237 0.215 0.195 0.162 0.135 0.356 0.319 0.257 0.208 0.187 0.168 0.137 0.112 0.368 0.326 0.290 0.229 0.182 0.163 0.145 0.116 0.093 0.340 0.299 0.263 0.205 0.160 0.141 0.125 0.099 0.078 0.315 0.275 0.239 0.183 0.140 0.123 0.108 0.084 0.065 Period 16 0.853 0.728 0.623 0.534 0.458 0.394 0.339 Period 17 0.844 0.714 0.605 0.513 0.436 0.371 0.317 Period 18 0.836 0.700 0.587 0.494 0.416 0.350 0.296 Period 19 0.828 0.686 0.570 0.475 0.396 0.331 0.277 Period 20 Period 21 Period 22 0.803 0.647 0.522 0.422 0.342 0.820 0.673 0.554 0.456 0.377 0.312 0.258 0.292 0.252 0.218 0.163 0.123 0.107 0.093 0.071 0.054 0.270 0.231 0.198 0.146 0.108 0.093 0.080 0.060 0.045 0.250 0.212 0.180 0.130 0.095 0.081 0.069 0.051 0.038 0.232 0.194 0.164 0.116 0.083 0.070 0.060 0.043 0.031 0.215 0.178 0.149 0.104 0.073 0.061 0.051 0.037 0.026 0.811 0.660 0.538 0.439 0.359 0.294 0.242 0.199 0.278 0.226 0.184 Period 23 0.795 0.634 0.507 0.406 0.326 0.262 Period 24 0.788 0.622 0.492 0.390 0.310 0.247 0.197 Period 25 0.780 0.610 0.478 0.375 0.295 0.233 0.184 0.211 0.170 0.158 0.146 0.164 0.135 0.093 0.064 0.053 0.044 0.031 0.022 0.150 0.123 0.083 0.056 0.046 0.038 0.026 0.018 0.138 0.112 0.074 0.049 0.040 0.033 0.022 0.015 0.126 0.102 0.066 0.043 0.035 0.028 0.019 0.013 0.116 0.092 0.059 0.038 0.030 0.024 0.016 0.010 Future Value of $1 Periods 1% 2% 3% Period 1 1.010 1.020 Period 2 1.020 Period 3 1.030 Period 4 1.041 Period 5 1.051 7% 8% 9% 12% 6% 10% 14% 15% 4% 5% 1.030 1.040 1.050 1.060 1.070 1.080 1.090 1.100 1.120 1.140 1.150 1.040 1.061 1.082 1.103 1.124 1.145 1.166 1.188 1.210 1.254 1.300 1.323 1.061 1.405 1.482 1.521 1.093 1.125 1.158 1.191 1.225 1.260 1.295 1.331 1.082 1.126 1.170 1.216 1.262 1.311 1.360 1.412 1.464 1.104 1.159 1.217 1.276 1.338 1.403 1.469 1.539 1.611 1.574 1.689 1.749 1.762 1.925 2.011 Period 6 1.062 1.126 1.194 1.265 1.340 Period 7 1.072 1.149 1.230 1.316 1.407 Period 8 1.083 1.172 1.267 1.369 1.477 Period 9 1.094 1.195 1.305 1.423 1.551 Period 10 1.105 1.419 1.501 1.587 1.677 1.772 1.504 1.606 1.714 1.828 1.949 2.211 2.502 2.660 1.594 1.718 1.851 1.993 2.144 2.476 2.853 3.059 1.689 1.838 1.999 2.172 2.358 2.773 3.252 3.518 1.219 1.344 1.480 1.629 1.791 1.967 2.159 2.367 2.594 3.106 3.707 4.046 1.974 2.195 2.313 Period 11 1.116 Period 12 1.127 1.243 1.268 Period 13 1.138 1.294 1.469 Period 14 1.149 1.319 1.161 1.346 Period 15 Period 16 1.173 1.373 1.605 1.873 2.183 2.540 2.952 3.426 3.970 4.595 Period 17 1.184 1.400 1.653 1.948 2.292 2.693 3.159 3.700 4.328 5.054 Period 18 1.196 1.428 1.702 2.026 2.407 2.854 3.380 3.996 4.717 5.560 Period 19 1.208 1.457 1.754 2.107 2.527 3.026 3.617 4.316 5.142 6.116 Period 20 1.220 1.486 1.806 2.191 2.653 3.207 3.870 4.661 5.604 6.727 Period 21 Period 22 1.384 1.539 1.426 1.601 1.665 1.513 1.732 1.980 2.261 2.579 1.558 1.801 2.079 2.397 2.759 1.710 1.898 2.105 2.332 2.580 2.853 1.796 2.012 2.252 1.886 2.133 2.410 2.518 2.813 3.138 2.720 3.066 3.452 2.937 3.342 3.798 3.172 3.642 4.177 3.479 4.226 4.652 3.896 4.818 5.350 4.363 5.492 6.153 4.887 6.261 7.076 5.474 7.138 8.137 6.130 8.137 9.358 6.866 9.276 10.76 7.690 10.58 12.38 8.613 12.06 14.23 9.646 13.74 16.37 Period 23 Period 24 1.974 2.465 3.072 3.820 4.741 Period 25 1.608 1.641 1.232 1.516 1.860 2.279 2.786 3.400 4.141 5.034 6.109 7.400 1.245 1.546 1.916 2.370 2.925 3.604 4.430 5.437 6.659 8.140 1.257 1.577 1.270 1.282 10.80 15.67 18.82 5.871 7.258 8.954 2.033 2.563 3.225 4.049 5.072 6.341 7.911 9.850 2.094 2.666 3.386 4.292 5.427 6.848 8.623 10.83 12.10 13.55 15.18 23.21 28.63 17.00 26.46 32.92 17.86 21.64 20.36 24.89 Present Value of Ordinary Annuity of $1 Periods Period 1 Period 2 1% 1.942 2% 0.990 0.980 0.971 1.970 1.913 3% Period 3 2.941 2.884 2.829 Period 4 3.902 3.808 3.717 Period 5 4.853 4.713 Period 6 Period 7 6.728 5.795 5.601 6.472 5.417 6.230 Period 8 7.652 7.325 7.020 Period 9 8.566 8.162 7.786 Period 10 9.471 8.983 8.530 12% 14% 15% 8% 10% 9% 6% 7% 4% 5% 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.893 0.877 0.870 0.862 1.783 1.759 1.736 1.690 1.647 1.626 1.808 1.886 1.859 1.833 2.487 2.402 2.322 2.283 2.246 2.775 2.723 2.673 2.624 2.577 2.531 3.630 3.546 3.465 3.387 3.312 3.240 3.170 3.037 2.914 3.791 3.605 3.433 4.580 4.452 4.329 4.212 4.100 3.993 3.890 5.242 5.076 4.917 4.767 4.623 4.486 4.355 4.111 3.889 5.206 5.033 4.868 4.564 4.288 6.002 5.786 5.582 5.389 6.463 6.210 5.971 6.733 5.747 5.535 5.335 4.968 4.639 4.487 5.759 5.328 4.946 4.772 4.607 7.435 7.108 6.802 6.515 6.247 5.995 4.303 4.031 8.111 7.722 7.360 7.024 6.710 6.418 6.145 5.650 5.216 5.019 4.833 4.494 4.192 16% 18% 20% 0.847 0.833 1.605 1.566 1.528 2.174 2.106 2.855 2.798 2.690 2.589 3.352 3.274 3.127 2.991 3.784 3.685 3.498 3.326 4.160 4.039 3.812 3.605 4.344 4.078 3.837 8.760 8.514 Period 21 18.857 17.011 15.415 14.029 12.821 11.764 10.836 10.017 9.292 8.649 Period 22 19.660 17.658 15.937 14.451 13.163 12.042 11.061 10.201 9.442 8.772 Period 23 20.456 18.292 16.444 14.857 13.489 12.303 11.272 10.371 9.580 8.883 Period 24 21.243 18.914 16.936 15.247 13.799 12.550 11.469 10.529 9.707 8.985 Period 25 22.023 19.523 17.413 15.622 14.094 12.783 11.654 10.675 9.823 9.077 Period 11 10.368 9.787 9.253 8.306 7.887 7.499 7.139 6.805 6.495 5.938 5.453 Period 12 11.255 10.575 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.814 6.194 5.660 Period 13 12.134 11.348 10.635 9.986 9.394 8.853 8.358 7.904 7.487 7.103 6.424 5.842 Period 14 13.004 12.106 11.296 10.563 9.899 9.295 8.745 8.244 7.786 7.367 6.628 6.002 Period 15 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 8.061 7.606 6.811 6.142 Period 16 14.718 13.578 12.561 11.652 10.838 10.106 9.447 8.851 8.313 7.824 Period 17 15.562 14.292 13.166 12.166 11.274 10.477 9.763 9.122 8.544 8.022 Period 18 16.398 14.992 13.754 12.659 11.690 10.828 10.059 9.372 8.756 8.201 Period 19 17.226 15.678 14.324 13.134 12.085 11.158 10.336 9.604 8.950 8.365 Period 20 18.046 16.351 14.877 13.590 12.462 11.470 10.594 9.818 9.129 5.234 5.029 4.656 4.327 5.421 5.197 4.793 4.439 5.583 5.342 4.910 4.533 5.724 5.468 5.008 4.611 5.847 5.575 5.092 4.675 7.250 6.467 7.366 6.550 7.469 6.623 7.562 6.687 6.312 5.973 5.384 4.891 7.645 6.743 6.359 6.011 5.410 4.909 7.718 6.792 6.399 6.044 5.432 4.925 7.784 6.835 6.434 6.073 5.451 4.937 7.843 6.873 6.464 6.097 5.467 4.948 6.974 6.265 5.954 5.669 5.162 4.730 7.120 6.373 6.047 5.749 5.222 4.775 6.128 5.818 5.273 4.812 6.198 5.877 5.316 4.844 6.259 5.929 5.353 4.870 Future Value of Ordinary Annuity of $1 Periods Period 1 Period 2 Period 3 Period 4 Period 5 1% 3% 4% 2% 5% 6% 8% 7% 9% 10% 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2.010 2.020 2.030 2.040 2.050 2.060 2.070 2.080 2.090 2.100 3.030 3.060 3.091 3.122 3.153 3.184 3.215 3.246 3.278 3.310 4.060 4.122 4.184 4.246 4.310 4.375 4.440 4.506 4.573 4.641 5.101 5.204 5.309 5.416 5.526 5.637 5.751 5.867 5.985 6.105 12% 14% 15% 1.000 1.000 1.000 2.120 2.140 2.150 3.374 3.440 3.473 4.779 4.921 4.993 6.353 6.610 6.742 Period 6 Period 7 6.152 6.308 6.468 6.633 6.802 7.214 7.434 7.662 7.898 8.142 6.975 8.394 Period 8 8.286 8.583 8.892 9.214 9.549 9.897 7.153 7.336 7.523 7.716 8.115 8.536 8.754 8.654 8.923 9.200 9.487 10.09 10.73 11.07 10.260 10.64 11.03 11.44 12.30 13.23 13.73 Period 9 9.369 9.755 10.16 10.58 11.03 11.49 Period 10 Period 11 Period 12 10.46 10.95 11.46 12.01 12.58 13.18 11.98 12.49 13.02 13.58 14.78 16.09 16.79 13.82 14.49 15.19 15.94 17.55 19.34 20.30 11.57 12.68 12.17 12.81 13.49 14.21 14.97 Period 13 13.41 14.19 15.03 15.92 13.81 14.68 15.62 16.63 17.71 Period 14 14.95 15.97 17.09 18.29 19.60 16.87 18.88 21.02 Period 15 16.10 17.29 18.60 20.02 21.58 23.28 Period 16 17.26 18.64 20.16 21.82 23.66 25.67 Period 17 18.43 20.01 21.76 23.70 25.84 28.21 Period 18 19.61 21.41 23.41 25.65 28.13 30.91 Period 19 20.81 22.84 25.12 27.67 30.54 33.76 Period 20 22.02 24.30 26.87 29.78 33.07 Period 21 23.24 25.78 28.68 31.97 35.72 39.99 Period 22 24.47 27.30 30.54 34.25 38.51 43.39 Period 23 25.72 28.85 32.45 36.62 41.43 47.00 Period 24 26.97 30.42 34.43 39.08 44.50 50.82 Period 25 28.24 32.03 36.46 41.65 47.73 54.86 36.79 15.78 16.65 17.56 18.53 20.65 23.04 24.35 17.89 18.98 20.14 21.38 24.13 27.27 29.00 20.14 21.50 22.95 24.52 28.03 32.09 34.35 22.55 24.21 26.02 27.98 32.39 37.58 40.50 25.13 27.15 29.36 31.77 37.28 43.84 47.58 27.89 30.32 33.00 35.95 42.75 50.98 55.72 30.84 33.75 36.97 40.54 48.88 59.12 65.08 34.00 37.45 41.30 45.60 55.75 68.39 75.84 37.38 41.45 46.02 51.16 63.44 78.97 88.21 41.00 45.76 51.16 57.28 72.05 91.02 102.4 44.87 50.42 56.76 64.00 49.01 55.46 62.87 71.40 53.44 60.89 69.53 79.54 58.18 66.76 76.79 88.50 63.25 73.11 84.70 98.35 81.70 104.8 118.8 92.50 120.4 137.6 104.6 138.3 159.3 118.2 158.7 184.2 133.3 181.9 212.8