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Put your answers in bold please, and thanks in advance. 26

15 part 2

You have just made your first $1,500 contribution to your retirement account. Assume you earn a return of8 percent and make no additional contributions. a. What will your account be worth when you retire in 30 years? 2 Future value for starting now b. What will your account be worth if you wait 10 years before contributing? b. What will your account be worth if you wait 10 years before contributing? Future value if waiting 10 years A local finance company quotes a 16 percent interest rate on one-year loans. So, if you borrow $30,000, the interest for the year will be $4,800. Because you must repay a total of $34,800 in one year, the finance company requires you to pay $34,800/12, or $2,900.00, per month over the next 12 months. a. What rate would legally have to be quoted? Annual percentage rate 28.33% b. What is the effective annual rate? d. gally have to be quoted! Annual percentage rate 28.33% b. What is the effective annual rate? Effective annual rate