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On January 1, 2018, you deposited $5,600 in a savings account. The account will earn 12 percent annual compound interest, which will be added to
On January 1, 2018, you deposited $5,600 in a savings account. The account will earn 12 percent annual compound interest, which will be added to the fund balance at the end of each year. Required: 1. What will be the balance in the savings account at the end of 7 years? 2. What is the total interest for the 7 years? 3. How much interest revenue did the fund earn in 2018 and in 2019? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What will be the balance in the savings account at the end of 7 years? (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to 2 decimal places.) Balance in the Savings Account Required Required 2 > You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $31.000 at the end of each year for the next 9 years. You expect to earn 12 percent each year. Required: 1. Determine how much you will have saved after 9 years. 2. Determine the amount saved if you were able to deposit $33,800 each year. 3. Determine the amount saved if you deposit $31,000 each year, but with 14 percent interest. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine how much you will have saved after 9 years. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to the nearest whole dollar.) Balance in the Savings Account Required Required 2 >
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