Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help.Thanks a lot. 1. 2. 3. Use the following 7% interest factors. What will be the balance on September 1, 2027 in a fund
Please help.Thanks a lot.
1.
2.
3.
Use the following 7% interest factors. What will be the balance on September 1, 2027 in a fund which is accumulated by making $32000 annual deposits each September 1 beginning in 2020 , with the last deposit being made on September 1, 2027? The fund pays interest at 7% compounded annually. $191082$276932$234700$328314 Patricia and John want to begin saving for their baby's college education. They estimate that they will need $235000 in eighteen years. If they are able to earn 9% per annum, how much must be deposited at the beginning of each of the next eighteen years to fund the education? $5065.$5533.$9499.$5220. Henry, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on a 12% basis that will enable him to withdraw $63,000 per year on June 30 , beginning in 2021 and continuing through 2024 . To develop this fund, Henry intends to make equal contributions on June 30 of each of the years 2017-2020. (a) How much must the balance of the fund equal on June 30, 2020, in order for Henry to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places, e.g. 4,585.81.) Balance of the fund equal on June 30,2020$Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started