Question
1 With the TVM solver calculate the amounts at age 65 that would result from making a monthly deposit of $300 starting at age 16
1 With the TVM solver calculate the amounts at age 65 that would result from making a monthly deposit of $300 starting at age 16 into a saving account that earns 3% interest per annum, compounded monthly. (hint PV=0 , P/Y and C/Y are 12)
Question #2 With the TVM solver calculate the amounts at age 65 from making a monthly deposit of $1750 starting at age 50, into a saving account that earns 3% interest per annum, compounded monthly. (hint PV=0 , P/Y and C/Y are 12)
Question #3 What is the total amount of payment in Question #1 and Question #2? This should be the periodic payment, PMT, times the number of payments, N. What should you do?
Question #4 How much interest you made in question #1 compare to question #2
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Answer 1 Using the TVM formula with PV0 PY12 CY12 r003 N1265...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
