Question
Question 8 (2 points) Carla Lopez deposits $12410 a year into her retirement account. If these funds have an average earning of 4 percent over
Question 8 (2 points)
Carla Lopez deposits $12410 a year into her retirement account. If these funds have an average earning of 4 percent over the 13 years until her retirement, what will be the value of her retirement account?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 8 options:
Answer |
Question 9 (2 points)
If a person spends $17 a week on coffee (52 weeks in a year), what would be the future value of that amount over 16 years if the funds were deposited in an account earning 7 percent?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 9 options:
Answer |
Chapter 1 LO 1.3
Question 10 (2 points)
Question 10 options:
A financial company that advertises on television will pay you $55,000 now for annual payments of $9,500 that you are expected to receive for a legal settlement over the next 9 years. Assume you estimate the time value of money at 12 percent.
Use the appropriate time value of money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D].
(a) What is the present value?
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