Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Solve these two questions regarding the value of a retirement account at some point in the future. If the amount you can earn in interest

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Solve these two questions regarding the value of a retirement account at some point in the future. If the amount you can earn in interest is 10.9%, and the amount you invest today is $4,000, a. What is the value of this account when you retire in 42 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 12.34.) b. What would the value be if you waited 10 years to make the same investment? Your retirement date does not change. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 12.34.) In 1895 , the first U.S. Open Golf Championship was held. The winner's prize money was $150. In 2019, the winner's check was $2.25 million. What was the percentage increase per year in the winner's check over this period? If the winner's prize increases at the same rate, what will it be in 2044 ? Input area: (Use cells A6 to B10 from the given information to complete this question. Your 12 future value answer should be a positive value.) (Use cells A6 to B10 from the given information to complete this question. Your future value answer should be a positive value.) You expect to receive $10,000 at graduation in two years. You plan on investing it at 11 percent until you have $60,000. How long will you wait from now? Input drea: (Use cells A6 to B9 from the given information to complete this question.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Illustrating Finance Policy With Mathematica

Authors: Nicholas L. Georgakopoulos

1st Edition

3319953710, 978-3319953717

More Books

Students also viewed these Finance questions

Question

Develop successful mentoring programs. page 400

Answered: 1 week ago