Question
Suppose Chris plans to make a $1,128 savings payment at the beginning of each month for 15 years with his first payment 7 years from
Suppose Chris plans to make a $1,128 savings payment at the beginning of each month for 15 years with his first payment 7 years from today. Use this information and assume an interest rate of 6.58% per year to find the future value of his savings payments.
Other questions to think about
At what point in time will he realize this future value?
If he leaves this money in his account and makes no further savings deposits, how much will he have at the end of year 10?
Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" "," or any other formatting. Carry interim computations to at least 4 decimals.
Enter numerical answers as a positive number rounded to 2 decimal places (###.##)
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