Question
Using time value of money tables, calculate the following. (a) The future value of $590 six years from now at 5 percent. (Round time value
Using time value of money tables, calculate the following.
(a) The future value of $590 six years from now at 5 percent. (Round time value factor to 3 decimal places and final answer to 2 decimal places.)
(b) The future value of $1,000 saved each year for 10 years at 7 percent. (Round time value factor to 3 decimal places and final answer to 2 decimal places.)
(c) The amount a person would have to deposit today (present value) at an interest rate of 9 percent to have $600 five years from now. (Round time value factor to 3 decimal places and final answer to 2 decimal places.)
(d) The amount a person would have to deposit today to be able to take out $900 a year for 9 years from an account earning 7 percent.
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