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Using time value of money tables, calculate the following. Use (Future value of lump sum, Future value of annuity, Present value of lump sum, Present
Using time value of money tables, calculate the following. Use (Future value of lump sum, Future value of annuity, Present value of lump sum, Present value of annuity.) (a) The future value of $420 six years from now at 7 percent. (Round time value factor to 3 decimal places and final answer to 2 decimal places.) (b)The future value of $900 saved each year for 10 years at 9 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 a 9 percent interest rate to have $1,100 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 10 years from an account earning 6 percent. (Round time value factor to 3 decimal places and final answer to 2 decimal places.) Exhibit 1 -A Future value (compounded sum) of $1 after a given number of time periods
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