Question
Using time value of money tables, calculate the following. Use (Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, Exhibit 1-D). (a) The future value of $450 six
Using time value of money tables, calculate the following. Use (Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, Exhibit 1-D).
(a) The future value of $450 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 8 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 6 percent to have $1,000 five years from now. (Round time value factor to 3 decimal places and final answer to the nearest whole number.)
(d) The amount a person would have to deposit today to be able to take out $600 a year for 10 years from an account earning 8 percent. (Round time value factor to 3 decimal places and final answer to the nearest whole number.)
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