Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using time value of money tables or a financial calculator, calculate the following: (Use Exhibit 18-1. Exhibit 1B-2. Exhibit 18-3. Exhibit 18- a) The future
Using time value of money tables or a financial calculator, calculate the following: (Use Exhibit 18-1. Exhibit 1B-2. Exhibit 18-3. Exhibit 18- a) The future value of $420 six years from now at 7 percent. (Round time value factors to 3 decimal places and final answer to 2 decimal places. Omit the "$" sign in your response.) Future value $ b) The future value of $900 saved each year for 10 years at 9 percent. (Round time value factors to 3 decimal places and final answer to 2 decimal places. Omit the "$" sign in your response.) Future value $ The amount you have to deposit today (present value) at a 9 percent interest rate to have $1,100 five years from now. (Round time value factors to 3 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.) Amount be deposited $ d) The amount you have to deposit today to be able to take out $900 a year for 10 years from an account earning 6 percent. (Round time value factors to 3 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.) $ Amount to be deposited Use future value and present value calculations to determine the following. a. The future value of a $1,000 savings deposit after eight years at an annual interest rate of 4 percent. If you are using a table to calculate your answer, please only use the table in this link Appendix 18-1. (Round time value factors to 3 decimal places and final answer to 2 decimal places. Omit the "S" sign in your response.) Future value $ b. The future value of saving $2.480 a year for five years at an annual interest rate of 3 percent. If you are using a table to calculate your answer, please only use the table in this link Appendix 10 2. (Round time value factors to 3 decimal places and final answer to 2 decimal places. Omit the "S" sign in your response.) Future value $ c. The present value of a $2,530 savings account that will earn 2 percent interest for four years. If you are using a table to calculate your answer. please only use the table in this link Appendix 18-3. (Round time value factors to 3 decimal places and final answer to 2 decimal places. Omit the "S" sign in your response.) Present value $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started