You are planning to make annual deposits of $5,700 into a retirement account that pays 10...
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You are planning to make annual deposits of $5,700 into a retirement account that pays 10 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 40 2 years? 3 4 Input area: 5 6 Annual deposit 7 Payments per year 8 APR 9 10 $5,700 12 10% 40 Number of years 11 (Use cells A6 to B9 from the given information to complete this question. Your answer should b 12 13 Output area: 14 15 EAR 16 Future value of annuity 17 18 You are planning to make annual deposits of $5,700 into a retirement account that pays 10 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 40 2 years? 3 4 Input area: 5 6 Annual deposit 7 Payments per year 8 APR 9 10 $5,700 12 10% 40 Number of years 11 (Use cells A6 to B9 from the given information to complete this question. Your answer should b 12 13 Output area: 14 15 EAR 16 Future value of annuity 17 18
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