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You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $30,900 at the
You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $30,900 at the end of each year for the next 10 years. You expect to earn 10 percent each year.
Required:
1. Determine how much you will have saved after 10 years.
2. Determine the amount saved if you were able to deposit $33,400 each year.
3. Determine the amount saved if you deposit $30,900 each year, but with 12 percent interest.
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine how much you will have saved after 10 years. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to the nearest whole dollar.) Balance in the Savings Account Complete this question by entering your answers in the tabs below. Required 1 Requited 2 Required 3 Determine the amount saved if you were able to deposit $33,400 each year. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to the nearest whole dollar.) Balance in the Savings Account Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the amount saved if you deposit $30,900 each year, but with 12 percent interest. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to the nearest whole dollar.) Balance in the Savings AccountStep by Step Solution
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