Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $20,800 at the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $20,800 at the end of each year for the next 10 years. You expect to earn 7 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 $33.300 each year. 3. Determine the amount saved if you deposit $30,800 each year, but with 11 percent interest Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Determine how much you will have saved after 10 years. (Future Value of 51. Present Value of S1, Future Value Annuity of $1. Present Value Annuity of $1.) (Use appropriate factor from the tables provided. Round vout final answer to the nearest whole dollar) Balance in the Savings Account Required: 1. Determine how much you will have saved after 10 years. 2. Determine the amount saved if you were able to deposit $33,300 each year 3. Determine the amount saved if you deposit $30,800 each year, but with 11 percent interest Complete this question by entering your answers in the tabs below. Required: Required 2 M Required 3 Determine the amount saved if you were able to deposit $33,300 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 Required: 1. Determine how much you will have saved after 10 years 2 Determine the amount saved if you were able to deposit $33.300 each year. 3. Determine the amount saved if you deposit $30.800 each year, but with 11 percent interest Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the amount saved if you deposit $30,000 each year, but with 11 percent interest. (Future Value of $1, Present Value of $1 Future Value Annuity of $1. Present Value Annuity of $1.) (Use appropriate factors from the tables provided. Round your final answer to the nearest whole dollar) Balance in the Savings Account Perlede 3.70 40 SX OM 7% an o 10000 10000 10000 10000 10000 10000 10000 10000 10000 1 LO2000300 10375 10400 10125 10500 10600 10700 10800 2 10404 10509 10764 10R16 10868 11025 11236 11449 11664 3 10612 10927 11168 11249 11330 11576 1.1980 12250 121597 10824 11255 11587 11699 11811 12155 12625 13108 13605 5 1041 11593 12021 12157 1.2313 12763 13382 1.4025 1.4693 6 11262 11941 12472 12653 12837 13401 14185 15007 15859 7 1487 2299 129391315913382 14071 1.5036 16058 12138 8 11717 1 2668 13425 13686 13951 14775 15938 17182 18509 11951 1301813928 14233 1454415513 16895 18385 19990 10 12190 13439 4450 14802 15162 16289 17906 19572 21589 20 1.4859 18061 20882 21911 2.2989 2.65333.2071 38697 46610 Periods 95 10 11% 125 145 15% 20% 25% 10000 10000 10000 10000 10000 10000 10000 10000 10000 1 10900 11000 | 0 | 0 T1300 11100 11500 12000 12500 2 12100 1 232 2544 12765 12996 13225 14400 15635 3 12950 13310 13676140491294895 15209 17280 1951 1 14641 151915735 16305 16890 17490 2016 24414 5 1548615105 1685 sa T24 19254 2011 2488 3.0515 15771 17210 189209202950 2 3131 29600 38:14 2019 2020 265848 199262103623045 276 25 242998 5.9505 29 129 297 295 13970656 TABLE 11.2A Present Value of $1 Periods 2% 3% 3.75% 4% 4.25% 5% 6% 7% 8% 1 0.9804 0.9709 0.9639 0.9615 09592 0.9524 0.9434 0.9346 0.9259 2 0.9612 026 0.9290 0.9246 0.9201 0.9070 0.8900 0.8734 08573 0.9423 0.9151 0.8954 0.8890 0.8826 0.8638 08396 0.8163 07938 3 4 0.9238 0.8885 0.8631 0.8548 0.8466 0.8227 0.7921 0.7629 07350 5 6 0.9057 0.8626 0.8319 0.8219 0.8121 07835 07473 07130 06806 08880 08375 0.8018 07903 0.7790 0.7462 07050 0.6663 06302 08706 08131 0.7728 07599 07473 07107 06651 0.6227 0.5835 7 8 08535 07894 0744907307 07168 0.6768 0.6274 0.5820 0.5403 0.8368 0.7664 0.7180 07026 06876 06446 0.5919 0.5439 05002 10 0.8203 0.7441 0.6920 0.6756 0.6595 0.6139 0.5584 0.5083 04632 0.6730 0.5537 0.478904564 0.4350 03769 0.3118 0.2584 0.2145 Periods 9% 10% 11% 12% 13% 14% 15% 20% 25% 09174 09091 09009 08929 0.8850 0.8772 08696.08333 08000 0.84170826408116 0.1972 07831 07695 07561 05944 05400 0.7518 0.7312 0718 06931 06750 06575 05787. 05120 O 0583006587 06255 05133 05921 05718 94823 04090 649 0620905935 15674 0.5428 0.5194 dez? 040191 08277 05963 565 031605055 0.4803 04555 25-0133102521 05470 05132 0312 0452304251 099603750012791 0097 0504665043390 2325. DIE 609 0474039090850532 0132 0422495220822046 333 15 ARCH TABLE 1.3A Future Value of an Annuity of $1 Periods 2% 3% 3.75% 4% 4.25% 5% 8% 7% 8% 1 10000 10000 10000 10000 1.0000 10000 1.0000 1.0000 1.0000 2 20200 20300 2.0375 20400 20425 2.0500 2.0600 2.0700 20800 3 3.0604 30909 3.1139 31216 3.1293 3.1525 3.1806 3.2149 3.2464 4 4.1216 4.1836 4.2307 4.2465 4.2623 4.3101 4,3746 4.4399 4.5061 5 5 2040 5.3091 5.3893 5.4163 5 4434 5.5256 56371 5.7507 5.8666 6 6.3061 6.4684 6.5914 6.6330 6.6748 6 8019 6.9753 7.1533 73359 7 74343 76625 78386 7.8983 79585 8:1420 83938 8.6540 8.9228 8 8.5830 88923 9.1326 92142 92967 9.5491 98975 10 2598 10.6366 9.7546 101591 10.4750105828 106918 110266 11.4913 11 9780 124876 10 10.9497 11 4639 11.8678 12 0061 12 1462 12.5779 13.1808 13 8164 14.4866 20 24.2974 26 8764 29.0174 29 7781 30.5625 38 0660 36.7856 40.9955 45 7520 Periods 99 10% 115 124, 13% 149 15% 20% 25% F0000 10000 10000 10000 10000 10000 10000 zo 21100 21200 21300 2.1400 21500 22000 202500 33421 33740 3:40259 3.4396 35400 34325 +9944 4.7097 7793 8498 4.9211 2278 b3528 6480 72156 79129 81152 BELES 853 010400 32915 HE 1229 12 25. 115 16 B 12 0295 TABLE MAA Present Value of Annuity of $1 Periods 2% 3% 3.75% AN 4.25% 6% 7% 8% 0.9804 0.9709 0.9639 0.9615 0.9592 0.9524 0.9434 0.9346 0.9259 2 19416 19135 1.8929 1.8861 18794 18594 1.8334 180BO 17853 3 28839 2.8286 27883 2.7751 2.7620 27232 26730 26243 25771 4 3,8077 3.7171 3.6514 3.6299 3.6086 35460 34651 3.3872 3.3121 5 4.7135 4.5797 4.4833 4,4518 44207 43295 4.2124 41002 3.9927 6 56014 5.4172 52851 52421 5.1997 50757 4.9173 47665 4.6229 6.05796.0021 5.947057864 5.5824 53893 5.2064 7 6.4720 6.2303 8 73255 70197 6.8028 6.7327 6.6638 64632 6 2098 5.9713 5.7466 9 81622 77861 75208 74353 73513 71078 6.807 6.5152 6.2469 10 89826 85302 82128 8 1109 80109 77217 73601 70236 6.7101 20 16. 3514 14.8775 13.8962 13.5903 13.2944 124622 114699 10.5940 9.8181 Periods 9% 10% 12% 13% 14% 15% 20% 25% 0.9174 0909109009 0.8929 08550 0.8772 08696 08333 0.8000 2 17591 17355 17425 16901 16681 16467 16257 15278 14400 7531324869 24432 24018 23572 23216 2 2832 21055 19520 3239731699 3.1024 30373 2 974529137 28550 25887 23616 3.88973790836959 36048 35172 3.4331 33522 2.990625893 145913553 4.2305 4.111 3.997558887 378453325529564 50330 17122 4563844225 5289 21609 55348 53349 51451 19626 466327973283 9 5.9952 57590 5537053282 5131 16 81691 6.1446 795 799 2 12

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Concepts Based Introduction

Authors: David Kolitz

1st Edition

1138844977, 978-1138844971

More Books

Students also viewed these Accounting questions