Question
You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $30,800 at the
You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $30,800 at the end of each year for the next 10 years. You expect to earn 7 percent each year.
Determine how much you will have saved after 10 years. Note: Round your final answer to the nearest whole dollar.
Determine the amount saved if you were able to deposit $33,300 each year. Note: Round your final answer to the nearest whole dollar.
Determine the amount saved if you deposit $30,800 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.) Note: Use appropriate factor(s) from the tables provided Note: Round your final answer to the nearest whole dollar.
TABLE 11.3A Future Value of an Annuity of $1
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