Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You choose to invest your $2.985 income tax refund check (rather than spend it) in an account earning 5% compounded annually. How much will
You choose to invest your $2.985 income tax refund check (rather than spend it) in an account earning 5% compounded annually. How much will the account be worth in 30 years? (Use the Table provided.) Note:Note: Round your answer to the nearest cent. Worth Future value interest factor of $1 per period at i% for n periods, FVIF(i,n). 1 Period 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.3% 1.00501 2 3 4 1.0202 10406 1.0614 5 10253 6 10304 1.0615 7 1.0355 1.0721 1.0510 1.0773 10934 1.1098 1.0824 1.1038 1.1041 1.1314 1.1262 11597 11487 1.1887 8 10407 10829 1.1265 1.1717 12184 1.2668 13168 13686 14221 9 10459 10937 1.1434 1.1951 12489 10 1.0511 1.1046 1.3048 1.3629 1.1605 12190 12801 13439 14106 14233 1.4861 14502 1.5530 11 1.0564 1.1157 12 1.0617 1.1268 13 14 15 16 1.0670 1.1381 12136 1.2936 1.0723 1.1495 12318 1.0777 1.1610 12502 1.0831 1.1726 1.2690 17 1.0885 1.1843 12880 18 19 201 21 22 23 24 25 26 1328 1.2824 14509 16406 11385 37011 1477 167 11779- 1.2434 1.3121 13842 14600 15395 16229 1.1956 1.2682 13449 1.4258 15111 16010 1.6959 13785 1.4685 15640 1.6651 1.7722 13195 1.4130 1.5126 16187 17317 1.8519 13459 14453 1.5550 16753 13009 19353 13728 1.4845 16047 17340 18730 2.0224 1.4002 15216 1.6528 1.7947 19479 2.1134 10939 1.1961 13073 14282 13597 1.7024 1.8575 20258 2.2015 10994 12081 1.3270 1.4568 1.5987 1.7535 19225 2.1068 2.3079 1.1049 1.2202 1.3469 14859 1.6386 1.8061 1998 2.1911 24117 1.1104 1.2324 13671 1.3157 16796 18603 20594 22755 2.5202 11160 12447 1.3876 1.5460 1.7216 19161 2.1315 23699 2.6337 1.1216 1.2572 14064 1.5769 1.7646 19736 2.2061 2.4647 2.7522 1.1272 12697 14295 1.6084 1.8087 20328 2.2833 2.5613 2.8760 18539 20938 23632 26658 30054 3166 446 139935 1 4.0% 4.5% 8.0% 85% 10100 10150 10200 1.0250 10300 1.0350 10400 10450 10750 1.0800 1.0850 1.0100 1.0201 1.0302 10404 1.0506 10609 1.0712 10816 10920 1.1556 1.1664 1.1772 10151 1.0303 1.0457 10612 1.0769 1.0927 1.1087 1.1249 1.1412 1.1576 1.1742 1.1910 1.2079 1.2250 1.2423 1.25.97 1.2773 11255 1.1475) 1.1699 1.1925 1.2155 12388 1.2625 1.2865 1.3108 13355 13605 1.3859 1.1593 11877 1.2167 1.2462 1.2763 1.3070 13382 13701 14026 14356 1.4693 15037 1.1941 1.2293 1265313023 13401 13788 14185 14591 1.5007 1.5433 1.5869 16315 1.2299 1.2723 13159 13609 14071 14547 1.5016 1.5540 1.6058 16590 14775 13347 15938 1.6550 1.7182 1.7835 1.5513 1.6191 1.6895 1.7626 1.8385 1.9172 1.6289 1.7081 1.7908 18771 19672 20610 1.7103 18021 13983 19992 2.1049 22156 1.7959 19012 20122 21291 22522 2.3818 188561 2005 2.1329 2.2675 24098 2.5604 19799 2.1161 2.3609 24149 2.3783 2.7524 20789 22325 23966 2.3718 2.7590 2.9589 2.1829 2.3553 2.5404 2.7390 29522 3.180 22920 2.4548 26928 29170 31588 3.4194 24066 26215 28543 3.1067 33799 3.6758 25270 2.7656 3.0216 33006 3.6165 39515 26533 2.9178 3.2071 35236 33693 42479 2.7860 30782 13996 3.7527 2.9253 3.2475 3.6035 39966 4.4304 49059 3.0715 34262 3.8197 4.2564 47405 52771 3.2251 3.6146 4.0489 43331 5.0724 5.6729 3.3564 3813 2919 48277 54274 60953 5.0% 5.5% 6.0% 6.5% 7.0% 1.0500 1.0550 10600 1.0650 1.0700 1.1025 1.1130 1:1236 1.1342 1.1449 7.5% 35547 4A71 30744667 4.1406 43664 9.5% 10.0% 9.0% 10900 1.0950 1.100 11881 1.1990 1210 12950 13129 1331 14116 14377 1464 1.5386 1.5742 1.610 16771 1.7238 1.7714 1.7138 1.7701 1.8250 13876 1948 135.09 19206 19926 2.0669 2.143 19990 20839 2.1719 2.2632 2.357 24752 2593 2.1589 22610 2.3674 23316 2.4532 2.5804 2.7137 2853 25182 26617 2.8127 2.9715 3.135 2.7196 2.8879 3.0658 32537 3452 2.9372 31334 33417 33629 3.797 3.1722 13997 3.6425 3.9013 4177 34259 1.6587 39703 42719 4.5950 3.7000 40023 43276 4.6778 5.054 3.9960 43425 4.7171 51222 5.359 43137 47116 51417 5.6068 6115 46610 5.1120 56044 61416 6.727 50138 5.5466 6.1058 6.7251 7,400 5.43.65 60180 66586 7.3639 8.140 5.8715 65296 72579 8.0635 5954 63412 7.0546 7.9111 8.8296 9.549 63485 76368 86231 9.6684 10.534 1007 IMAG THE
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