You have just made your first $1,500 contribution to your retirement account. Assumeyou earn areturn of8 percentand
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Question:
- You have just made your first $1,500 contribution to your retirement account. Assumeyou earn areturn of8 percentand make no additional contributions.
a.What will your account be worth when you retire in 30 years?
b.What will your account be worth if you wait 9 years before contributing?
2) In 1904, the first Putting GreenChampionship was held. The winner's prize money was $160. In 2016, the winner's check was $1,164,000.
a.What was the percentage increase per year in the winner's check over this period?
b.If the winner's prize increases at the same rate, what will it be in 2049?
3) The appropriate discount rate for the following cash flows is 15 percent compounded quarterly.YearCash Flow1$90026003041,400What is the present value of the cash flows?
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