Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have just made your first $4,000 contribution to your individual retirement account. Assume you earn an annual return 11.05 percent and make no additional

You have just made your first $4,000 contribution to your individual retirement account. Assume you earn an annual return 11.05 percent and make no additional contributions. What will your account be worth when you retire in 44 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Account value $ What if you wait 10 years before contributing? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Account value $

For each of the following, compute the future value (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16)):

Present Value Years Interest Rate Future Value
$ 3,150 6 13 % $
8,453 19 7 $
89,305 13 9 $
227,382 21 5 $

For each of the following, compute the present value (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16)):

Present Value Years Interest Rate Future Value
$ 15 4 % $ 17,328
$ 8 9 41,517
$ 13 12 790,382
$ 25 11 647,816
Please Help with the Following :) Work shown would be Much Appreciated! :)

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

Public Finance

Authors: Richard W. Tresch

4th Edition

0128228644, 978-0128228647

More Books

Students also viewed these Finance questions

Question

What is the formula to calculate the mth Fibonacci number?

Answered: 1 week ago

Question

Identify cultural barriers to communication.

Answered: 1 week ago