Using time value of money tables, calculate the following: a. The future value of $450 six years
Question:
Using time value of money tables, calculate the following:
a. The future value of $450 six years from now at 7 percent.
b. The future value of $800 saved each year for 10 years at 8 percent.
c. The amount that a person would have to deposit today (present value) at a 6 percent interest rate in order to have $1,000 five years from now.
d. The amount that a person would have to deposit today in order to be able to take out $500 a year for 10 years from an account earning 8 percent.
Future ValueFuture value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...
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Related Book For 
Personal Finance
ISBN: 978-1259453144
6th Canadian edition
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Arshad Ahmad, Jordan Fortino
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