Help Future valve dnsk and Jl re saving pay them 9% on their account. for a rain
ID: 1171965 • Letter: H
Question
Help Future valve dnsk and Jl re saving pay them 9% on their account. for a rainy day and decide to put $8 away in heir local bank every year for the noxt 30 yoars The local Upihe-Hl Bank w and Jill put the money in the account faithfully at the end of every year, how much willi they have in t at the end of 30 years? b. Unfortunately, Jack had an accident in which he sustained head injuries after only 10 years of savings. The medical bil has come to $700. Is there enough in the rainy-day fund to cover it? a. If Jack and JI put the money in the account faithfully at the end of every year, how much wil they have in it at the end of 30 years? (Round to the nearest cent)Explanation / Answer
You need to calculate the future value of cash flow
Annuity cashflow (PMT) = 55 $
N = 30years
Interest = 9 %
Present value = 0
future value = 7,496.91$
This is the dollar amount after 30 years
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