If you deposit $5,500 at the end of each of the next 15 years into an account pa
ID: 2384237 • Letter: I
Question
If you deposit $5,500 at the end of each of the next 15 years into an account paying 11.3 percent interest, how much money will you have in the account in 15 years? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)
How much will you have if you make deposits for 30 years? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)
If you deposit $5,500 at the end of each of the next 15 years into an account paying 11.3 percent interest, how much money will you have in the account in 15 years? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)
Explanation / Answer
Future Value at end of 15 Years = $193,827.42 Future Value at end of 30 Years = 1,159,528.39 Opening Balance 1,000.00 Rate ,r yearly 11.30% Time in Years 15 and 30 Year Opening Balance Money Deposited Interest(Opening bal*Intt rate) Closing Balance(Op bal + Intt + Money Deposited) 1.000 - 5,500.00 - 5,500.00 2.000 5,500.00 5,500.00 621.50 11,621.50 3.000 11,621.50 5,500.00 1,313.23 18,434.73 4.000 18,434.73 5,500.00 2,083.12 26,017.85 5.000 26,017.85 5,500.00 2,940.02 34,457.87 6.000 34,457.87 5,500.00 3,893.74 43,851.61 7.000 43,851.61 5,500.00 4,955.23 54,306.84 8.000 54,306.84 5,500.00 6,136.67 65,943.52 9.000 65,943.52 5,500.00 7,451.62 78,895.13 10.000 78,895.13 5,500.00 8,915.15 93,310.28 11.000 93,310.28 5,500.00 10,544.06 109,354.35 12.000 109,354.35 5,500.00 12,357.04 127,211.39 13.000 127,211.39 5,500.00 14,374.89 147,086.27 14.000 147,086.27 5,500.00 16,620.75 169,207.02 15.000 169,207.02 5,500.00 19,120.39 193,827.42 16.000 193,827.42 5,500.00 21,902.50 221,229.91 17.000 221,229.91 5,500.00 24,998.98 251,728.89 18.000 251,728.89 5,500.00 28,445.37 285,674.26 19.000 285,674.26 5,500.00 32,281.19 323,455.45 20.000 323,455.45 5,500.00 36,550.47 365,505.92 21.000 365,505.92 5,500.00 41,302.17 412,308.08 22.000 412,308.08 5,500.00 46,590.81 464,398.90 23.000 464,398.90 5,500.00 52,477.08 522,375.97 24.000 522,375.97 5,500.00 59,028.49 586,904.46 25.000 586,904.46 5,500.00 66,320.20 658,724.66 26.000 658,724.66 5,500.00 74,435.89 738,660.55 27.000 738,660.55 5,500.00 83,468.64 827,629.19 28.000 827,629.19 5,500.00 93,522.10 926,651.29 29.000 926,651.29 5,500.00 104,711.60 1,036,862.89 30.000 1,036,862.89 5,500.00 117,165.51 1,159,528.39
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