Assume you deposit $5,300 at the end of each year into an account paying 10.25 p

Question

Assume you deposit $5,300 at the end of each year into an account paying 10.25 percent interest. Requirement 1: How much money will you have in the account in 16 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Annuity future value Requirement 2: How much will you have if you make deposits for 32 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Annuity future value

Explanation / Answer

Requirement 1

Requirement 2

Cash Flow 5300 Interest Rate 10.25% Year 16 Future Value = 5300*(((1+0.1025)^16)-1)/0.1025) 194675

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.