14. If you deposit $220 in your savings account at the beginning of each month f

Question

14. If you deposit $220 in your savings account at the beginning of each month for 2 year and if your account bears 6 1/4% compounded monthly, how much will you save at the end of the 2 years?

16. Find the future fund for Kelly, who is saving $350 at the beginning of each month for the next 4 years, if her savings account bears 7 1/2% interest compounded quarterly.

18. Herb is a self- employed agent who is setting his own retirement fund. He is depositing $17,000 a year for the next 20 years. How much will he be able to collect for his retirement giben that his retirement fund bears 11% interest compounded semiannually?

20. Find the future value of an annuity of $2,615 payable monthly for 3 1/2 years that starts after 3 months. The interest rate would be 7%.

Explanation / Answer

$5608.67

$26864.90

$592,761.41

$485,449.36

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