Question

Derek will deposit $3,768.00 per year for 13.00 years into an account that earns 13.00%. Assuming the first deposit is made 6.00 years from today, how much will be in the account 37.00 years from today?

Answer #1

**FV of Annuity = P*[{(1+i)^n}-1]/i**

Where, P = Annuity = 3768, i = Interest Rate = 0.13, n = Number of Periods = 13

Therefore, FV = 3768*[{(1+0.13)^13}-1]/0.13= 3768*3.898/0.13 = 112982.35

**Above FV is 13 years from 6 years from now i.e. 19 years
from now.**

**Therefore, to find FV 37 years from today, we need to
calculate the FV of above amount after 37-19 = 18
years**

**FV = PV*[(1+i)^n]**

Where, PV = 112982.35, i = 0.13, n = 18

Therefore, FV = 112982.35*[(1+0.13)^18] = 112982.35*9.024268 = 1019583

Therefore, **Account Balance 37 years from today =
$1019583**

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today? round 2 decimals

1.Derek will deposit $3,788.00 per year for 14.00 years into an
account that earns 12.00%. Assuming the first deposit is made 6.00
years from today, how much will be in the account 33.00 years from
today?
2.Derek will deposit $6,480.00 per year for 11.00 years into an
account that earns 8.00%, The first deposit is made next year. He
has $12,685.00 in his account today. How much will be in the
account 43.00 years from today?

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account that earns 11.00%, The first deposit is made next year. How
much will be in the account 37.00 years from today?

Derek will deposit $1,880.00 per year for 15.00 years into an
account that earns 8.00%. Assuming the first deposit is made 7.00
years from today, how much will be in the account 36.00 years from
today?

Derek will deposit $5,760.00 per year for 11.00 years into an
account that earns 6.00%, The first deposit is made next year. How
much will be in the account 42.00 years from today?

Derek will deposit $9,231.00 per year for 30.00 years into an
account that earns 11.00%, The first deposit is made next year. How
much will be in the account 37.00 years from today?
Submit
Answer format: Currency: Round to: 2
decimal places

#12 Derek will deposit $4,821.00 per year for 24.00 years into
an account that earns 6.00%, The first deposit is made next year.
How much will be in the account 35.00 years from today?

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