Question

Derek will deposit $6,745.00 per year for 11.00 years into an account that earns 10.00%, The first deposit is made next year. He has $16,340.00 in his account today. How much will be in the account 40.00 years from today?

Answer #1

Calculation of value of money in the account at the end of 11 years:

Rate = 10%

Nper = 11

PMT = 6745

PV = 16340

Future value can be calculated by using the following excel
formula:

=FV(rate,nper,pmt,pv)

=FV(10%,11,-6745,-16340)

= $171,612.65

Calculation of value of money 40 years from today:

Rate = 10%

Nper = 40 - 11 = 29

PV = $171,612.65

PMT = 0

Future value can be calculated by using the following excel
formula:

=FV(rate,nper,pmt,pv)

=FV(10%,29,0,-171612.65)

= $2,722,307.40

**Value of money in the account 40 years from today =
$2,722,307.40**

#10 Derek will deposit $6,008.00 per year for 22.00 years into
an account that earns 11.00%, The first deposit is made next year.
How much will be in the account 40.00 years from today?
Answer format: Currency: Round to: 2
decimal places.

Derek will deposit $5,760.00 per year for 11.00 years into an
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much will be in the account 42.00 years from today?

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1.Derek will deposit $3,788.00 per year for 14.00 years into an
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Submit
Answer format: Currency: Round to: 2
decimal places

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Answer format: Currency: Round to: 2 decimal places.

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