Question

Martina plans to retire in 5 years. She plans to collect annual payments of $49,100 for several years. Her first annual payment is expected to be received in 5 years and her last annual payment is expected in 11 years. She can earn 12.99 percent per year. How much money does Martina expect to have in 5 years?

Answer #1

Calculation of amount of money does Martina expect to have in 5 years | |||||

Year | Payment | Discount factor @ 12.99% | Present Value | ||

5th | $49,100.00 | 1.000000 | $49,100.00 | ||

6th | $49,100.00 | 0.885034 | $43,455.17 | ||

7th | $49,100.00 | 0.783285 | $38,459.31 | ||

8th | $49,100.00 | 0.693234 | $34,037.80 | ||

9th | $49,100.00 | 0.613536 | $30,124.61 | ||

10th | $49,100.00 | 0.543000 | $26,661.31 | ||

11th | $49,100.00 | 0.480574 | $23,596.17 | ||

Amount of money does Martina expect to have in 5
years |
$245,434.37 |
||||

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PLEASE HELP

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