Question

Derek will deposit $6,593.00 per year for 26.00 years into an account that earns 14.00%, The first deposit is made next year. He has $12,195.00 in his account today. How much will be in the account 49.00 years from today?

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

Answer #1

We use the formula:

A=P(1+r/100)^n

where

A=future value

P=present value

r=rate of interest

n=time period.

A=12,195*(1.14)^49+6,593*(1.14)^48+6,593*(1.14)^47+6,593*(1.14)^46+6,593*(1.14)^45+6,593*(1.14)^44+6,593*(1.14)^43+6,593*(1.14)^42+6,593*(1.14)^41+6,593*(1.14)^40+6,593*(1.14)^39+6,593*(1.14)^38+6,593*(1.14)^37+6,593*(1.14)^36+6,593*(1.14)^35+6,593*(1.14)^34+6,593*(1.14)^33+6,593*(1.14)^32+6,593*(1.14)^31+6,593*(1.14)^30+6,593*(1.14)^29+6,593*(1.14)^28+6,593*(1.14)^27+6,593*(1.14)^26+6,593*(1.14)^25+6,593*(1.14)^24+6,593*(1.14)^23

**=$35458056.36(Approx)**

Derek will deposit $4,641.00 per year for 28.00 years into an
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Answer format: Currency: Round to: 2
decimal places.

1.Derek will deposit $3,788.00 per year for 14.00 years into an
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Derek will deposit $9,231.00 per year for 30.00 years into an
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Submit
Answer format: Currency: Round to: 2
decimal places

#10 Derek will deposit $6,008.00 per year for 22.00 years into
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How much will be in the account 40.00 years from today?
Answer format: Currency: Round to: 2
decimal places.

Derek will deposit $2,211.00 per year for 22.00 years into an
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Answer format: Currency: Round to: 2
decimal places.

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Answer format: Currency: Round to: 2
decimal places.
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PLEASE ANSWER ALL
#3
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