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(Future value of an annuity) Upon graduating from college 35 years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a semiannually basis in the amount of S700. Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 6 percent compounded semiannually. Use five decimal places for the periodic interest rate in your calculations. a. How much has Nick accumulated in his retirement account? b. In addition to this, 20 years ago Nick received an inheritance check for $15,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund?

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Home nert Page Layout Formulas Data Review View dd-Ins Cut Σ AutoSum Wrap Text General ta copy ▼ в 1 프 . Ej-., Δ. : rーー 逻锂函Merge & Center. $, % , 弼,8 C Paste Conditional Format CeInsert Delete Format Formatting, as Table w styles. ▼ ㆆ ▼ Sort &Find & 2 ClearFe Select Edting Format Painter Clipboard Font Alignment Number Styles Cells DH353 DE DF DG DH DI DJ DK 342 343 344 345 346 347 348 349 350 ANS1 FVA- 351 352 353 ANS 2 AMOUNT 354 355 356 357 358 359 360 FUTURE VALUE OF ANNUITY FVA - A- A/(r/m) *((1+r/m)Amn -1) 700 6% 35 (700/(0.06/2)) *((1+(0.06/2))A(2*35)) -1) 161415.84 15000 YEARS 20 AMOUNT*(1+r/m)Amn 15000 (1+0.06/2)A(2*20) FV= FV TOTAL CURRENT BALANCE IN FUND 48930.57 210346.41 (161415.84+ 210346.41) 11 1 トーCALCULATOR LOAN OPTIONS | pv, fv, annu y i CAP STRU VALUE BOX DILUTION DOLLAR COST AVGMORTGAGE EXPO Sheeti Sheet2 Shel rences: x261 04:37 31-01-2019

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