Suppose you deposit $2000 into an account at the end of each year for the next...
Suppose you deposit $2000 into an account at the end of each year for the next 10 years and then you stop making deposits. If the account earns 12% (assume annual compounding), how much will be in the account at the end of 30 years?
|
35,097 |
||
|
192,926 |
||
|
338,560 |
||
|
482,665 |
||
|
Insufficient information to compute |
Homework Answers
Value at year 10 = Annuity * [(1 + r)n - 1] / r
Value at year 10 = 2000 * [(1 + 0.12)10 - 1] / 0.12
Value at year 10 = 2000 * 17.548735
Value at year 10 = 35,097.47014
Value at year 30 = Present value (1 + r)n
Value at year 30 = 35,097.47014 (1 + 0.12)20
Value at year 30 = 35,097.47014 * 9.646293
Value at year 30 = 338,560
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