Homework Answers
Answer a.
Annual deposit = $4,800
Interest rate = 11.50%
Period = 25 years
Future value = $4,800/1.115^24 + $4,800/1.115^23 + …. +
$4,800/1.115 + $4,800
Future value = $4,800 * (1 - (1/1.115)^25) / 0.115
Future value = $4,800 * 8.123607
Future value = $38,993.31
Answer b.
Annual deposit = $4,800
Interest rate = 11.50%
Period = 50 years
Future value = $4,800/1.115^49 + $4,800/1.115^48 + …. +
$4,800/1.115 + $4,800
Future value = $4,800 * (1 - (1/1.115)^50) / 0.115
Future value = $4,800 * 8.658020
Future value = $41,558.50
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