Question

- 2 piele HW Score: 81.58%, 31 pts P6-12 (similar to) Question Help (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 weekly basis in the amount of $20. Nick has just completed his final payment and is at last ready to retire His retirement and has earned 8 percent compounded weekly. 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, 10 years ago Nick received an inheritance check for $20.000 from his beloved uncle He decided to deposit the entire amount into his retirement fund What is his current balance in the fund? a. The amount Nick has accumulated in his retirement account is $ (Round to the nearest cent) Check Arome Enter your answer in the answer box and then click Check Answer Clear All parts

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1 Ale W ? v Lo ( 1 ENG 03:41 25-02-2020 --- 25 X HU181 - X fix HP HQ HS HT HU HV HW HX HYA 179 180 HR WEEKLY DEPOSITS PMT RATE WEEKLY RATE YEARS NO OF WEEKS 182 20 8% 0.15385% 35 1820 185 FUTURE VALUE = FUTURE VALUE = FUTURE VALUE = PMT (1/)*((1+r)^n - 1) [FUTURE VALUE OF ANNUITY] 20*(1/0.0015385)*((1+0.0015385)^1820 - 1) 200330.83 191 PV = INHERITANCE RATE WEEKLY RATE YEARS NO OF WEEKS 20000 8% 0.15385% 10 520 195 197 198 FUTURE VALUE = FUTURE VALUE = FUTURE VALUE = PV*(1+r)^n [SIMPLE FUTURE VALUE] 20000*(1+0.0015385)4520 44484.35 199 200 201 CURRENT BALANCE IN FUND 244815.18 (200330.83 +44484.35) 202 ... ear FVA S2 pva 3 STATE 66 $7 58 59 54 MORTGAGE 51 55 52 511 312 313 314 315 316 317F 51 518f S111 Sheet1 ... 7