Future Value if first payment is today= [Present Value * ( 1+ rate of interest)^ Time]*(1+Rate of Interest)
=[6420*(1+8%)^26]*(1+8%)
=$ 51,283.35
Future Value if first payment is at year end = Present Value * ( 1+ rate of interest)^ Time
=6420*(1+8%)^26
=$ 47,484.59
Your answer is incorrect. Stacy Medavoy will invest $6,420 a year for 26 years in a...
Stacy Medavoy will invest $8,270 a year for 23 years in a fund that will earn 4% annual interest. Click here to view factor tables If the first payment into the fund occurs today, what amount will be in the fund in 23 years? If the first payment occurs at year-end, what amount will be in the fund in 23 years? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 458,581.) First...
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What is the future value of $8,650 at the end of 7 periods at 8% compounded interest? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) The future value $ Click here to view factor tables What is the present value of $8,650 due 8 periods hence, discounted at 6%? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) The present value...
Brief Exercise 6-10 Alan Quincy wants to withdraw $32,900 each year for 10 years from a fund that earns 4% interest Click here to view factor tables How much must he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately? (Round factor values to 5 decimal places, e.g. 1.25124 and Final answers to o decimal places, e.g.458,581.) First withdrawal at year-end First withdrawal immediately LINK TO TEXT