What will be the balance on September 1, 2027 in a fund which is accumulated by...
What will be the balance on September 1, 2027 in a fund which is accumulated by making$30,000 annual deposits each September 1 beginning in 2020, with the last deposit being made on September 1, 2027? The fund pays interest at 8% compounded annually.
A.) 319,099
B.) 267,687
C.) 172,398
D.) 226,800
Homework Answers
Solution: $267,687
Working: Annual payments = $30,000 ; n = 7 years; i = 8%
Future value on September 1, 2027: $30,000 (F/A, 8%, 7) = $30,000 *
8.9228 = $267,687
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What will be the balance on September 1, 2027 in a fund which is
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