Homework Answers
| Answer: |
| Period = Time = 1 + next 13 years = 14 periods |
| Rate = 11% |
|
Balance in the account after last
Deposit = Amount Invested x Future value of Annuity Factor ( 11%, 14 periods ) = $ 16,000 x 30.095 (or ) $ 16,000 x 30.0949 = $ 481,520 (or ) $ 481,518 |
| Note: |
| The difference in amount is due to Factor value decimals |
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