Derek will deposit $2,297.00 per year for 16.00 years into an account that earns 15.00%. The first deposit is made today. How much will be in the account 16.0 years from today? Note that he makes 16.0 total deposits.
Derek will deposit $1,588.00 per year into an account starting today and ending in year 15.00. The account that earns 15.00%. How much will be in the account 15.0 years from today?
Derek will deposit $6,609.00 per year for 26.00 years into an account that earns 4.00%, The first deposit is made next year. How much will be in the account 37.00 years from today?
Derek will deposit $9,940.00 per year for 22.00 years into an account that earns 5.00%, The first deposit is made next year. He has $13,148.00 in his account today. How much will be in the account 35.00 years from today?
I really need help with what to put into the financial calculator. I've been trying find it for several hours but can't find the process on finding the answer. I would really appreciate it :) Thank You~
1]
N = 16
I/Y = 15
PMT = 2297
2nd --> PMT --> 2nd --> Enter (This will change the calculation to "BGN", or "begin" mode
CPT --> FV = $147,180.49
2]
N = 15
I/Y = 15
PMT = 1588
2nd --> PMT --> 2nd --> Enter (This will change the calculation to "BGN", or "begin" mode
CPT --> FV = $86,891.35
3]
N = 26
I/Y = 4
PMT = 6609
CPT --> FV = $292,856.32
Next, we do this :
PV = -292856.32
N = 11 (there are 11 years from 26 years to 37 years from now)
I/Y = 4
CPT --> FV = $450,838.85
4]
N = 22
I/Y = 5
PMT = -9940
PV = -13148
CPT --> FV = $421,203.16
Next, we do this :
PV = -421203.16
N = 13 (there are 13 years from 22 years to 35 years from now)
I/Y = 5
CPT --> FV = $794,241.38
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