Question

Brief Exercise G-5 Andrew and Emma Garfield invested 57.600 in a savings account paying 7% annual interest when their daughter, Angela, was born. They also deposited 51.400 on each of her birthdays until she was 14 (including her 14th birthday Click here to view the factor table Future of Click here to view the factor table Future Value of an Anruty of (For calculation purposes, use 5 decimal places as displayed in the factor table provided) How much was in the savings account on her 14th birthday after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.) Amount on 14th birthdays Click If you would like to Show Work for this questions Open Show Work

Answer 1

Amount on 14th birthday: 2.578534150 1 Rate of interest, RATE 2 Number of years, NPER 3 FVF @ 7% for 14th year FVF @ 7% for 14th year 4 (Rounded to 5 decimal places) 5 FVAF @ 7% for 14 years FVAF @ 7% for 14 years 6 (Rounded to 5 decimal places) 2.57853 22.550487860 22.55049 8 Amount invested at the beginning, PV 9 Amount deposited on each birthday, PMT 10 Amount on 14th birthday $7,600 $1,400 $51,167.51 Calculations are shown below: 0.07 14 =FV(B1,B2.0,-1,1) 1 Rate of interest, RATE 2 Number of years, NPER 3 FVF @ 7% for 14th year FVF @ 7% for 14th year 4 (Rounded to 5 decimal places) 5 FVAF @ 7% for 14 years FVAF @ 7% for 14 years 6 (Rounded to 5 decimal places) =ROUND(B3,5) =FVB1,B2,-1,0,0) =ROUNDB5,5) 8 Amount invested at the beginning. PV 9 Amount deposited on each birthday, PMT 10 Amount on 14th birthday 7600 1400 =(B8*B4)+(B9*B6)