13. You have just made your first $4,000 contribution to your retirement account. Assuming you earn an 11 percent rate of return and make no additional contributions, what will your account be worth when you retire in 45 years? What if you wait 10 years before contributing? (Does this suggest an investment strategy?). 14. You are saving up for a down payment on a house. You will deposit $600 a month for the next 24 months in a money market fund. How much will you have for your down payment in 24 months if the fund earns 12% APR compounded monthly?

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A: Calculation of amount Charlie will have at the completion of 60 years is shown below: Hence, the…

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A: Yearly Deposit = $3,000 Interest Rate = 12% compounded semiannually Time Period = 15 Years

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A: Note: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…

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A: A down payment is an early stage payment made for a particular good purchased through financing.

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A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

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A: "Since this question contains multiple parts, we will answer only the first part for you. Kindly…

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A: Annuity means a series of finite number of payments which are equal in size and made in equal…

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A: contribution =$7000 per year  interest rate =6% Period =35 Future value FACTOR =(1+r)n-1/r…

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A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

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A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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A: Future Value of ordinary annuity=Annuity×1+ratetime-1rate Present Value Annuity…

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A: Working note:

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A: a) Computation:

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A: PV is the current worth of cash flows that are expected to occur in the future.

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A: Following is the answer to the given question

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A: Future value of a present value is the value of that amount after taking into account the time value…

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A: The question is based on the concept of Annuity

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A: Future value = present value * (1+r)^n Where r= rate of interest n= compounding year

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A: The future value of the cash flow is the future worth of a cash flow at a certain rate of interest…

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A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

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Q: Your parents will retire in 28 years. They currently have $300,000 saved, and they think they will…

A: Investment amount (PV) = $300,000 Future value required (FV) = $2,500,000 Period (n) = 28 Years

Q: Your parents will retire in 23 years. They currently have $290,000 saved, and they think they will…

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Q: Suppose you want to use this fund to buy a $279,000 houseboat when you retire in 40 years. How much…

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