Calculate the future value of the following annuities, then answer the questions that follow. What is the future value of an ordinary annuity with monthly deposits of $80.00 for 30 years with an interest rate of 3%? Future Value What is the future value of an ordinary annuity with monthly deposits of $160.00 for 15 years with an interest rate of 3%? Future Value Does doubling your monthly deposit make up for cutting the time in half? O No O Yes Is depositing $200.00 a month for 15 years enough to match putting $80.00 a month in for 30 years? O Yes O No
Calculate the future value of the following annuities, then answer the questions that follow. What is the future value of an ordinary annuity with monthly deposits of $80.00 for 30 years with an interest rate of 3%? Future Value What is the future value of an ordinary annuity with monthly deposits of $160.00 for 15 years with an interest rate of 3%? Future Value Does doubling your monthly deposit make up for cutting the time in half? O No O Yes Is depositing $200.00 a month for 15 years enough to match putting $80.00 a month in for 30 years? O Yes O No
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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