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Cameron is saving for his retirement 22 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $97.00 at the end of every three months for the next 12 years. Interest is 10% compounded quarterly. (a) How much money will be in his account on the date of his retirement? (b) How much will Cameron contribute? (c) How much will be interest? (a) The future value will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Cameron is saving for his retirement 22 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $97.00 at the end of every three months for the next 12 years. Interest is 10% compounded quarterly. (a) How much money will be in his account on the date of his retirement? (b) How much will Cameron contribute? (c) How much will be interest? (a) The future value will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 44P
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Cameron is saving for his retirement 22 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $97.00 at the end of every three months for the next 12 years. Interest is 10% compounded quarterly. (a) How much money will be in his account on the date of his retirement? (b) How much will Cameron contribute? (c) How much will be interest? (a) The future value will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:Cameron is saving for his retirement 22 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $97.00 at the end of every three months for the next 12 years. Interest is 10% compounded quarterly. (a) How much money will be in his account on the date of his retirement? (b) How much will Cameron contribute? (c) How much will be interest? (a) The future value will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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