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Suze Orman wants to pay $1,490 semiannually to her granddaughter for 10 years for helping her around the house. If Suz money at 4% compounded semiannually, how much must she invest today to meet this goal? (Please use the following pr Table:) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Investment required today

Suze Orman wants to pay $1,490 semiannually to her granddaughter for 10 years for helping her around the house. If Suz money at 4% compounded semiannually, how much must she invest today to meet this goal? (Please use the following pr Table:) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Investment required today

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 20E
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Suze Orman wants to pay $1,490 semiannually to her granddaughter for 10 years for helping her around the house. If Suze can invest money at 4% compounded semiannually, how much must she invest today to meet this goal? (Please use the following provided Table:) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Investment required today
Transcribed Image Text:Suze Orman wants to pay $1,490 semiannually to her granddaughter for 10 years for helping her around the house. If Suze can invest money at 4% compounded semiannually, how much must she invest today to meet this goal? (Please use the following provided Table:) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Investment required today
Present value interest factor of an (ordinary) annuity of $1 per period at i% for n periods, PVIFA(i,n). 4.0% 4.5% 5.5% 1.0% 0.9901 1.5% 0.9852 2.0% 0.9804 1.9416 2.5% 0.9756 1.9274 3.0% 0.9709 3.5% 0.9662 1.8997 2.8016 1.9704 1.9559 1.9135 2.9410 2.9122 2.8839 2.8560 2.8286 0.9615 1.8861 2.7751 3.6299 4.4518 3.9020 3.8544 3.8077 3.7620 3.7171 3.6731 0.9569 1.8727 2.7490 3.5875 4.3900 5.1579 5.8927 6.5959 4.8534 4.7826 4.7135 4.6458 4.5797 4.5151 5.3286 5.7955 5.6972 5.6014 5.5081 5.4172 5.0% 0.9524 1.8594 2.7232 3.5460 4.3295 5.0757 5.7864 6.4632 7.1078 7.7217 8.3064 8.8633 6.7282 6.5982 6.4720 6.3494 6.2303 5.2421 6.0021 6.7327 6.1145 7.6517 7.4859 7.3255 7.1701 7.0197 6.8740 8.5660 8.3605 8.1622 7.9709 7.7861 7.6077 7.4353 7.2688 9.4713 9.2222 8.9826 8.7521 8.5302 8.3166 8.1109 7.9127 10.3676 10.0711 9.7868 9.5142 9.0016 8.7605 8.5289 10.9075 10.5753 10.2578 9.3851 9.1186 9.9856 10.5631 11.2551 12.1337 13.0037 13.8651 14.7179 15.5623 16.3983 9.2526 9.9540 11.7315 11.3484 10.9832 10.6350 12.5434 12.1062 11.6909 11.2961 13.3432 12.8493 12.3814 11.9379 14.1313 13.5777 13.0550 12.5611 14.9076 14.2919 13.7122 13.1661 15.6726 14.9920 14.3534 13.7535 17.2260 16.4262 15.6785 14.9789 14.3238 18.0456 17.1686 16.3514 15.5892 14.8775 18.8570 17.9001 17.0112 16.1845 15.4150 19.6604 18.6208 17.6580 16.7654 15.9369 20.4558 19.3309 18.2922 17.3321 16.4436 21.2434 20.0304 18.9139 17.8850 16.9355 22.0232 20.7196 19.5235 18.4244 17.4131 22.7952 21.3986 20.1210 18.9506 17.8768 23.5596 22.0676 20.7069 19.4640 18.3270 24.3164 22.7267 21.2813 19.9649 18.7641 25.0658 23.3761 21.8444 20.4535 19.1885 25.8077 24.0158 22.3965 20.9303 19.6004 26.5423 24.6461 22.9377 21.3954 20.0004 27.2696 25.2671 23.4683 21.8492 20.3888 27.9897 25.8790 23.9886 22.2919 20.7658 28.7027 26.4817 24.4986 22.7238 21.1318 29.4086 27.0756 24.9986 23.1452 21.4872 30.1075 27.6607 25.4888 23.5563 21.8323 30.7995 28.2371 25.9695 23.9573 22.1672 31.4847 28.8051 26.4406 24.3486 22.4925 32.1630 29.3646 26.9026 24.7303 22.8082 11.1184 9.6633 10.3027 10.9205 11.517 12.0941 11.6523 12.6513 12.1657 13.1897 12.6593 13.7098 13.1339 14.2124 13.5903 14.6980 14.0292 15.1671 14.4511 15.6204 14.8568 16.0584 15.2470 16.4815 16.8904 17.2854 17.6670 0.9479 1.8463 2.6979 3.5052 4.2703 4.9955 5.6830 6.3346 6.9522 7.5376 8.0925 8.6185 9.6829 9.3936 9.1171 10.2228 9.8986 9.5896 10.7395 10.3797 10.0376 11.2340 10.8378 10.4622 11.7072 11.2741 10.8646 12.1600 11.6896 11.2461 12.5933 12.0853 11.6077 13.0079 12.4622 11.9504 13.4047 12.8212 12.2752 13.7844 13.1630 12.5832 14.1478 13.4886 12.8750 14.4955 13.7986 13.1517 14.8282 14.0939 13.4139 13.6625 13.8981 15.6221 15.9828 15.1466 14.3752 15.4513 14.6430 16.3296 16.6631 15.7429 14.8981 14.1214 16.9837 16.0219 15.1411 14.3331 14.5337 18.0358 18.3920 17.2920 16.2889 18.7363 17.5885 16.5444 19.0689 17.8736 16.7889 19.3902 18.1476 17.0229 19.7007 18.4112 17.2468 20.0007 18.6646 17.4610 20.2905 18.9083 17.6660 20.5705 19.1426 17.8622 20.8411 19.3679 18.0500 21.1025 19.5845 18.2297 15.3725 15.5928 14.7239 15.8027 14.9042 16.0025 15.0751 16.1929 15.2370 16.3742 15.3906 16.5469 15.5361 16.7113 15.6740 16.8679 15.8047 15.9287 17.0170 Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 0.5% 0.9950 1.9851 2.9702 3.9505 4.9259 5.8964 6.8621 7.8230 8.7791 9.7304 10.6770 11.6189 12.5562 13.4887 14.4166 15.3399 16.2586 17.1728 18.0824 18.9874 19.8880 20.7841 21.6757 22.5629 23.4456 24.3240 25.1980 26.0677 26.9330 27.7941 28.6508 29.5033 30.3515 31.1955 32.0354 32.8710 33.7025 34.5299 35.3531 6.0% 0.9434 1.8334 2.6730 3.4651 4.2124 4.9173 5.5824 6.2098 6.8017 7.3601 7.8869 8.3838 8.8527 9.2950 9.7122 10.1059 10.4773 10.1106 10.8276 10.4325 11.1581 10.7347 11.4699 11.0185 11.7641 11.2850 12.0416 12.3034 12.5504 11.9907 12.7834 12.1979 13.0032 12.3924 6.5% 0.9390 1.8206 2.6485 3.4258 4.1557 4.8410 5.4845 6.0888 6.6561 7.1888 7.6890 8.1587 8.5997 9.0138 9.4027 9.7678 11.5352 11.7701 13.2105 12.5750 13.4062 12.7465 13.5907 12.9075 13.7648 13.0587 13.2006 13.3339 13.4591 13.9291 14.0840 14.2302 14.3681 13.5766 14.4982 13.6870 14.6210 13.7906 14.7368 13.8879 14.8460 13.9792 14.9491 14.0650 7.0% 0.9346 1.8080 2.6243 3.3872 4.1002 4.7665 5.3893 5.9713 6.5152 7.0236 7.4987 7.9427 8.3577 8.7455 9.1079 9.4466 9.7632 10.0591 10.3356 10.5940 10.8355 11.0612 11.2722 11.4693 11.6536 11.8258 11.9867 12.1371 12.2777 12.4090 12.5318 12.6466 12.7538 12.8540 12.9477 13.0352 13.1170 13.1935 13.2649 7.5% 0.9302 1.7956 2.6005 3.3493 4.0459 4.6938 5.2966 5.8573 6.3789 6.8641 7.3154 7.7353 8.1258 8.4892 8.8271 9.1415 9.4340 9.7060 9.9591 10.1945 10.4135 10.6172 10.8067 10.9830 11.1469 11.2995 11.4414 11.5734 11.6962 11.8104 11.9166 12.0155 12.1074 12.1929 12.2725 12.3465 12.4154 12.4794 12.5390 8.5% 0.9217 1.7711 2.5540 3.2756 3.9406 4.5536 5.1185 5.6392 6.1191 6.5613 6.9690 7.3447 7.6910 8.0101 8.3042 8.5753 8.8252 9.0555 9.2677 9.4633 9.6436 9.2922 8.9611 10.2007 9.8098 9.4424 9.0969 10.3711 9.9629 9.5802 9.2209 10.5288 10.1041 9.7066 9.3341 10.6748 10.2342 9.8226 9.4376 10.8100 10.3541 9.9290 9.5320 10.9352 10.4646 10.0266 9.6183 11.0511 10.5665 10.1161 9.6971 11.1584 10.6603 10.1983 9.7690 9.8347 8.0% 0.9259 1.7833 2.5771 3.3121 3.9927 4.6229 5.2064 5.7466 6.2469 6.7101 7.1390 7.5361 7.9038 8.2442 8.5595 8.8514 9.1216 9.3719 9.0% 9.5% 0.9174 0.9132 1.7591 1.7473 2.5313 2.5089 3.2397 3.2045 3.8897 3.8397 4.4859 4.4198 5.0330 4.9496 5.5348 5.4334 5.9952 5.8753 6.4177 6.2788 6.8052 6.6473 7.1607 6.9838 7.4869 7.2912 7.7862 7.5719 8.0607 7.8282 8.3126 8.0623 8.5436 8.2760 8.7556 8.4713 8.9501 8.6496 9.1285 8.8124 9.6036 9.8181 10.0168 11.2578 10.7468 10.2737 11.3498 10.8266 10.3428 9.8947 11.4350 10.9001 10.4062 9.9495 11.5139 10.9678 10.4644 9.9996 11.5869 11.0302 10.5178 10.0453 11.6546 11.0878 10.5668 10.0870 11.7172 11.1408 10.6118 10.1251 11.7752 11.1897 10.6530 10.1599 11.8289 11.2347 10.6908 10.1917 11.8786 11.2763 10.7255 10.2207 10.0% 0.9091 1.7355 2.4869 3.1699 3.7908 4.3553 4.8684 5.3349 5.7590 6.1446 6.4951 6.8137 7.1034 7.3667 7.6061 7.8237 8.0216 8.2014 8.3649 8.5136 8.6487 8.7715 8.8832 8.9847 9.0770 9.1609 9.2372 9.3066 9.3696 9.4269 9.4790 9.5264 9.5694 9.6086 9.6442 9.6765 9.7059 9.7327 9.7570
Transcribed Image Text:Present value interest factor of an (ordinary) annuity of $1 per period at i% for n periods, PVIFA(i,n). 4.0% 4.5% 5.5% 1.0% 0.9901 1.5% 0.9852 2.0% 0.9804 1.9416 2.5% 0.9756 1.9274 3.0% 0.9709 3.5% 0.9662 1.8997 2.8016 1.9704 1.9559 1.9135 2.9410 2.9122 2.8839 2.8560 2.8286 0.9615 1.8861 2.7751 3.6299 4.4518 3.9020 3.8544 3.8077 3.7620 3.7171 3.6731 0.9569 1.8727 2.7490 3.5875 4.3900 5.1579 5.8927 6.5959 4.8534 4.7826 4.7135 4.6458 4.5797 4.5151 5.3286 5.7955 5.6972 5.6014 5.5081 5.4172 5.0% 0.9524 1.8594 2.7232 3.5460 4.3295 5.0757 5.7864 6.4632 7.1078 7.7217 8.3064 8.8633 6.7282 6.5982 6.4720 6.3494 6.2303 5.2421 6.0021 6.7327 6.1145 7.6517 7.4859 7.3255 7.1701 7.0197 6.8740 8.5660 8.3605 8.1622 7.9709 7.7861 7.6077 7.4353 7.2688 9.4713 9.2222 8.9826 8.7521 8.5302 8.3166 8.1109 7.9127 10.3676 10.0711 9.7868 9.5142 9.0016 8.7605 8.5289 10.9075 10.5753 10.2578 9.3851 9.1186 9.9856 10.5631 11.2551 12.1337 13.0037 13.8651 14.7179 15.5623 16.3983 9.2526 9.9540 11.7315 11.3484 10.9832 10.6350 12.5434 12.1062 11.6909 11.2961 13.3432 12.8493 12.3814 11.9379 14.1313 13.5777 13.0550 12.5611 14.9076 14.2919 13.7122 13.1661 15.6726 14.9920 14.3534 13.7535 17.2260 16.4262 15.6785 14.9789 14.3238 18.0456 17.1686 16.3514 15.5892 14.8775 18.8570 17.9001 17.0112 16.1845 15.4150 19.6604 18.6208 17.6580 16.7654 15.9369 20.4558 19.3309 18.2922 17.3321 16.4436 21.2434 20.0304 18.9139 17.8850 16.9355 22.0232 20.7196 19.5235 18.4244 17.4131 22.7952 21.3986 20.1210 18.9506 17.8768 23.5596 22.0676 20.7069 19.4640 18.3270 24.3164 22.7267 21.2813 19.9649 18.7641 25.0658 23.3761 21.8444 20.4535 19.1885 25.8077 24.0158 22.3965 20.9303 19.6004 26.5423 24.6461 22.9377 21.3954 20.0004 27.2696 25.2671 23.4683 21.8492 20.3888 27.9897 25.8790 23.9886 22.2919 20.7658 28.7027 26.4817 24.4986 22.7238 21.1318 29.4086 27.0756 24.9986 23.1452 21.4872 30.1075 27.6607 25.4888 23.5563 21.8323 30.7995 28.2371 25.9695 23.9573 22.1672 31.4847 28.8051 26.4406 24.3486 22.4925 32.1630 29.3646 26.9026 24.7303 22.8082 11.1184 9.6633 10.3027 10.9205 11.517 12.0941 11.6523 12.6513 12.1657 13.1897 12.6593 13.7098 13.1339 14.2124 13.5903 14.6980 14.0292 15.1671 14.4511 15.6204 14.8568 16.0584 15.2470 16.4815 16.8904 17.2854 17.6670 0.9479 1.8463 2.6979 3.5052 4.2703 4.9955 5.6830 6.3346 6.9522 7.5376 8.0925 8.6185 9.6829 9.3936 9.1171 10.2228 9.8986 9.5896 10.7395 10.3797 10.0376 11.2340 10.8378 10.4622 11.7072 11.2741 10.8646 12.1600 11.6896 11.2461 12.5933 12.0853 11.6077 13.0079 12.4622 11.9504 13.4047 12.8212 12.2752 13.7844 13.1630 12.5832 14.1478 13.4886 12.8750 14.4955 13.7986 13.1517 14.8282 14.0939 13.4139 13.6625 13.8981 15.6221 15.9828 15.1466 14.3752 15.4513 14.6430 16.3296 16.6631 15.7429 14.8981 14.1214 16.9837 16.0219 15.1411 14.3331 14.5337 18.0358 18.3920 17.2920 16.2889 18.7363 17.5885 16.5444 19.0689 17.8736 16.7889 19.3902 18.1476 17.0229 19.7007 18.4112 17.2468 20.0007 18.6646 17.4610 20.2905 18.9083 17.6660 20.5705 19.1426 17.8622 20.8411 19.3679 18.0500 21.1025 19.5845 18.2297 15.3725 15.5928 14.7239 15.8027 14.9042 16.0025 15.0751 16.1929 15.2370 16.3742 15.3906 16.5469 15.5361 16.7113 15.6740 16.8679 15.8047 15.9287 17.0170 Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 0.5% 0.9950 1.9851 2.9702 3.9505 4.9259 5.8964 6.8621 7.8230 8.7791 9.7304 10.6770 11.6189 12.5562 13.4887 14.4166 15.3399 16.2586 17.1728 18.0824 18.9874 19.8880 20.7841 21.6757 22.5629 23.4456 24.3240 25.1980 26.0677 26.9330 27.7941 28.6508 29.5033 30.3515 31.1955 32.0354 32.8710 33.7025 34.5299 35.3531 6.0% 0.9434 1.8334 2.6730 3.4651 4.2124 4.9173 5.5824 6.2098 6.8017 7.3601 7.8869 8.3838 8.8527 9.2950 9.7122 10.1059 10.4773 10.1106 10.8276 10.4325 11.1581 10.7347 11.4699 11.0185 11.7641 11.2850 12.0416 12.3034 12.5504 11.9907 12.7834 12.1979 13.0032 12.3924 6.5% 0.9390 1.8206 2.6485 3.4258 4.1557 4.8410 5.4845 6.0888 6.6561 7.1888 7.6890 8.1587 8.5997 9.0138 9.4027 9.7678 11.5352 11.7701 13.2105 12.5750 13.4062 12.7465 13.5907 12.9075 13.7648 13.0587 13.2006 13.3339 13.4591 13.9291 14.0840 14.2302 14.3681 13.5766 14.4982 13.6870 14.6210 13.7906 14.7368 13.8879 14.8460 13.9792 14.9491 14.0650 7.0% 0.9346 1.8080 2.6243 3.3872 4.1002 4.7665 5.3893 5.9713 6.5152 7.0236 7.4987 7.9427 8.3577 8.7455 9.1079 9.4466 9.7632 10.0591 10.3356 10.5940 10.8355 11.0612 11.2722 11.4693 11.6536 11.8258 11.9867 12.1371 12.2777 12.4090 12.5318 12.6466 12.7538 12.8540 12.9477 13.0352 13.1170 13.1935 13.2649 7.5% 0.9302 1.7956 2.6005 3.3493 4.0459 4.6938 5.2966 5.8573 6.3789 6.8641 7.3154 7.7353 8.1258 8.4892 8.8271 9.1415 9.4340 9.7060 9.9591 10.1945 10.4135 10.6172 10.8067 10.9830 11.1469 11.2995 11.4414 11.5734 11.6962 11.8104 11.9166 12.0155 12.1074 12.1929 12.2725 12.3465 12.4154 12.4794 12.5390 8.5% 0.9217 1.7711 2.5540 3.2756 3.9406 4.5536 5.1185 5.6392 6.1191 6.5613 6.9690 7.3447 7.6910 8.0101 8.3042 8.5753 8.8252 9.0555 9.2677 9.4633 9.6436 9.2922 8.9611 10.2007 9.8098 9.4424 9.0969 10.3711 9.9629 9.5802 9.2209 10.5288 10.1041 9.7066 9.3341 10.6748 10.2342 9.8226 9.4376 10.8100 10.3541 9.9290 9.5320 10.9352 10.4646 10.0266 9.6183 11.0511 10.5665 10.1161 9.6971 11.1584 10.6603 10.1983 9.7690 9.8347 8.0% 0.9259 1.7833 2.5771 3.3121 3.9927 4.6229 5.2064 5.7466 6.2469 6.7101 7.1390 7.5361 7.9038 8.2442 8.5595 8.8514 9.1216 9.3719 9.0% 9.5% 0.9174 0.9132 1.7591 1.7473 2.5313 2.5089 3.2397 3.2045 3.8897 3.8397 4.4859 4.4198 5.0330 4.9496 5.5348 5.4334 5.9952 5.8753 6.4177 6.2788 6.8052 6.6473 7.1607 6.9838 7.4869 7.2912 7.7862 7.5719 8.0607 7.8282 8.3126 8.0623 8.5436 8.2760 8.7556 8.4713 8.9501 8.6496 9.1285 8.8124 9.6036 9.8181 10.0168 11.2578 10.7468 10.2737 11.3498 10.8266 10.3428 9.8947 11.4350 10.9001 10.4062 9.9495 11.5139 10.9678 10.4644 9.9996 11.5869 11.0302 10.5178 10.0453 11.6546 11.0878 10.5668 10.0870 11.7172 11.1408 10.6118 10.1251 11.7752 11.1897 10.6530 10.1599 11.8289 11.2347 10.6908 10.1917 11.8786 11.2763 10.7255 10.2207 10.0% 0.9091 1.7355 2.4869 3.1699 3.7908 4.3553 4.8684 5.3349 5.7590 6.1446 6.4951 6.8137 7.1034 7.3667 7.6061 7.8237 8.0216 8.2014 8.3649 8.5136 8.6487 8.7715 8.8832 8.9847 9.0770 9.1609 9.2372 9.3066 9.3696 9.4269 9.4790 9.5264 9.5694 9.6086 9.6442 9.6765 9.7059 9.7327 9.7570
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