Troy is saving for his retirement 24 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $115.00 at the end of every three months for the next 11 years. Interest is 9% compounded quarterly. (a) How much money will be in his account on the date of his retirement? (b) How much will Troy 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.)
Troy is saving for his retirement 24 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $115.00 at the end of every three months for the next 11 years. Interest is 9% compounded quarterly. (a) How much money will be in his account on the date of his retirement? (b) How much will Troy 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.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 44P
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