uit buying vendor coffee for one year $4,483.97 and decided to contribute $2,400 (you saved $200 per month) in your Roth IRA, how much would you have for retirement if you could invest these savings at 5% compounded annually for 30 years for this one year of savings? (Use the Table 12.1 provided.) (Round your answer to two decimal
uit buying vendor coffee for one year $4,483.97 and decided to contribute $2,400 (you saved $200 per month) in your Roth IRA, how much would you have for retirement if you could invest these savings at 5% compounded annually for 30 years for this one year of savings? (Use the Table 12.1 provided.) (Round your answer to two decimal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
If you saved your tax refund $12,900.87, quit buying vendor coffee for one year $4,483.97 and decided to contribute $2,400 (you saved $200 per month) in your Roth IRA, how much would you have for retirement if you could invest these savings at 5% compounded annually for 30 years for this one year of savings? (Use the Table 12.1 provided.) (Round your answer to two decimal places.)
Transcribed Image Text:Period
1%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
1.
1.0100
1.0150
1.0200
1.0300
1.0400
1.0500
1.0600
1.0700
1.0800
1.0900
1.1000
1.0201
1.0302
1.0404
1.0609
1.0816
1.1025
1.1236
1.1449
1.1664
1.1881
1.2100
1.0303
1.0457
1.0612
1.0927
1.1249
1.1576
1.1910
1.2250
1.2597
1.2950
1.3310
4.
1.0406
1.0614
1.0824
1.1255
1.1699
1.2155
1.2625
1.3108
1.3605
1.4116
1.4641
1.0510
1.0773
1.1041
1.1593
1.2167
1.2763
1.3382
1.4026
1.4693
1.5386
1.6105
6.
1.0615
1.0934
1.1262
1.1941
1.2653
1.3401
1.4185
1.5007
1.5869
1.6771
1.7716
1.0721
1.1098
1.1487
1.2299
1.3159
1.4071
1.5036
1.6058
1.7138
1.8280
1.9487
1.0829
1.1265
1.1717
1.2668
1.3686
1.4775
1.5938
1.7182
1.8509
1.9926
2.1436
1.0937
1.1434
1.1951
1.3048
1.4233
1.5513
1.6895
1.8385
1.9990
2.17 19
2.3579
10
1.1046
1.1605
1.2190
1.3439
1.4802
1.6289
1.7908
1.9672
2.1589
2.3674
2.5937
11
1.1157
1.1780
1.2434
1.3842
1.5395
1.7103
1.8983
2.1049
2.3316
2.5804
2.8531
12
1.1268
1.1960
1.2682
1.4258
1.6010
1.7959
2.0122
2.2522
2.5182
2.8127
3.1384
13
1.1381
1.2135
1.2936
1.4685
1.6651
1.8856
2.1329
2.4098
2.7196
3.0658
3.4523
14
1.1495
1.2318
1.3195
1.5126
1.7317
1.9799
2.2609
2.5785
2.9372
3.3417
3.7975
15
1.1610
1.2502
1.3459
1.5580
1.8009
2.0789
2.3966
2.7590
3.1722
3.6425
4.1772
16
1.1726
1.2690
1.3728
1.6047
1.8730
2.1829
2.5404
2.9522
3.4259
3.9703
4.5950
17
1.1843
1.2880
1.4002
1.6528
1.9479
2.2920
2.6928
3.1588
3.7000
4.3276
5.0545
18
1.1961
1.3073
1.4282
1.7024
2.0258
2.4066
2.8543
3.3799
3.9960
4.7171
5.5599
19
1.2081
1.3270
1.4568
1.7535
2.1068
2.5270
3.0256
3.6165
4.3157
5.1417
6.1159
20
1.2202
1.3469
1.4859
1.8061
2.1911
2.6533
3.2071
3.8697
4.6610
5.6044
6.7275
21
1.2324
1.3671
1.5157
1.8603
2.2788
2.7860
3.3996
4.1406
5.0338
6.1088
7.4002
22
1.2447
1.3876
1.5460
1.9161
2.3699
2.9253
3.6035
4.4304
5.4365
6.6586
8.1403
23
1.2572
1.4084
1.5769
1.9736
2.4647
3.07 15
3.8197
4.7405
5.8715
7.2579
8.9543
24
1.2697
1.4295
1.6084
2.0328
2.5633
3.2251
4.0489
5.0724
6.3412
7.9111
9.8497
25
1.2824
1.4510
1.6406
2.0938
2.6658
3.3864
4.2919
5.4274
6,8485
8.6231
10.8347
26
1.2953
1.4727
1.6734
2.1566
2.7725
3.5557
4.5494
5.8074
7.3964
9.3992
11.9182
27
1.3082
1.4948
1.7069
2.2213
2.8834
3.7335
4.8223
6.2139
7.9881
10.2451
13.1100
28
1.3213
1.5172
1.7410
2.2879
2.9987
3.9201
5.1117
6.6488
8.6271
11.1672
14.4210
29
1.3345
1.5400
1.7758
2.3566
3.1187
4.1161
5.4184
7.1143
9.3173
12.1722
15.8631
30
1.3478
1.5631
1.8114
2.4273
3.2434
4.3219
5.7435
7.6123
10.0627
13.2677
17.4494
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