Van, age 40, is starting his savings plan this year by putting away $2,200.00 at the end of every year until he reaches age 65. He will deposit this money at his local savings and loan at an interest rate of 6%. The compounding factor is 36.780. Based on the information provided, by the time Van turns 65, he will have $________________________________ Amy, age 45, is starting her savings plan this year by putting away $2,200.00 at the end of every year until she reaches age 65. She will deposit this money at her local savings and loan at an interest rate of 6%. The compounding factor is 23.270. Based on the information provided, by the time Amy turns 65, she will have$_________________________________ Van started his investment program five years earlier than Amy and invested a total of $______________________ during those extra years. By the time Van turns 65, he will have accumulated $_______________________ more than Amy.
Van, age 40, is starting his savings plan this year by putting away $2,200.00 at the end of every year until he reaches age 65. He will deposit this money at his local savings and loan at an interest rate of 6%. The compounding factor is 36.780. Based on the information provided, by the time Van turns 65, he will have $________________________________ Amy, age 45, is starting her savings plan this year by putting away $2,200.00 at the end of every year until she reaches age 65. She will deposit this money at her local savings and loan at an interest rate of 6%. The compounding factor is 23.270. Based on the information provided, by the time Amy turns 65, she will have$_________________________________ Van started his investment program five years earlier than Amy and invested a total of $______________________ during those extra years. By the time Van turns 65, he will have accumulated $_______________________ more than Amy.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 10P
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Van, age 40, is starting his savings plan this year by putting away $2,200.00 at the end of every year until he reaches age 65. He will deposit this money at his local savings and loan at an interest rate of 6%.
The compounding factor is 36.780.
Based on the information provided, by the time Van turns 65, he will have $________________________________
Amy, age 45, is starting her savings plan this year by putting away $2,200.00 at the end of every year until she reaches age 65. She will deposit this money at her local savings and loan at an interest rate of 6%.
The compounding factor is 23.270.
Based on the information provided, by the time Amy turns 65, she will have$_________________________________
Van started his investment program five years earlier than Amy and invested a total of $______________________
during those extra years. By the time Van turns 65, he will have accumulated $_______________________ more than Amy.
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