1122/Xv7zYW5RnILBBINV2A9egx/unit-4-project-tvm-calculator-pdf?pg=7gn -An annuity any series or equal, regular payments. Some annuines are used to neip people savemoney, like for college or retirement, as with Ruby's retirement plan in our opening discussion. Wewill focus on these types of savings plans in this portion of the project. The Savings Plan formula isbelow:Y =APR =A = PMT-n =A =n((1+ APR)(APR)Note: This formula assumes that the payment period and compounding period are the same. Forexample, monthly payments would indicate monthly compounding.Let's work an example with the savings plan formula and the TVM calculator.Example 3Suppose that Ruby's employer offers a retirement plan. Ruby decides to invest $350 per month into theaccount. The interest is compounded monthly. Historically, the account has earned 7% APR. Howmuch will be in his account if she retires in 25 years?Fill out the value for each variable, and put a question mark for the value we need to solve for.PMT=1PMT= regular payment amount (deposit)Y = number of yearsAPR = annual percentage rate (written as a decimal)n = number of times the interest is compounded per yearA total amount in the account(written as a decimal)Use the Savings Plan formula to solve for your answer. Do not round any decimals until the veryend! Then, round to the nearest cent.shift4ctrl DocHub X D Unit 4 Project - TVM Calculator Xb.com/claudiasirois1122/Xv7zYW5RnILBBINV2A9egx/unit-4-project-tvm-calculator-pdf?pg=6>✓Sign -O Ri+4. Use the TVM Calculator to fill inthe following table given thatthe APR is 6%. Round to 2decimal places as needed.PV =PMT=FV =APR =Periods CHANGES=Compounding: CHANGESPrincipal Compounding Periods$1,000D$1,000$1,000$1,000$1,000AnnuallySemiannuallyMonthlyWeeklyDaily1212a. What did P represent in the compound interest formula?P = regular deposit amount52shiftAmount after 1yearenterIf we summarize the effect seen in the table, we see that more compoundings per year means thatyou will have more money in the account, but the amount of increase will eventually level off. Mostbanks publish the APY, or Annual Percentage Yield, instead of the APR to account for this effect.$1060$1060.90365 $1061.83Extension5. What are some financial goals that people save for?Some financial goals people save for are a house, vacation, college, etc....$1061.686. Suppose that Ruby's employer offers a retirement plan. Ruby decides to invest $350 per monthinto the account. The interest is compounded monthly. Historically, the account has earned 7%APR. Ruby is interested in how much money she will have if she retires in 25 years.$1061.80Previously, we used the formula A = P(1 +4PR) to calculate compound interest.(NY)ctri4?

Honor Code: Since you have asked multiple questions, we will solve the first question for you. Please specify the question number or post only that question to get it solved. The regular period payments made each period indicate an annuity payment. The annuity paid at the beginning is considered an annuity due, however, if the payment is made at the period's end, it is regarded as an ordinary annuity. The annuity's current worth is known as the annuity's present value. The accumulated value of annuity payments indicates the total account value and is called the annuity's future value.3. The monthly payment is $350. The tenure is 25 years. The compounding frequency is 12 (monthly). The annual rate is 7%. PMT=$350Y=25APR=0.07n=12A=? Substitute the above details in the ordinary annuity future value formula. Calculation of future value: A=PMT×1+APRnnY-1APRn=$350×1+7%1212×25-17%12=$350×5.725418209-10.005833333333=$350×810.071693=$283,525.0926 or $283,525.09 The future value/ total amount in the account is $283,525.09.