LO 1 24. Calculating Annuity Future Values. You are to make monthly deposits of $500 into a retirement account that pays an APR of 9.8 percent compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 35 years? . LO 1 25. Calculating Annuity Future Values. In the previous problem, suppose you Xmake $6,000 annual deposits into the same retirement account. How large will your accou@alance be in 35 years?
LO 1 24. Calculating Annuity Future Values. You are to make monthly deposits of $500 into a retirement account that pays an APR of 9.8 percent compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 35 years? . LO 1 25. Calculating Annuity Future Values. In the previous problem, suppose you Xmake $6,000 annual deposits into the same retirement account. How large will your accou@alance be in 35 years?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
I keep getting 1,776,000 but the book says it's 1,723,472.13. I am solving for EAR first = 10.2524 then I use that in FV
Transcribed Image Text:LO 1
the APR? The effective annual return?
24. Calculating Annuity Future Values. You are to make monthly deposits of
$500 into a retirement account that pays an APR of 9.8 percent compounded
monthly. If your first deposit will be made one month from now, how large
will your retirement account be in 35 years?
LO 1
25. Calculating Annuity Future Values. In the previous problem, suppose you
Xmake $6,000 annual deposits into the same retirement account. How large
will your accou@balance be in 35 years?
25. $1,723,472.13
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