(Related to Checkpoint 6.1) (Future value of an annuity) Imagine that Homer Simpson actually invested the $110,000 he earned providing Mr. Burns entertainment 10 years ago at 9.5 percent annual interest and that he starts investing an additional $1,600 a year today and at the beginning of each year for 20 years at the same 9.5 percent annual rate. How much money will Homer have 20 years from today? The amount of money Homer will have 20 years from now is $ (Round to the nearest cent.)
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UNIT 7-19
![(Related to Checkpoint 6.1) (Future value of an annuity) Imagine that Homer Simpson actually invested the $110,000 he earned providing Mr. Burns entertainment 10 years ago at 9.5 percent annual interest and that he starts investing an additional $1,600
a year today and at the beginning of each year for 20 years at the same 9.5 percent annual rate. How much money will Homer have 20 years from today?
The amount of money Homer will have 20 years from now is $
(Round to the nearest cent.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F099c51b3-ce14-4baf-a783-c51d88f099e2%2F34c7c6a3-34ad-4cfc-9d0f-bff9b064abfb%2F34mqib_processed.png&w=3840&q=75)
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- (Related to Checkpoint 6.1) (Future value of an annuity) Imagine that Homer Simpson actually invested the $180,000 he earned providing Mr. Burns entertainment 10 years ago at 11 percent annual interest and that he starts investing an additional $1,500 a year today and at the beginning of each year for 20 years at the same 11 percent annual rate. How much money will Homer have 20 years from today? The amount of money Homer will have 20 years from now is $. (Round to the nearest cent.)(Future value of an annuity) Imagine that Homer Simpson actually invested the $160,000 he earned providing Mr. Burns entertainment 9 years ago at 10.5 percent annual interest and that he starts investing an additional $1,900 a year today and at the beginning of each year for 20 years at the same 10.5 percent annual rate. How much money will Homer have 20 years from today? Question content area bottom Part 1 The amount of money Homer will have 20 years from now is $enter your response here. (Round to the nearest cent.)(Future value of an annuity) Imagine that Homer Simpson actually invested the $ 200,000 he earned providing Mr. Burns entertainment 10 years ago at 10.5 percent annual interest and that he starts investing an additional $ 1,600 a year today and at the beginning of each year for 15 years at the same 10.5 percent annual rate. How much money will Homer have 15 years from today? Question content area bottom Part 1 The amount of money Homer will have 15 years from now is $ enter your response here . (Round to the nearest cent.)
- (Related to Checkpoint 6.1) (Future value of an annuity) Imagine that Homer Simpson actually invested the $130,000 he earned providing Mr. Burns entertainment 7 years ago at 12 percent annual interest and that he starts investing an additional $2,400 a year today and at the beginning of each year for 5 years at the same 12 percent annual rate. How much money will Homer have years from today? The amount of money Homer will have 5 years from now is $. (Round to the nearest cent.) View an example Get more help. @ NO 2 30² F2 W S X ommand # 3 80 F3 E D $ 4 C 000 000 F4 R F % 5 V FS T G 6 MacBook Air B F6 Y & 7 H 44 F7 U N ** 8 CC J PII - ( M - 0 9 K MOSISO DD F9 O 1 V 0 H L FIG Clear all P > command : ; a + { I Check answer = [ ? option 48) 11 1 F12 } 1 \Mick Mitchell wishes to have $120,000 in seven years. If he can earn annual interest of 12%, how much must he invest today? Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of S1 table.) (Click the icon to view Present Value of S1 table.) (Click the icon to view Future Value of S1 table.) OA. $265,320 В. $1,210 OC $54,240 OD. S111,960Can you help me work out this problem in detail? Ben wants to receive $6,000 a year for 10 years. How much must he invest today in an annuity that pays 7% annually?
- You would like to have enough money saved to receive a growing annuity for 25 years, growing at a rate of 4% per year, the first payment being $60,000 after retirement, so that you and yourfamily can lead a good life. How much would you need to save in your retirement fund toachieve this goal? (assume that the growing perpetuity payments start one year from the date ofyour retirement. The interest rate is 12%)?Gary is planning for his retirement this year. One option that has been presented to him is the purchase of an annuity that would provide a $31, 000 payment each year for the next 18 years. Factor Table Appendix 9.1 Present value of $1 received in n periods = 0.1799 Appendix 9.2 Present value of an annuity of $1 per period= 8.2014 Calculate how much Gary should be willing to pay for the annuity if he can invest his funds at 10% ( For calculation purposes, use 4 decimal places as displayed in the factor table provided and round the final answer to 0 decimal places, e.g. 58,971)Perpetuity: Your grandfather is retiring at the end of next year. He would like to ensure that his heirs receive payments of $10,000 a year forever, starting when he retires. If he can earn 6.5 percent annually, how much does your grandfather need to invest to produce the desired cash flow? Please use Excel to solve
- How much does Herbert need to save each year for 10 years as a regular savings payment if he wants to retire in exactly 10 years with $1,023,000.00, can earn 13.13 percent on his savings, starts making regular savings payments in exactly 1 year, and saves an equal amount each year with one exception, which is that in 1 years, he plans to make an extra contribution of $30,600.00 to savings?(ROUND THE VALUE TO 0 DECIMAL AND ENTER THE POSITIVE VALUE)(Future value of an annuity) Upon graduating from college 40 years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a monthly basis in the amount of $100. Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 7 percent compounded monthly. Use five decimal places for the periodic interest rate in your calculations. a. How much has Nick accumulated in his retirement account? b. In addition to this, 20 years ago Nick received an inheritance check for $15,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund? a. The amount Nick has accumulated in his retirement account is $. (Round to the nearest cent.)(Future value of an ordinary annuity) You are graduating from college at the end of this semester and after reading the The Business of Life box in thischapter, you have decided to invest $4,700 at the end of each year into a Roth IRA for the next 40 years. If you earn 8 percent compounded annually on your investment, how much will you have when you retire in 40 years? How much will you have if you wait 10 years before beginning to save and only make 30 payments into your retirement account?
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