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Tait is entering high school and is determined to save money for college. Tait feels he can save $2.500 each year for the next four years from his part-time job. If Tait is able to invest at 6%, how much will he have when he starts college? (Click the icon to view Present Value of $1 table.) E (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) A (Click the icon to view Future Value of Ordinary Annuity of $1 table.) O Reference (Round your answer to the nearest dollar.) O Reference - X When Tait starts college he will have Present Value of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9%10% 12% 14% 15% 16% 18% 20% Period 1 Period 2 0.9e0 0.961 0.943 0.925 0.907 0.890 0873 0O.857 0.842 0.826 0.797 0769 0.756 0.743 0.718 0.694 Period 3 0971 0942 0915 0889 0864 0.840 0816 Period 4 0.961 0.924 0.888 0 855 0 823 0.792 0.763 0.735 0.708 0.683 0.635 0592 0572 0.552 0516 0.482 Period 5 Period 6 Period 7 Period 8 Period 9 09 Period 10 0.905 0.820 0.7440676 0614 0.558 0.508| 0.453 0422 0386 0.322 0270 0247 0227 0.191 0.162 Future Value of $1 0.990 0.980 0.971 0962 0952 0943 0.935 0.925 0.917 0.909 0.893 0877 0870 0.852 0847 0.833 15% 1.010 1.020 1.030 1.040 1.050 1.060 1.070 1.0801.090 1.100 1.120 1.140 1.150 1.020 1.040 1.061 1.082 1.103 1.124 1.145 1.165 1.188 1.210 12541.300 1.323 1.030 1.061 1.093 1.125 1.158 1.191 1225 1.260 1295 1.331 1405 1.482 1.521 1.041 1.082 1.126 1.170 1216 1.262 1.311 1.360 1412 1.454 1.574 1.689 1.749 1.051 1.104 1.159 1217 1276 1.338 1.403 1.469 1.539 1611 1.762 1.925 2011 Penods 1% 2% 3% 45% 5% 6% 7% 8% 9% 10% 12% 14% 0.794 0.772 0.751 0.712 0675 0658 0.641 0609 0.579 Period 1 Period 2 Period 3 Period 4 0.951 0.906 0.863 0 822 0784 0.747 0.713 0.681 0.650 0.621 0.5670519 0.497 0476 0437 0.402 0.942 0.888 0.837 0790 0745 0705 0.666 0.630 0.596 0.564 0.507 0456 0432 0410 0370 0.335 0.933 0.871 0.813 0760 0.711 0.665 0.623 0.583 0.547 0.513 0.452 0400 0.376 0.354 0314 0.279 0923 0.853 0.789 0731 0677 0.627 0.582 0914 0.837 0.766 0.703 0645 0.592 0544 Period 5 0.582 0.540 0.502 0467 0.404 0351 0327 0.305 0266 0233 0.500 0.450 0424 0.361 0308 0284 0263 0225 0.194 Period 6 Period 7 Period 8 Period 9 Period 10 Period 11 1.116 1.243 1.384 1.539 1.710 1.898 2105 2332 2580 2853 3479 4228 4.652 Period 12 Period 13 Period 14 Period 15 Period 16 Period 17 Period 18 Period 19 Period 20 1.062 1.125 1.194 1.265 1.340 1.419 1.501 1.587 1.677 1.772 1.9742195 2313 1.072 1.149 1230 1.315 1.407 1.504 1.606 1.714 1.828 1.949 22112502 2660 1.083 1.172 1.267 1.369 1.477 1.594 1.718 1.851 1.993 2144 24762853 3.059 1.094 1.195 1.305 1.423 1.551 1.689 1.838 1.999 2172 2358 2773 3252 3.518 1.105 1.219 1.344 1.480 1.629 1.791 1.967 2159 2367 2594 3.106 3.707 4.045 Period 11 0896 0804 0.7220 650 0 585 0.527 0475 0429 0.388 0350 0287 0237 0215 0.195 0.162 0.135 Period 12 0.887 0.788 0.701 0 625 0 557 0.497 0444 0.397 0.356 0319 0257 0208 0.187 0.168 0.137 0.112 Period 13 0879 0.773 0.681 0601 0 530 0.469 0415 0.368 0.325 0290 0229 0.182 0.163 0.145 0.116 0.093 Period 14 0870 0.758 0.661 0577 0 505 0.442 0388 0.340 0299 0 263 0205 0160 0.141 0.125 0099 0078 Period 15 0861 0,743 0642 lo 555 0481 0417 0362| 0315 0275 0239 |0.183 0140 0.123 0.108lo 084 0.055 1.127 1.268 1.428 1.601 1.796 2012 2252 25182813 3.138 3896 4818 5.350 1.138 1.294 1.489 1.665 1.886 2133 2410 2720 3.066 3452 4.363| 5.492 6.153 1.149 1.319 1.513 1.732 1.980 2 261 2579 2937 3.342 3.798| 4.887 6 261 7.076 1.161 1.346 1.558 1.801 2079 2397 2759 3.172 3642 4.177 5474 7.138 8.137 Period 16 0.853 0.728 0.623 0534 0458 0.394 0339 0292 0252 0218 0.163 0.123 0.107 0.093 0071 0.054 Period 17 0.844 0.714 0.605 0513 0436 0.371 0317 0270 0231 0.198 0.145 0.108 0.093 0.080 0060 0.045 Period 18 0.836 0.700 0.587 0.494 0416 0.350 0296 0.250 0212 0.180 0.130 0.095 0.081 0.069 0.051 0.038 Period 19 0.828 0.686 0.570 0475 0.396 0.331 0277 0.232 0.194 0.164 0.116 0.083 0.070 0.060 0.043 0.031 Period 20 0.820 0.673 0.554 0.456 0377 0.312 0258 0215 0.1780.149 0.104 0073 0.061 0.051 0037 0.026 1.173 1.373 1.605 1.873 2183 2540 2952 3425 3.970 4.595 6130 8.137 9.358 1.184 1.400 1.653 1.948 2292 2 693 3.159 3.7004.328 5.054 686 9276 10.76 1.196 1.428 1.702 2025 2407 2 854 3380 3.9964.717 5.560 7.690 10.58 12.38 1.208 1.457 1.754 2107 2527 3.026 3617 43155.142 6.116 8613 12.05 14.23 1.220 1.485 1.806 2191 2653 3.207 3870 4.661 5.604 6.727 9.646 13.74 16.37 1.232 1.516 1.860 2279 2785 3400 4.141 5.034 6.109 7.400 10.80 15.67 18.82 1.245 1.545 1.916 2370 2925 3604 4.430 5.437 6.659 8.140 12.10 17.85 21.64 Period 21 0.811 0.660 0.5380439 0359| 0294 0242| 0.199 0.164 0.135 0.093 0064 0.053 0.044 0031 0.022 Period 22 0803 0.647 0.522 0422 0342 0278 0226| 0.184 0.150 0.123 0.083 0 056 0046 0.038 0 026 0.018 Period 23 0.795 0.634 0.5070406 0326 0262 0211 Period 24 0.788 0.622 0492 0 390 | 0310 0247 0.197 Period 25 0.780 0610 0.4780375 0295| 0233 0.184 0.146 0.116 0092 0.059 0038 0.030 0.024 0016 0.010 0.170 0.138 0.112 0074 O 049 0040 0.033 0 022 0.015 0.158 0.126 0.102 0.066 0.043 0035 0.028 0019 0.013 Period 21 Period 22 Period 23 Period 24 Period 25 1.257 1.577 1.974 2455 3072 3820 4.741 5871 7258 8.954 13.55 20.35 24.89 1.270 1.608 2033 2563 3.225 4.049 5.072 6.341 7.911 9.850 15.1823.21 28.63 Period 26 0.772 0.598 0.454 0361 0281 0220 0.172 0.135 0.106 0.084 0.053 0033 0.026 0.021 0014 0.009 Period 27 0.764 0.586 0.450 0347 0268 0207 0.161 Period 28 0.757 0.574 0.437 0333 0 255 0.196 0.150 0.116 0.090 0.069 0.042 0026 0020 0.016 0010 0.006 Period 29 0.749 0.563 0.424 0321 0243 0.185 0.141 0.107 0.082 0.063 0.037 0022 0017 0014 0008 0.005 Period 30 0.742 0.552 0412 0308 0 231 0.174 0.131 0.099 0.075 0.057 0.033 0.020 0015 0.012 0007 0.004 Period 40 0.672 0.453 0.307 0 208 0.142 0.097 0.067 O.045 0.032 0022 0.011 005 0.004 0.003 0.001 0.001 1.282 1.641 2094 2665 3.385 4292 5.427 6.848 8.623 10.83 17.00 26.45 3292 0.125 0.098 0076 0.047 0029 0.023 0.018 0.011 0.007 Period 26 Period 27 Period 28 Period 29 Period 30 1.295 1.673 2157 2772 3.555 4549 5807 7.396 9.399 11.92 19.04 30.17 37.86 1.308 1.707 221 2883 3733 4.822 6214 7.988 10.25 13.11 2132 34.39 4354 1.321 1.741 2288 2999 3.920 5.112 6649 8.627 11.17 14.42 23 8 39.20 50.07 1.335 1.776 2357 3.119 4.116 5418 7.114 9317 12.17 15.85 26.75 4.69 57.58 1.348 1811 2427 3243 4322 5.743 7612 10.06 13.27 1745 29.96 50.95 66 21 1.489 2208 3262 4.801 7.040 10 29 1497 21.7231.41 45.25 93.05 188.9 257.9 Period 50 0.608 0372 02280.141 0087 0.054 0034 0.021 0013 0009 0.003 001 0.001 0.001 Period 40

Tait is entering high school and is determined to save money for college. Tait feels he can save $2.500 each year for the next four years from his part-time job. If Tait is able to invest at 6%, how much will he have when he starts college? (Click the icon to view Present Value of $1 table.) E (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) A (Click the icon to view Future Value of Ordinary Annuity of $1 table.) O Reference (Round your answer to the nearest dollar.) O Reference - X When Tait starts college he will have Present Value of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9%10% 12% 14% 15% 16% 18% 20% Period 1 Period 2 0.9e0 0.961 0.943 0.925 0.907 0.890 0873 0O.857 0.842 0.826 0.797 0769 0.756 0.743 0.718 0.694 Period 3 0971 0942 0915 0889 0864 0.840 0816 Period 4 0.961 0.924 0.888 0 855 0 823 0.792 0.763 0.735 0.708 0.683 0.635 0592 0572 0.552 0516 0.482 Period 5 Period 6 Period 7 Period 8 Period 9 09 Period 10 0.905 0.820 0.7440676 0614 0.558 0.508| 0.453 0422 0386 0.322 0270 0247 0227 0.191 0.162 Future Value of $1 0.990 0.980 0.971 0962 0952 0943 0.935 0.925 0.917 0.909 0.893 0877 0870 0.852 0847 0.833 15% 1.010 1.020 1.030 1.040 1.050 1.060 1.070 1.0801.090 1.100 1.120 1.140 1.150 1.020 1.040 1.061 1.082 1.103 1.124 1.145 1.165 1.188 1.210 12541.300 1.323 1.030 1.061 1.093 1.125 1.158 1.191 1225 1.260 1295 1.331 1405 1.482 1.521 1.041 1.082 1.126 1.170 1216 1.262 1.311 1.360 1412 1.454 1.574 1.689 1.749 1.051 1.104 1.159 1217 1276 1.338 1.403 1.469 1.539 1611 1.762 1.925 2011 Penods 1% 2% 3% 45% 5% 6% 7% 8% 9% 10% 12% 14% 0.794 0.772 0.751 0.712 0675 0658 0.641 0609 0.579 Period 1 Period 2 Period 3 Period 4 0.951 0.906 0.863 0 822 0784 0.747 0.713 0.681 0.650 0.621 0.5670519 0.497 0476 0437 0.402 0.942 0.888 0.837 0790 0745 0705 0.666 0.630 0.596 0.564 0.507 0456 0432 0410 0370 0.335 0.933 0.871 0.813 0760 0.711 0.665 0.623 0.583 0.547 0.513 0.452 0400 0.376 0.354 0314 0.279 0923 0.853 0.789 0731 0677 0.627 0.582 0914 0.837 0.766 0.703 0645 0.592 0544 Period 5 0.582 0.540 0.502 0467 0.404 0351 0327 0.305 0266 0233 0.500 0.450 0424 0.361 0308 0284 0263 0225 0.194 Period 6 Period 7 Period 8 Period 9 Period 10 Period 11 1.116 1.243 1.384 1.539 1.710 1.898 2105 2332 2580 2853 3479 4228 4.652 Period 12 Period 13 Period 14 Period 15 Period 16 Period 17 Period 18 Period 19 Period 20 1.062 1.125 1.194 1.265 1.340 1.419 1.501 1.587 1.677 1.772 1.9742195 2313 1.072 1.149 1230 1.315 1.407 1.504 1.606 1.714 1.828 1.949 22112502 2660 1.083 1.172 1.267 1.369 1.477 1.594 1.718 1.851 1.993 2144 24762853 3.059 1.094 1.195 1.305 1.423 1.551 1.689 1.838 1.999 2172 2358 2773 3252 3.518 1.105 1.219 1.344 1.480 1.629 1.791 1.967 2159 2367 2594 3.106 3.707 4.045 Period 11 0896 0804 0.7220 650 0 585 0.527 0475 0429 0.388 0350 0287 0237 0215 0.195 0.162 0.135 Period 12 0.887 0.788 0.701 0 625 0 557 0.497 0444 0.397 0.356 0319 0257 0208 0.187 0.168 0.137 0.112 Period 13 0879 0.773 0.681 0601 0 530 0.469 0415 0.368 0.325 0290 0229 0.182 0.163 0.145 0.116 0.093 Period 14 0870 0.758 0.661 0577 0 505 0.442 0388 0.340 0299 0 263 0205 0160 0.141 0.125 0099 0078 Period 15 0861 0,743 0642 lo 555 0481 0417 0362| 0315 0275 0239 |0.183 0140 0.123 0.108lo 084 0.055 1.127 1.268 1.428 1.601 1.796 2012 2252 25182813 3.138 3896 4818 5.350 1.138 1.294 1.489 1.665 1.886 2133 2410 2720 3.066 3452 4.363| 5.492 6.153 1.149 1.319 1.513 1.732 1.980 2 261 2579 2937 3.342 3.798| 4.887 6 261 7.076 1.161 1.346 1.558 1.801 2079 2397 2759 3.172 3642 4.177 5474 7.138 8.137 Period 16 0.853 0.728 0.623 0534 0458 0.394 0339 0292 0252 0218 0.163 0.123 0.107 0.093 0071 0.054 Period 17 0.844 0.714 0.605 0513 0436 0.371 0317 0270 0231 0.198 0.145 0.108 0.093 0.080 0060 0.045 Period 18 0.836 0.700 0.587 0.494 0416 0.350 0296 0.250 0212 0.180 0.130 0.095 0.081 0.069 0.051 0.038 Period 19 0.828 0.686 0.570 0475 0.396 0.331 0277 0.232 0.194 0.164 0.116 0.083 0.070 0.060 0.043 0.031 Period 20 0.820 0.673 0.554 0.456 0377 0.312 0258 0215 0.1780.149 0.104 0073 0.061 0.051 0037 0.026 1.173 1.373 1.605 1.873 2183 2540 2952 3425 3.970 4.595 6130 8.137 9.358 1.184 1.400 1.653 1.948 2292 2 693 3.159 3.7004.328 5.054 686 9276 10.76 1.196 1.428 1.702 2025 2407 2 854 3380 3.9964.717 5.560 7.690 10.58 12.38 1.208 1.457 1.754 2107 2527 3.026 3617 43155.142 6.116 8613 12.05 14.23 1.220 1.485 1.806 2191 2653 3.207 3870 4.661 5.604 6.727 9.646 13.74 16.37 1.232 1.516 1.860 2279 2785 3400 4.141 5.034 6.109 7.400 10.80 15.67 18.82 1.245 1.545 1.916 2370 2925 3604 4.430 5.437 6.659 8.140 12.10 17.85 21.64 Period 21 0.811 0.660 0.5380439 0359| 0294 0242| 0.199 0.164 0.135 0.093 0064 0.053 0.044 0031 0.022 Period 22 0803 0.647 0.522 0422 0342 0278 0226| 0.184 0.150 0.123 0.083 0 056 0046 0.038 0 026 0.018 Period 23 0.795 0.634 0.5070406 0326 0262 0211 Period 24 0.788 0.622 0492 0 390 | 0310 0247 0.197 Period 25 0.780 0610 0.4780375 0295| 0233 0.184 0.146 0.116 0092 0.059 0038 0.030 0.024 0016 0.010 0.170 0.138 0.112 0074 O 049 0040 0.033 0 022 0.015 0.158 0.126 0.102 0.066 0.043 0035 0.028 0019 0.013 Period 21 Period 22 Period 23 Period 24 Period 25 1.257 1.577 1.974 2455 3072 3820 4.741 5871 7258 8.954 13.55 20.35 24.89 1.270 1.608 2033 2563 3.225 4.049 5.072 6.341 7.911 9.850 15.1823.21 28.63 Period 26 0.772 0.598 0.454 0361 0281 0220 0.172 0.135 0.106 0.084 0.053 0033 0.026 0.021 0014 0.009 Period 27 0.764 0.586 0.450 0347 0268 0207 0.161 Period 28 0.757 0.574 0.437 0333 0 255 0.196 0.150 0.116 0.090 0.069 0.042 0026 0020 0.016 0010 0.006 Period 29 0.749 0.563 0.424 0321 0243 0.185 0.141 0.107 0.082 0.063 0.037 0022 0017 0014 0008 0.005 Period 30 0.742 0.552 0412 0308 0 231 0.174 0.131 0.099 0.075 0.057 0.033 0.020 0015 0.012 0007 0.004 Period 40 0.672 0.453 0.307 0 208 0.142 0.097 0.067 O.045 0.032 0022 0.011 005 0.004 0.003 0.001 0.001 1.282 1.641 2094 2665 3.385 4292 5.427 6.848 8.623 10.83 17.00 26.45 3292 0.125 0.098 0076 0.047 0029 0.023 0.018 0.011 0.007 Period 26 Period 27 Period 28 Period 29 Period 30 1.295 1.673 2157 2772 3.555 4549 5807 7.396 9.399 11.92 19.04 30.17 37.86 1.308 1.707 221 2883 3733 4.822 6214 7.988 10.25 13.11 2132 34.39 4354 1.321 1.741 2288 2999 3.920 5.112 6649 8.627 11.17 14.42 23 8 39.20 50.07 1.335 1.776 2357 3.119 4.116 5418 7.114 9317 12.17 15.85 26.75 4.69 57.58 1.348 1811 2427 3243 4322 5.743 7612 10.06 13.27 1745 29.96 50.95 66 21 1.489 2208 3262 4.801 7.040 10 29 1497 21.7231.41 45.25 93.05 188.9 257.9 Period 50 0.608 0372 02280.141 0087 0.054 0034 0.021 0013 0009 0.003 001 0.001 0.001 Period 40

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Tait is entering high school and is determined to save money for college. Tait feels he can save $2,500 each year for the next four years from his part-time job. If Tait is able to invest at 6%, how much will he have when he starts college? (Click the icon to view Present Value of $1 table.) E (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) E (Click the icon to view Future Value of Ordinary Annuity of $1 table.) - X Reference (Round your answer to the nearest dollar.) Reference When Tait starts college he will have Present Value of $1 Periods Period 1 Period 2 Period 3 Period 4 Period 5 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% Future Value of $1 0.990 0.980 0.971 0.962 0.952 0.943 0.980 0.961 0.943 0.925 0.907 0.971 0.942 0.915 0.889 0.864 0.840 0.961 0.924 0.888 0.855 0.823 0.792 0.951 0.906 0.863 0.822 0.784 0.747 0.917 0.909 0.893 | 0.877 0.870 0.862 0.847 0.833 0.826 0.797 0.769 0.756 0.743 0.935 0.926 0.890 0.873 0.857 0.842 0.718 0.694 Periods Period 1 Period 2 Period 3 Period 4 Period 5 1% 2% 3% 4% 5% 6% 7% 9% 10% 12% 14% 1.120 1.140 8% 15% 0.816 0.763 0.735 0.713 0.681 0.772 0.751 0.712 0.675 0.658 0.708 0.683 0.636 0.650 0.621 0.794 0.641 0.609 0.579 1.030 1.040 1.050 1.060 1.070 1.080 1.061 1.082 1.103 1.124 1.145 1.166 1.010| 1.020 1.090 1.100 1.150 0.592 | 0.572 0.552 0.519 | 0.497 0.476 0.516 | 0.482 0.437 1.020 1.040 1.188 1.210 1.254 1.300 1.405 1,482 1.574 1.689 1.762 1.925 2.011 1.323 0.567 0.402 1.030| 1.061 1.093 1.125 1.158 1.191 1.225 1.260 1.295 1.331 1.360 1.412 1.464 1.276 | 1.338 1.403 1.469 1.539 1.611 1.521 1.082 1.126 1.170 1.216 1.262 1.311 1.104 1.159 1.217 Period 6 Period 7 Period 8 Period 9 0.942 0.888 0.837 0.790 0.746 0.705 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.923 0.853 0.789 0.731 0,677 0.914 0.837 0.766 0.703 0.645 0.592 0.544 Period 10 0.905 0.820 | 0.744 0.676 0.614 | 0.558 0.508 0.596 0.564 0.507 0.456 0.432 0.410 0.370 0.335 0.547 0.513 0.452 0.400 0.376 0.354 0.314 0.279 0.502 0.467 0.404 0.351 0.327 0.305 0.266 0.233 0.500 0.460 0.424 0.361 | 0.308 0.284 0.263 0.225 0.194 0.463 0.422 | 0.386 | 0.322 | O.270 0.247 0. 227 0.191 0.162 1.041 1.749 0.666 0.630 1.051 0.583 0.627 0.582 0.540 Period 6 Period 7 Period 8 Period 9 Period 10 1.587 1.677 1.772 1.974 2.195 2.313 1.407 1.504 1.606 1.714 1.828 1.949 2.211 2.502 2.660 1.718 1.851 1.993 2.144 2476 2.853 3.059 1.094 1.195| 1.305 1.423 1.551 1.689 1.838 1.999 2.172 2.358 2.773 3.252 3.518 1.344 1.480| 1.629 1.791 1.967 2.159 2.367 2.594 3.106 3.707 4.046 1.062 1.126 1.194 1.265| 1.340 | 1.419 1.501 1.072 1.149 1.230 1.316 1.083 1.172 1.267 1,369 1.477 1.594 Period 11 0.896 0.804 0.722 0.650 0.585 0.527 0.475 Period 12 0.887 0.788 0.701 0.625 0.557 0.497 Period 13 0.879 0.773 0.681 0.601 | 0.530 0.469 Period 14 0.870 0.758 0.661 0.577 0.505 0.442 Period 15 0.861 0.743 0.642 0.555 0.481 0.417 0.429 0.388 0.350 0.287 0.237 0.215 0.195 0.162 0.135 0.397 0.356 0.319 0.257 0.368 0.3260.290 0.229 0.340 | 0.299 | 0.263 0.205 0.315 0.275 0.239 | 0.183 1.105| 1,219 4.226 4.652 4,818| 5.350 1.469 1.665 1.886 2.133 2410 2.720 3.066 3.452 4.363 5.492 6.153 4.887 6.261 7.076 1.346 1.558 1.801 2.079 2.397 2.759 3.172 3.642 4.177 5.474 7.138 8.137 0.444 0.415 0.388 0.208 0.187| 0.168 0.137 0.112 0.182 0.163 0.145 0.116 0.093 0.160 0.141| 0.125 0.099 0.078 0.140 0.123 0.108 0.084 0.065 1.384 1.539 1.710 1.898 2.105 2.332 2.580 2.853 3.479 1.426 1.601 1.796 2.012 2.252 2.518 2.813 3.138 3.896 Period 11 Period 12 Period 13 Period 14 Period 15 1.116 1.127 1.138 1.243 1.268 1.294 0.362 Period 16 0.853 0.728 0.623 0.534 0.458 0.394 0.339 Period 17 0.844 0.714 0.605 0.513 0.436 Period 18 0.836 0.700 0.587 0.494 0.416 0.350 0.296 Period 19 0.828 0.686 0.570 0.475 0.396 0.331 0.277 Period 20 0.820 0.673 0.554 0.456 0.377 1.149 1.319 1.513 1.732 1.980 2.261 | 2.579 2.937 3.342 3.798 0.292 0.2520.218 0.163 0.123 0.107 0.093 0.071 0.054 1.161 0.371| 0.317 0.270 0.231 0.198 | 0.146 | o.108 0.093 0.080 | 0.060 | 0.045 0.212 0.180 0.130 0.095 0.081 0.069 0.051 0.038 0.194 0.164| 0.116 0.083 0.070 0.060 | 0.043 0.031 0.178 0.149 0.104 0.073 0.061 0.051 0.037 0.026 0.250 Period 16 Period 17 Period 18 Period 19 Period 20 1.173 1,373 1.184| 1.400 1.605 1.873 2.183 2.540 2.952 3.426 3.970 4.595 6.130 8.137 9.358 6.866 9.276 | 10.76 7.690 10.58| 12.38 8.613 12.06 14,23 9.646 13.74| 16.37 0.232 1.653 1.948 2.292 2.693 3.159 | 3.700 | 4.328 | 5.054 2.407 2.854 3.380 | 3.996 4.717 5.560 1.754 2.107 2.527 3.026 3.617 4.316 5.142 6.116 4.661 5.604 6.727 0.312 0.258 0.215 1.196 1.428 1.702 2.026 Period 21 0.811 0.660 0.538 0.439 0.359 0.294 0.242 0.199 0.164 0.135 | 0.093 | 0.064 0.053 0.044 0.031 0.022 0.026 0.018 0.211| 0.170 0.138 0.112 0.074 0.049 0.040 0.033 0.022 0.015 1.208 1.457 1.220 1.486 1.806 2.191 2.653 3.207 3.870 Period 22 0.803 0.647 0.522 0.422 0.342| 0.278 | 0.226 0.184 0.150 0.123 | 0.083 | 0.056 0.046 0.038 Period 21 Period 22 Period 23 Period 24 Period 25 Period 23 0.795 0.634 0.507 0.406 0.326 0.262 0.788 0.622 0.492 0.390 0.310 0.247 0.295 0.233 1.860 2.279 2.786 3.400 4.141 15.67 18.82 1.916 2.370 2.925 3.604 4.430 5.437 6.659 8.140 12.10 17.86 21.64 1.974 2.465 3.072 3.820 4.741 5.871 7.258 8.954 13.55 20.36 24. 15.18 23.21 28.63 17.00 26.46 32.92 1.232 1.516 5.034 6.109 7.400 10.80 0.158 0.126 0.102 0.066 0.146 0.116| 0.092 0.059 0.135 0.106 | 0.084 | 0.053 | o.033 0.026 0.021 0.125 0.098 0.076 | 0.047 0.116 0.090 | 0.069 0.042 0.026 0.020 | 0.016 0.010 0.006 Period 24 Period 25 0.197 0.043 0.035 0.028 0.019 0.013 1.245 1.257 1.577 1.270 | 1.608| 2.033 2.563 3.225 4.049 5.072 6.341 7.911 9.850 1.546 0.780 0.610 0.478 0.375 0.184 0.038 0.030 0.024 0.016 0.010 Period 26 0.772 0.598 0.464 0.361 0.281 0.220| 0.172 Period 27 0.764 0.586 0.450 0.347 0.268 0.207 0.161 Period 28 0.757 0.574 0.437 0.333 0.255 0.196 0.150 Period 29 0.749 0.563 0.424 0.321 0.243 0.185 0.141 Period 30 0.742 0.552 0.412 0.308 0.231 0.174 | 0.131 0.014 0.009 1.282 1.641 2.094 2.666 3.386 4.292 5.427 6.848 8.623 10.83 0.029 0.023 0.018 | 0.011 0.007 4.549 5.807 7.396 | 9.399 11.92 1.707 2.221 2.883 3.733 4.822 6.214 | 7.988 10.25 13.11| 21.32 34.39 43.54 1.741 2.288 2.999 3.920 5.112 6.649 8.627 11.17 14.42 23.88 39.20 50.07 1.776 2.357 3.119 4.116 5.418 7.114 9.317 12.17 15.86 26.75 44.69 57.58 1.348 1.811 2427 3.243 4.322 5.743 7.612 10.06 13.27 17.45 29.96 50.95 66.21 1.673 2.157| 2.772 | 3.556 Period 26 Period 27 Period 28 Period 29 Period 30 1.295 19.04 30,17 37.86 0.107 0.082 0.063 0.037 0.022 0.017 0.014 0.008 | 0.005 1.308 0.099 0.075 0.057 0.033 0.020 0.015 0.012 0.007 0.004 1.321 1.335 Period 40 0.672 0.453 0.307 0.208 0.142 0.097 0.067 0.046 0.032 0.022 | 0.011 0.005 0.004 0.003 0.001 0.001 Period 50 0.608 0.372 0.228 0.141 0.087 0.054 0.034 0.021 0.013 0.009| 0.003 0.001 0.001 0.001 Period 40 1.489 | 2.208 3.262 4.801 7.040 10.29 14.97 21.72 31.41 45.26 93.05 188.9 267.9 Period 50 1.645 2.692 4.384 7.107 11.47 18.42 29.46 46.90 74.36 117.4 289.0 700.2 1,084
Transcribed Image Text:Tait is entering high school and is determined to save money for college. Tait feels he can save $2,500 each year for the next four years from his part-time job. If Tait is able to invest at 6%, how much will he have when he starts college? (Click the icon to view Present Value of $1 table.) E (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) E (Click the icon to view Future Value of Ordinary Annuity of $1 table.) - X Reference (Round your answer to the nearest dollar.) Reference When Tait starts college he will have Present Value of $1 Periods Period 1 Period 2 Period 3 Period 4 Period 5 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% Future Value of $1 0.990 0.980 0.971 0.962 0.952 0.943 0.980 0.961 0.943 0.925 0.907 0.971 0.942 0.915 0.889 0.864 0.840 0.961 0.924 0.888 0.855 0.823 0.792 0.951 0.906 0.863 0.822 0.784 0.747 0.917 0.909 0.893 | 0.877 0.870 0.862 0.847 0.833 0.826 0.797 0.769 0.756 0.743 0.935 0.926 0.890 0.873 0.857 0.842 0.718 0.694 Periods Period 1 Period 2 Period 3 Period 4 Period 5 1% 2% 3% 4% 5% 6% 7% 9% 10% 12% 14% 1.120 1.140 8% 15% 0.816 0.763 0.735 0.713 0.681 0.772 0.751 0.712 0.675 0.658 0.708 0.683 0.636 0.650 0.621 0.794 0.641 0.609 0.579 1.030 1.040 1.050 1.060 1.070 1.080 1.061 1.082 1.103 1.124 1.145 1.166 1.010| 1.020 1.090 1.100 1.150 0.592 | 0.572 0.552 0.519 | 0.497 0.476 0.516 | 0.482 0.437 1.020 1.040 1.188 1.210 1.254 1.300 1.405 1,482 1.574 1.689 1.762 1.925 2.011 1.323 0.567 0.402 1.030| 1.061 1.093 1.125 1.158 1.191 1.225 1.260 1.295 1.331 1.360 1.412 1.464 1.276 | 1.338 1.403 1.469 1.539 1.611 1.521 1.082 1.126 1.170 1.216 1.262 1.311 1.104 1.159 1.217 Period 6 Period 7 Period 8 Period 9 0.942 0.888 0.837 0.790 0.746 0.705 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.923 0.853 0.789 0.731 0,677 0.914 0.837 0.766 0.703 0.645 0.592 0.544 Period 10 0.905 0.820 | 0.744 0.676 0.614 | 0.558 0.508 0.596 0.564 0.507 0.456 0.432 0.410 0.370 0.335 0.547 0.513 0.452 0.400 0.376 0.354 0.314 0.279 0.502 0.467 0.404 0.351 0.327 0.305 0.266 0.233 0.500 0.460 0.424 0.361 | 0.308 0.284 0.263 0.225 0.194 0.463 0.422 | 0.386 | 0.322 | O.270 0.247 0. 227 0.191 0.162 1.041 1.749 0.666 0.630 1.051 0.583 0.627 0.582 0.540 Period 6 Period 7 Period 8 Period 9 Period 10 1.587 1.677 1.772 1.974 2.195 2.313 1.407 1.504 1.606 1.714 1.828 1.949 2.211 2.502 2.660 1.718 1.851 1.993 2.144 2476 2.853 3.059 1.094 1.195| 1.305 1.423 1.551 1.689 1.838 1.999 2.172 2.358 2.773 3.252 3.518 1.344 1.480| 1.629 1.791 1.967 2.159 2.367 2.594 3.106 3.707 4.046 1.062 1.126 1.194 1.265| 1.340 | 1.419 1.501 1.072 1.149 1.230 1.316 1.083 1.172 1.267 1,369 1.477 1.594 Period 11 0.896 0.804 0.722 0.650 0.585 0.527 0.475 Period 12 0.887 0.788 0.701 0.625 0.557 0.497 Period 13 0.879 0.773 0.681 0.601 | 0.530 0.469 Period 14 0.870 0.758 0.661 0.577 0.505 0.442 Period 15 0.861 0.743 0.642 0.555 0.481 0.417 0.429 0.388 0.350 0.287 0.237 0.215 0.195 0.162 0.135 0.397 0.356 0.319 0.257 0.368 0.3260.290 0.229 0.340 | 0.299 | 0.263 0.205 0.315 0.275 0.239 | 0.183 1.105| 1,219 4.226 4.652 4,818| 5.350 1.469 1.665 1.886 2.133 2410 2.720 3.066 3.452 4.363 5.492 6.153 4.887 6.261 7.076 1.346 1.558 1.801 2.079 2.397 2.759 3.172 3.642 4.177 5.474 7.138 8.137 0.444 0.415 0.388 0.208 0.187| 0.168 0.137 0.112 0.182 0.163 0.145 0.116 0.093 0.160 0.141| 0.125 0.099 0.078 0.140 0.123 0.108 0.084 0.065 1.384 1.539 1.710 1.898 2.105 2.332 2.580 2.853 3.479 1.426 1.601 1.796 2.012 2.252 2.518 2.813 3.138 3.896 Period 11 Period 12 Period 13 Period 14 Period 15 1.116 1.127 1.138 1.243 1.268 1.294 0.362 Period 16 0.853 0.728 0.623 0.534 0.458 0.394 0.339 Period 17 0.844 0.714 0.605 0.513 0.436 Period 18 0.836 0.700 0.587 0.494 0.416 0.350 0.296 Period 19 0.828 0.686 0.570 0.475 0.396 0.331 0.277 Period 20 0.820 0.673 0.554 0.456 0.377 1.149 1.319 1.513 1.732 1.980 2.261 | 2.579 2.937 3.342 3.798 0.292 0.2520.218 0.163 0.123 0.107 0.093 0.071 0.054 1.161 0.371| 0.317 0.270 0.231 0.198 | 0.146 | o.108 0.093 0.080 | 0.060 | 0.045 0.212 0.180 0.130 0.095 0.081 0.069 0.051 0.038 0.194 0.164| 0.116 0.083 0.070 0.060 | 0.043 0.031 0.178 0.149 0.104 0.073 0.061 0.051 0.037 0.026 0.250 Period 16 Period 17 Period 18 Period 19 Period 20 1.173 1,373 1.184| 1.400 1.605 1.873 2.183 2.540 2.952 3.426 3.970 4.595 6.130 8.137 9.358 6.866 9.276 | 10.76 7.690 10.58| 12.38 8.613 12.06 14,23 9.646 13.74| 16.37 0.232 1.653 1.948 2.292 2.693 3.159 | 3.700 | 4.328 | 5.054 2.407 2.854 3.380 | 3.996 4.717 5.560 1.754 2.107 2.527 3.026 3.617 4.316 5.142 6.116 4.661 5.604 6.727 0.312 0.258 0.215 1.196 1.428 1.702 2.026 Period 21 0.811 0.660 0.538 0.439 0.359 0.294 0.242 0.199 0.164 0.135 | 0.093 | 0.064 0.053 0.044 0.031 0.022 0.026 0.018 0.211| 0.170 0.138 0.112 0.074 0.049 0.040 0.033 0.022 0.015 1.208 1.457 1.220 1.486 1.806 2.191 2.653 3.207 3.870 Period 22 0.803 0.647 0.522 0.422 0.342| 0.278 | 0.226 0.184 0.150 0.123 | 0.083 | 0.056 0.046 0.038 Period 21 Period 22 Period 23 Period 24 Period 25 Period 23 0.795 0.634 0.507 0.406 0.326 0.262 0.788 0.622 0.492 0.390 0.310 0.247 0.295 0.233 1.860 2.279 2.786 3.400 4.141 15.67 18.82 1.916 2.370 2.925 3.604 4.430 5.437 6.659 8.140 12.10 17.86 21.64 1.974 2.465 3.072 3.820 4.741 5.871 7.258 8.954 13.55 20.36 24. 15.18 23.21 28.63 17.00 26.46 32.92 1.232 1.516 5.034 6.109 7.400 10.80 0.158 0.126 0.102 0.066 0.146 0.116| 0.092 0.059 0.135 0.106 | 0.084 | 0.053 | o.033 0.026 0.021 0.125 0.098 0.076 | 0.047 0.116 0.090 | 0.069 0.042 0.026 0.020 | 0.016 0.010 0.006 Period 24 Period 25 0.197 0.043 0.035 0.028 0.019 0.013 1.245 1.257 1.577 1.270 | 1.608| 2.033 2.563 3.225 4.049 5.072 6.341 7.911 9.850 1.546 0.780 0.610 0.478 0.375 0.184 0.038 0.030 0.024 0.016 0.010 Period 26 0.772 0.598 0.464 0.361 0.281 0.220| 0.172 Period 27 0.764 0.586 0.450 0.347 0.268 0.207 0.161 Period 28 0.757 0.574 0.437 0.333 0.255 0.196 0.150 Period 29 0.749 0.563 0.424 0.321 0.243 0.185 0.141 Period 30 0.742 0.552 0.412 0.308 0.231 0.174 | 0.131 0.014 0.009 1.282 1.641 2.094 2.666 3.386 4.292 5.427 6.848 8.623 10.83 0.029 0.023 0.018 | 0.011 0.007 4.549 5.807 7.396 | 9.399 11.92 1.707 2.221 2.883 3.733 4.822 6.214 | 7.988 10.25 13.11| 21.32 34.39 43.54 1.741 2.288 2.999 3.920 5.112 6.649 8.627 11.17 14.42 23.88 39.20 50.07 1.776 2.357 3.119 4.116 5.418 7.114 9.317 12.17 15.86 26.75 44.69 57.58 1.348 1.811 2427 3.243 4.322 5.743 7.612 10.06 13.27 17.45 29.96 50.95 66.21 1.673 2.157| 2.772 | 3.556 Period 26 Period 27 Period 28 Period 29 Period 30 1.295 19.04 30,17 37.86 0.107 0.082 0.063 0.037 0.022 0.017 0.014 0.008 | 0.005 1.308 0.099 0.075 0.057 0.033 0.020 0.015 0.012 0.007 0.004 1.321 1.335 Period 40 0.672 0.453 0.307 0.208 0.142 0.097 0.067 0.046 0.032 0.022 | 0.011 0.005 0.004 0.003 0.001 0.001 Period 50 0.608 0.372 0.228 0.141 0.087 0.054 0.034 0.021 0.013 0.009| 0.003 0.001 0.001 0.001 Period 40 1.489 | 2.208 3.262 4.801 7.040 10.29 14.97 21.72 31.41 45.26 93.05 188.9 267.9 Period 50 1.645 2.692 4.384 7.107 11.47 18.42 29.46 46.90 74.36 117.4 289.0 700.2 1,084
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