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uit buying vendor coffee for one year $4,483.97 and decided to contribute $2,400 (you saved $200 per month) in your Roth IRA, how much would you have for retirement if you could invest these savings at 5% compounded annually for 30 years for this one year of savings? (Use the Table 12.1 provided.) (Round your answer to two decimal

uit buying vendor coffee for one year $4,483.97 and decided to contribute $2,400 (you saved $200 per month) in your Roth IRA, how much would you have for retirement if you could invest these savings at 5% compounded annually for 30 years for this one year of savings? (Use the Table 12.1 provided.) (Round your answer to two decimal

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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If you saved your tax refund $12,900.87, quit buying vendor coffee for one year $4,483.97 and decided to contribute $2,400 (you saved $200 per month) in your Roth IRA, how much would you have for retirement if you could invest these savings at 5% compounded annually for 30 years for this one year of savings? (Use the Table 12.1 provided.) (Round your answer to two decimal places.)

Period 1% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 1. 1.0100 1.0150 1.0200 1.0300 1.0400 1.0500 1.0600 1.0700 1.0800 1.0900 1.1000 1.0201 1.0302 1.0404 1.0609 1.0816 1.1025 1.1236 1.1449 1.1664 1.1881 1.2100 1.0303 1.0457 1.0612 1.0927 1.1249 1.1576 1.1910 1.2250 1.2597 1.2950 1.3310 4. 1.0406 1.0614 1.0824 1.1255 1.1699 1.2155 1.2625 1.3108 1.3605 1.4116 1.4641 1.0510 1.0773 1.1041 1.1593 1.2167 1.2763 1.3382 1.4026 1.4693 1.5386 1.6105 6. 1.0615 1.0934 1.1262 1.1941 1.2653 1.3401 1.4185 1.5007 1.5869 1.6771 1.7716 1.0721 1.1098 1.1487 1.2299 1.3159 1.4071 1.5036 1.6058 1.7138 1.8280 1.9487 1.0829 1.1265 1.1717 1.2668 1.3686 1.4775 1.5938 1.7182 1.8509 1.9926 2.1436 1.0937 1.1434 1.1951 1.3048 1.4233 1.5513 1.6895 1.8385 1.9990 2.17 19 2.3579 10 1.1046 1.1605 1.2190 1.3439 1.4802 1.6289 1.7908 1.9672 2.1589 2.3674 2.5937 11 1.1157 1.1780 1.2434 1.3842 1.5395 1.7103 1.8983 2.1049 2.3316 2.5804 2.8531 12 1.1268 1.1960 1.2682 1.4258 1.6010 1.7959 2.0122 2.2522 2.5182 2.8127 3.1384 13 1.1381 1.2135 1.2936 1.4685 1.6651 1.8856 2.1329 2.4098 2.7196 3.0658 3.4523 14 1.1495 1.2318 1.3195 1.5126 1.7317 1.9799 2.2609 2.5785 2.9372 3.3417 3.7975 15 1.1610 1.2502 1.3459 1.5580 1.8009 2.0789 2.3966 2.7590 3.1722 3.6425 4.1772 16 1.1726 1.2690 1.3728 1.6047 1.8730 2.1829 2.5404 2.9522 3.4259 3.9703 4.5950 17 1.1843 1.2880 1.4002 1.6528 1.9479 2.2920 2.6928 3.1588 3.7000 4.3276 5.0545 18 1.1961 1.3073 1.4282 1.7024 2.0258 2.4066 2.8543 3.3799 3.9960 4.7171 5.5599 19 1.2081 1.3270 1.4568 1.7535 2.1068 2.5270 3.0256 3.6165 4.3157 5.1417 6.1159 20 1.2202 1.3469 1.4859 1.8061 2.1911 2.6533 3.2071 3.8697 4.6610 5.6044 6.7275 21 1.2324 1.3671 1.5157 1.8603 2.2788 2.7860 3.3996 4.1406 5.0338 6.1088 7.4002 22 1.2447 1.3876 1.5460 1.9161 2.3699 2.9253 3.6035 4.4304 5.4365 6.6586 8.1403 23 1.2572 1.4084 1.5769 1.9736 2.4647 3.07 15 3.8197 4.7405 5.8715 7.2579 8.9543 24 1.2697 1.4295 1.6084 2.0328 2.5633 3.2251 4.0489 5.0724 6.3412 7.9111 9.8497 25 1.2824 1.4510 1.6406 2.0938 2.6658 3.3864 4.2919 5.4274 6,8485 8.6231 10.8347 26 1.2953 1.4727 1.6734 2.1566 2.7725 3.5557 4.5494 5.8074 7.3964 9.3992 11.9182 27 1.3082 1.4948 1.7069 2.2213 2.8834 3.7335 4.8223 6.2139 7.9881 10.2451 13.1100 28 1.3213 1.5172 1.7410 2.2879 2.9987 3.9201 5.1117 6.6488 8.6271 11.1672 14.4210 29 1.3345 1.5400 1.7758 2.3566 3.1187 4.1161 5.4184 7.1143 9.3173 12.1722 15.8631 30 1.3478 1.5631 1.8114 2.4273 3.2434 4.3219 5.7435 7.6123 10.0627 13.2677 17.4494
Transcribed Image Text:Period 1% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 1. 1.0100 1.0150 1.0200 1.0300 1.0400 1.0500 1.0600 1.0700 1.0800 1.0900 1.1000 1.0201 1.0302 1.0404 1.0609 1.0816 1.1025 1.1236 1.1449 1.1664 1.1881 1.2100 1.0303 1.0457 1.0612 1.0927 1.1249 1.1576 1.1910 1.2250 1.2597 1.2950 1.3310 4. 1.0406 1.0614 1.0824 1.1255 1.1699 1.2155 1.2625 1.3108 1.3605 1.4116 1.4641 1.0510 1.0773 1.1041 1.1593 1.2167 1.2763 1.3382 1.4026 1.4693 1.5386 1.6105 6. 1.0615 1.0934 1.1262 1.1941 1.2653 1.3401 1.4185 1.5007 1.5869 1.6771 1.7716 1.0721 1.1098 1.1487 1.2299 1.3159 1.4071 1.5036 1.6058 1.7138 1.8280 1.9487 1.0829 1.1265 1.1717 1.2668 1.3686 1.4775 1.5938 1.7182 1.8509 1.9926 2.1436 1.0937 1.1434 1.1951 1.3048 1.4233 1.5513 1.6895 1.8385 1.9990 2.17 19 2.3579 10 1.1046 1.1605 1.2190 1.3439 1.4802 1.6289 1.7908 1.9672 2.1589 2.3674 2.5937 11 1.1157 1.1780 1.2434 1.3842 1.5395 1.7103 1.8983 2.1049 2.3316 2.5804 2.8531 12 1.1268 1.1960 1.2682 1.4258 1.6010 1.7959 2.0122 2.2522 2.5182 2.8127 3.1384 13 1.1381 1.2135 1.2936 1.4685 1.6651 1.8856 2.1329 2.4098 2.7196 3.0658 3.4523 14 1.1495 1.2318 1.3195 1.5126 1.7317 1.9799 2.2609 2.5785 2.9372 3.3417 3.7975 15 1.1610 1.2502 1.3459 1.5580 1.8009 2.0789 2.3966 2.7590 3.1722 3.6425 4.1772 16 1.1726 1.2690 1.3728 1.6047 1.8730 2.1829 2.5404 2.9522 3.4259 3.9703 4.5950 17 1.1843 1.2880 1.4002 1.6528 1.9479 2.2920 2.6928 3.1588 3.7000 4.3276 5.0545 18 1.1961 1.3073 1.4282 1.7024 2.0258 2.4066 2.8543 3.3799 3.9960 4.7171 5.5599 19 1.2081 1.3270 1.4568 1.7535 2.1068 2.5270 3.0256 3.6165 4.3157 5.1417 6.1159 20 1.2202 1.3469 1.4859 1.8061 2.1911 2.6533 3.2071 3.8697 4.6610 5.6044 6.7275 21 1.2324 1.3671 1.5157 1.8603 2.2788 2.7860 3.3996 4.1406 5.0338 6.1088 7.4002 22 1.2447 1.3876 1.5460 1.9161 2.3699 2.9253 3.6035 4.4304 5.4365 6.6586 8.1403 23 1.2572 1.4084 1.5769 1.9736 2.4647 3.07 15 3.8197 4.7405 5.8715 7.2579 8.9543 24 1.2697 1.4295 1.6084 2.0328 2.5633 3.2251 4.0489 5.0724 6.3412 7.9111 9.8497 25 1.2824 1.4510 1.6406 2.0938 2.6658 3.3864 4.2919 5.4274 6,8485 8.6231 10.8347 26 1.2953 1.4727 1.6734 2.1566 2.7725 3.5557 4.5494 5.8074 7.3964 9.3992 11.9182 27 1.3082 1.4948 1.7069 2.2213 2.8834 3.7335 4.8223 6.2139 7.9881 10.2451 13.1100 28 1.3213 1.5172 1.7410 2.2879 2.9987 3.9201 5.1117 6.6488 8.6271 11.1672 14.4210 29 1.3345 1.5400 1.7758 2.3566 3.1187 4.1161 5.4184 7.1143 9.3173 12.1722 15.8631 30 1.3478 1.5631 1.8114 2.4273 3.2434 4.3219 5.7435 7.6123 10.0627 13.2677 17.4494
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