Using an online tool like Calculator Soup https://www.calculatorsoup.com/calculators/financial future-value-annuity-calculator.php Calculate the FV of an annuity that grows. The person will save $200 at the end of the first month. They will increase their savings by 1.0% per month. (2nd month will be S202,00, etc.) Interest will be compounded monthly and cam an average annual rate of 7.00% a) What will be the future value of this person's retirement account in 20 years b)If they followed this plan, what would be their 240th (last) deposit amount? c) What would be the FV if they did not increase the savings per month and their monthly contribution remained at $200/mo?
Using an online tool like Calculator Soup https://www.calculatorsoup.com/calculators/financial future-value-annuity-calculator.php Calculate the FV of an annuity that grows. The person will save $200 at the end of the first month. They will increase their savings by 1.0% per month. (2nd month will be S202,00, etc.) Interest will be compounded monthly and cam an average annual rate of 7.00% a) What will be the future value of this person's retirement account in 20 years b)If they followed this plan, what would be their 240th (last) deposit amount? c) What would be the FV if they did not increase the savings per month and their monthly contribution remained at $200/mo?
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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Using an online tool like Calculator Soup https://www.calculatorsoup.com/calculators/financial future-value-
The person will save $200 at the end of the first month. They will increase their savings by 1.0% per month. (2nd month will be S202,00, etc.)
Interest will be compounded monthly and cam an average annual rate of 7.00%
a) What will be the
b)If they followed this plan, what would be their 240th (last) deposit amount?
c) What would be the FV if they did not increase the savings per month and their monthly contribution remained at $200/mo?
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