You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $31,000 at the end of each year for the next 9 years. You expect to earn 12 percent each year. Required: 1. Determine how much you will have saved after 9 years. 2. Determine the amount saved if you were able to deposit $33,800 each year. 3. Determine the amount saved if you deposit $31,000 each year, but with 14 percent interest. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine how much you will have saved after 9 years. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to the nearest whole dollar.) Balance in the Savings Account < Required 1 Required 2

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. Determine how much you will have saved after 9 years.

2. Determine the amount saved if you were able to deposit $33,800 each year.

3. Determine the amount saved if you deposit $31,000 each year, but with 14 percent interest.

You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $31,000 at
the end of each year for the next 9 years. You expect to earn 12 percent each year.
Required:
1. Determine how much you will have saved after 9 years.
2. Determine the amount saved if you were able to deposit $33,800 each year.
3. Determine the amount saved if you deposit $31,000 each year, but with 14 percent interest.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Determine how much you will have saved after 9 years. (Future Value of $1, Present Value of $1, Future Value Annuity
of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to the
nearest whole dollar.)
Balance in the Savings Account
< Required 1
Required 2
Transcribed Image Text:You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $31,000 at the end of each year for the next 9 years. You expect to earn 12 percent each year. Required: 1. Determine how much you will have saved after 9 years. 2. Determine the amount saved if you were able to deposit $33,800 each year. 3. Determine the amount saved if you deposit $31,000 each year, but with 14 percent interest. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine how much you will have saved after 9 years. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to the nearest whole dollar.) Balance in the Savings Account < Required 1 Required 2
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