What am I doing wrong? You are to make monthly deposits of $425 into a retirement account that pays an APR of10.6 percent compounded monthly.INCOMPLETERETIREMENT ACCOUNT VALUEfirst deposit one month from nowMonthly deposit $# periodsmonthly interest %425.0000If your first deposit will be made one month from now, how large will your retirementaccount be in 31 years? (Do not round intermediate calculations and round youranswer to 2 decimal places, e.g., 32.16.)372.0000 APR0.1060.0088 years31.0000Total Accumulation11,199.9087Retirement account value

Future value= Present value* ([1 + I]^N - 1 )/I Present value = $425 I = 10.6/12 = 0.883% N = 31 x…

Answered: You are to make monthly deposits of…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

See similar textbooks

Similar questions

How to set this up in Excel?
You are to make monthly deposits of $675 into a retirement account that pays an APR of 10.3 percent compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 31 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
You are to make monthly deposits of $825 into a retirement account that pays an APR of9.7 percent compounded monthly.If your first deposit will be made one month from now, how large will your retirementaccount be in 32 years? (Do not round intermediate calculations and round youranswer to 2 decimal places, e.g., 32.16.)
You are to make monthly deposits of $725 into a retirememt account that pays an APR of 10.1 percemt compoumded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 33 years?
You are planning to make monthly deposits of $300 into a retirement account that pays 8 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 25 years? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.) Future value $
Assume you deposit $5,700 at the end of each year into an account paying 11. interest. a. How much money will you have in the account in 19 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g b. How much will you have if you make deposits for 38 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g а. Future value $ 324,555.08 b. Future value $ 2,462,818.38
How much must you deposit each year into your retirement account starting now and continuing through year 10.00 if you want to be able to withdraw $95000 per year forever, beginning 33.00 years from now? Assume the account earns interest at 9.00% per year. (Round the final answer to three decimal places.) The amount to be deposited is determined to be $
You are planning to make monthly deposits of $340 into a retirement account that pays 9 percent annual interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 35 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Future value
Starting next month, if you make monthly deposits of $501 into a retirement account that earns 6% interest compounded monthly, how large will your retirement account be in 40 years? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
You are planning to make monthly deposits of $190 into a retirement account that pays 10 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 19 years? $134,865.11 $128,442.96 $116,642.73 $1,541,315.57
Please do not answer this question in excel thank you in advance. A deposit of $2,500 is made into an account drawing 3.6% interest compounded monthly. Find the future value 15 years after the initial deposit.
You are to make monthly deposits of $500 into a retirement account that pays 10.3 percent interest compounded monthly. Required: If your first deposit will be made one month from now, how large will your retirement account be in 35 years?

SEE MORE QUESTIONS

Recommended textbooks for you

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS