You plan to make annual deposits of $8,000 into an account at the beginning of each...
You plan to make annual deposits of $8,000 into an account at the beginning of each year for the next 8 years. If you can earn 5.1% interest, what will your final balance be by the end of 8 years? Round to the nearest cent.
Homework Answers
FV = CF * FVF(r%, n)
FVF(r%, n) = (1+r)^n
| Year | CF | FVF @5.1% | FV of CF |
| 1 | $ 8,000.00 | 1.4887 | $ 11,910.00 |
| 2 | $ 8,000.00 | 1.4165 | $ 11,332.06 |
| 3 | $ 8,000.00 | 1.3478 | $ 10,782.17 |
| 4 | $ 8,000.00 | 1.2824 | $ 10,258.97 |
| 5 | $ 8,000.00 | 1.2201 | $ 9,761.15 |
| 6 | $ 8,000.00 | 1.1609 | $ 9,287.49 |
| 7 | $ 8,000.00 | 1.1046 | $ 8,836.81 |
| 8 | $ 8,000.00 | 1.0510 | $ 8,408.00 |
| Balance after 8 Years | $ 80,576.64 | ||
Balance in Account after 8 years is $ 80,576.64
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