Question 6 0.75 pts For retirement planning, you decide to deposit $1,156 at the end of...

Question

Question

Question 6 0.75 pts For retirement planning, you decide to deposit $1,156 at the end of every quarter and increase your depos

business economics

Answer 1

Answer #1

I = 6% / 4 = 1.5% per quarter

t = 25 * 4 = 100 quarters

Future worth = 1156 * (F/A, 1.5%,100) + 31 * (F/G, 1.5%,100)

= 1156 * 228.8030 + 31 * 8586.86955

= 530689.27 ~ 530689 (Nearest Dollar)

Answer 2

Similar Homework Help Questions

For retirement planning, you decide to deposit $1,119 at the end of every quarter and increase...

For retirement planning, you decide to deposit $1,119 at the end of every quarter and increase your deposit by $54 each quarter. How much will you have at the end of 25 years if the bank pays a nominal annual rate of 6% compounded quarterly? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas ()") or a decimal point ("").
For retirement planning, you decide to deposit $924 at the end of every quarter and increase...

For retirement planning, you decide to deposit $924 at the end of every quarter and increase your deposit by $2 each quarter. How much will you have at the end of 25 years if the bank pays a nominal annual rate of 6% compounded quarterly? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas ("') or a decimal point("").
For retirement, you decide to deposit $8805 at the end of each year and you will...

For retirement, you decide to deposit $8805 at the end of each year and you will increase your deposit by $214 per year. How much will you have at the end of 20 years if the bank pays 2.5% compounded annually? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas(") or a decimal point")

Question 4 0.5 pts You deposit $321 at the end of each quarter into an account...

Question 4 0.5 pts You deposit $321 at the end of each quarter into an account that pays a nominal annual rate of 16% compounded quarterly. How much will you have in the account at the end of 15 years? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas ("') or a decimal point (":").
I NEED ABSOLUTELY CORRECT ANSWERS FOR THESE. Question 5 0.4 pts You have $792,065 in a...

I NEED ABSOLUTELY CORRECT ANSWERS FOR THESE. Question 5 0.4 pts You have $792,065 in a retirement account that pays a nominal annual interest rate of 9%, compounded quarterly. If you plan to take a quarterly distribution for the next 12 years, how much could you withdraw each quarter? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas ("") or a decimal point (":"). Question 6 0.5 pts Kreskin deposits $6,011...
You deposit $258 at the end of each quarter into an account that pays a nominal annual rate of 16% compounded quarterly...

You deposit $258 at the end of each quarter into an account that pays a nominal annual rate of 16% compounded quarterly. How much will you have in the account at the end of 15 years? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas ("") or a decimal point("").

You have $783,278 in a retirement account that pays a nominal annual interest rate of 9%,...

You have $783,278 in a retirement account that pays a nominal annual interest rate of 9%, compounded quarterly. If you plan to take a quarterly distribution for the next 14 years, how much could you withdraw each quarter? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas ("") or a decimal point (":").
Kreskin deposits $12,071 every six months, increasing the amount deposited by 2.5% with each subsequent deposit....

Kreskin deposits $12,071 every six months, increasing the amount deposited by 2.5% with each subsequent deposit. The account pays a nominal annual interest rate of 5%, compounded biannually (twice a year). How much will Kreskin have in the account at the end of 23 years? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas (",") or a decimal point ("")
You make a deposit of $927 into a savings account at the end of each year...

You make a deposit of $927 into a savings account at the end of each year for the next 9 years. How much can you withdraw immediately after your last deposit if your savings account pays 7% compounded annually? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), commas() or a decimal point (""

You make a quarterly deposit of $116 into a savings account for the next 12 years....

You make a quarterly deposit of $116 into a savings account for the next 12 years. How much can you withdraw immediately after your last deposit if your savings account pays 2% per quarter? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas ("") or a decimal point ("!").