Question

Assume you deposit $4,100 at the end of each year into an account paying 9.75 percent interest.
a.	How much money will you have in the account in 21 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b.	How much will you have if you make deposits for 42 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answer 1

Value at year 21 = pmtx ((1+r)^n-1))/r $254,619.21 4,100*(((1.0975^21)-1)/0.0975) Value at year 42 = pmt x ((1+r)^n-1)}/r $2,050,949.81 4,100*(((1.0975^42)-1)/0.0975)