BUS201 Selecting, buying, and selling stocks, bonds, and other financial instruments are important to personal financial...
BUS201
Selecting, buying, and selling stocks, bonds, and other financial instruments are important to personal financial planning. The Wilson Family has been investing $2,000 annually in an IRA for the past 6 years, which is invested in a portfolio of mutual fund. The average return on stocks since 1926 has been about 10%. How much will the IRA be worth in 7.2 Years?
A. $16,974
B. $33,949
C. $53,439
D. None of the above.
Homework Answers
PMT = 2000
PV = 0
N = 13
rate = 10%
use FV function in Excel
value after 13 years = 49,045.42
after 13.2 years the worth is 49,045.42 * 1.10.2 = 49,989.30
so none of the above
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BUS201
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