Quantitative Problem 1: You plan to deposit $2,100 per year for 6 years into a money...
Quantitative Problem 1: You plan to deposit $2,100 per year for 6 years into a money market account with an annual return of 2%. You plan to make your first deposit one year from today.
- What amount will be in your account at the end of 6 years?
Round your answer to the nearest cent. Do not round intermediate
calculations.
$ - Assume that your deposits will begin today. What amount will be
in your account after 6 years? Round your answer to the nearest
cent. Do not round intermediate calculations.
$
Homework Answers
1.Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=$2100[(1.02)^6-1]/0.02
=$2100*6.308120963
=$13247.05(Approx).
2.Future value of annuity due=.Future value of annuity*(1+interest rate)
=$13247.05*1.02
=$13512(Approx).
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