Noma plans to save $4,600 per year for the next 30 years. If she can earn...
Noma plans to save $4,600 per year for the next 30 years. If she can earn an annual interest rate of 10.4 percent, how much will she have in 30 years? Multiple Choice $816,360.02 $780,866.11 $761,936.02 $138,000.00 $901,261.46
Homework Answers
Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=4600[(1.104)^30-1]/0.104
=4600*177.4695698
=$816,360.02(Approx).
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