Homework Answers
Future value = Amount invested today x Future value factor (i%, n) + Annual deposit x Future value annuity factor (i%, n)
= 5,500 x Future value factor (7%, 16) + 1,300 x Future value annuity factor (7%, 16)
= 5,500 x 2.95216 + 1,300 x 27.88805
= 16,236.88 + 36,254.47
= $52,491.35
Hence, amount on 16th birthday = $52,491.35
Please ask if you have any query related to the question. Thank you
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