On Raphael's first birthday, his parents deposited $12,500 into a savings account that earns a fixed...
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On Raphael's first birthday, his parents deposited $12,500 into a savings account that earns a fixed rate of 8.00% and compounds interest annually. By Raphael's 21st birthday, his account will have accumulated $ (Hint: Round your answer to the nearest cent.) What-If Scenario If Raphael's parents had waited until his 10th birthday to make their initial deposit of $12,500 into the same account, by Raphael's 21st birthday, the balance would have been $ (Hint: Round your answer to the nearest cent.) Future Value Factors 7 8 Periods 4.50% 5.00% 5.50% 6.00% 1.3609 1.4221 1.4861 1.5513 1.6191 1.5530 1.6289 1.7000 1.6229 1.7103 1.8021 1.6959 1.7959 1.7722 1.8856 1.8519 1.9799 1.9353 2.0789 2.2114 2.0224 2.1829 2.3553 2.5404 2.5718 2.7390 2.9170 3.1588 2.1134 2.2920 2.4848 2.6928 2.6215 2.2085 2.4066 2.8543 3.1067 3.3799 2.3079 2.5270 2.7656 3.0256 3.3086 3.6165 2.4117 2.6533 3.2071 3.5236 3.8697 2.5202 2.7860 2.9178 3.0782 3.3996 3.7527 3.2475 3.6035 3.9966 3.8197 4.2564 2.6337 2.9253 2.7522 3.0715 3.4262 9 Future Value Formula 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Interest Factors 6.50% 7.00% 1.4071 1.4547 1.5036 1.5540 1.6058 1.6550 1.7182 7.50% 8.00% 8.50% 9.00% 1.7138 1.7701 1.8280 1.9926 1.4775 1.5347 1.5938 1.6590 1.7835 1.8509 1.9206 2.0839 1.7626 1.8385 1.9172 1.9990 2.1719 1.6895 1.7908 1.8771 1.9672 2.0610 2.1589 2.2610 2.3674 2.4532 1.8983 1.9992 2.1049 2.2156 2.3316 2.2522 2.3818 2.5182 2.4098 2.5604 2.7196 2.6617 2.8127 2.8879 3.0658 2.9372 3.3134 3.3417 2.5785 2.7524 2.7590 2.9589 3.1722 2.9522 3.3997 3.6425 3.1808 3.4259 3.6887 3.9703 3.4194 3.7000 4.0023 4.3276 3.6758 3.9960 4.3425 4.7171 3.9515 4.3157 4.7116 5.1417 4.2479 4.6610 5.1120 5.6044 5.0338 5.5466 6.1088 4.9089 5.4365 6.0180 6.6586 6.5296 7.2579 1.8832 2.0122 1.9868 2.1329 2.2675 2.0961 2.2609 2.4149 2.3966 2.1291 4.1406 4.5664 4.4304 4.7405 5.2771 5.8715 2.5804 On Raphael's first birthday, his parents deposited $12,500 into a savings account that earns a fixed rate of 8.00% and compounds interest annually. By Raphael's 21st birthday, his account will have accumulated $ (Hint: Round your answer to the nearest cent.) What-If Scenario If Raphael's parents had waited until his 10th birthday to make their initial deposit of $12,500 into the same account, by Raphael's 21st birthday, the balance would have been $ (Hint: Round your answer to the nearest cent.) Future Value Factors 7 8 Periods 4.50% 5.00% 5.50% 6.00% 1.3609 1.4221 1.4861 1.5513 1.6191 1.5530 1.6289 1.7000 1.6229 1.7103 1.8021 1.6959 1.7959 1.7722 1.8856 1.8519 1.9799 1.9353 2.0789 2.2114 2.0224 2.1829 2.3553 2.5404 2.5718 2.7390 2.9170 3.1588 2.1134 2.2920 2.4848 2.6928 2.6215 2.2085 2.4066 2.8543 3.1067 3.3799 2.3079 2.5270 2.7656 3.0256 3.3086 3.6165 2.4117 2.6533 3.2071 3.5236 3.8697 2.5202 2.7860 2.9178 3.0782 3.3996 3.7527 3.2475 3.6035 3.9966 3.8197 4.2564 2.6337 2.9253 2.7522 3.0715 3.4262 9 Future Value Formula 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Interest Factors 6.50% 7.00% 1.4071 1.4547 1.5036 1.5540 1.6058 1.6550 1.7182 7.50% 8.00% 8.50% 9.00% 1.7138 1.7701 1.8280 1.9926 1.4775 1.5347 1.5938 1.6590 1.7835 1.8509 1.9206 2.0839 1.7626 1.8385 1.9172 1.9990 2.1719 1.6895 1.7908 1.8771 1.9672 2.0610 2.1589 2.2610 2.3674 2.4532 1.8983 1.9992 2.1049 2.2156 2.3316 2.2522 2.3818 2.5182 2.4098 2.5604 2.7196 2.6617 2.8127 2.8879 3.0658 2.9372 3.3134 3.3417 2.5785 2.7524 2.7590 2.9589 3.1722 2.9522 3.3997 3.6425 3.1808 3.4259 3.6887 3.9703 3.4194 3.7000 4.0023 4.3276 3.6758 3.9960 4.3425 4.7171 3.9515 4.3157 4.7116 5.1417 4.2479 4.6610 5.1120 5.6044 5.0338 5.5466 6.1088 4.9089 5.4365 6.0180 6.6586 6.5296 7.2579 1.8832 2.0122 1.9868 2.1329 2.2675 2.0961 2.2609 2.4149 2.3966 2.1291 4.1406 4.5664 4.4304 4.7405 5.2771 5.8715 2.5804
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Related Book For
Personal Finance Building Your Future
ISBN: 978-0073530659
1st edition
Authors: Robert B. Walker, Kristy P. Walker
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