You choose to invest your $3,510 income tax refund check (rather than spend it!) in an...

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You choose to invest your $3,510 income tax refund check (rather than spend it!) in an account earning 5% compounded annually. How much will the account be worth in 30 years? (Use the Table provided.) Note: Round your answer to the nearest cent. Worth Future value interest factor of $1 per period at i% for n periods, FVIF(i,n). Period 1 0.5% 1.0050 2 1.0100 3 1.0151 1.0303 1.0% 2.0% 1.5% 1.0100 1.0150 1.0200 1.0201 1.0302 1.0404 1.0612 1.0457 2.5% 3.0% 3.5% 1.0250 1.0300 1.0350 1.0506 1.0609 1.0712 1.0769 1.1087 4.0% 1.0400 1.0816 1.1249 1.0927 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 1.0450 1.0500 1.0550 1.0600 1.0650 1.0700 1.0750 1.0800 1.0850 1.0900 1.0950 1.1000 1.0920 1.1025 1.1130 1.1236 1.1342 1.1449 1.1556 1.1664 1.1772 1.1881 1.1990 1.2100 1.1412 1.1576 4 1.0202 1.0406 1.0614 1.0824 5 1.0253 1.0510 1.0773 1.1041 1.1038 1.1314 1.1255 1.1475 1.1593 1.1877 1.1699 1.1925 1.2167 1.2155 1.2763 1.2462 6 9 1.0304 7 1.0355 1.0721 S 1.0407 9 1.0459 10 1.0511 1.0615 1.0934 1.1098 1.1265 1.0829 1.1434 1.0937 1.1046 11605 1.1262 1.1487 1.1887 1.1597 1.1941 1.2293 1.2299 1.2653 1.3023 13401 1.3788 1.2723 1.3159 1.3609 1.4071 1.4547 1.5036 1.1717 1.2184 1.1951 1.2489 1.2190 1.2801 1.2668 13168 1.3686 1.4221 1.4775 15347 1.5938 1.2250 1.2079 1.1742 1.1910 1.3355 13108 1.2865 1.2388 1.2625 1.4026 1.4356 1.3382 1.3701 1.3070 1.5433 1.4591 1.5007 1.4185 1.6590 1.6058 1.7182 1.7835 1.2423 1.25.97 1.2773 1.2950 1.3129 1.3310 1.3605 1.3859 1.4116 1.4377 1.4641 1.4693 1.5037 1.5386 1.5742 1.6105 1.5540 1.6550 1.3048 1.3629 1.4233 1.4861 1.5513 1.6191 1.6895 1.7626 1.8385 1.9172 1.3439 14106 1.4802 15530 1.6289 1.7081 1.7908 1.8771 19672 2.0610 2.2610 1.7716 1.7238 1.6315 1.6771 1.5869 1.8280 1.8876 1.9487 1.7701 1.7138 2.0669 1.9926 2.1436 1.9206 1.85.09 2.2632 2.1719 1.9990 2.0839 2.1589 2.3579 2.4782 2.3674 2.5937 11 1.0564 1.1157 1.1779 1.2434 13121 1.3842 1.4600 1.5395 1.6229 1.7103 1.8021 1.8983 1.9992 2.1049 2.2156 23316 2.4532 25804 2.7137 2.8531 12 1.0617 13 1.0670 1.1381 1.1268 1.1956 12682 13449 1.2136 14 1.0723 1.1495 15 1.0777 16 17 18 1.0939 19 1.0994 13270 1.4568 20 1.1049 1.2202 1.3469 1.4859 21 1.1104 22 1.1160 23 1.1216 1.2572 24 25 1.1328 26 1.1385 27 28 29 30 31 1.1672 15157 1.2324 13671 1.5460 1.2447 1.3876 15769 1.4084 1.1272 1.2697 1.4295 1.6084 1.2824 1.4509 16406 14727 1.6734 1.2953 1.1442 1.4948 1.7069 1.3082 1.1499 1.3213 15172 1.7410 1.3345 1.1556 1.7758 1.5400 1.8114 1.1614 1.3478 1.5631 1.3613 1.5865 1.4258 1.2936 13785 1.4685 1.5640 1.6187 1.2318 13195 1.4130 15126 15580 1.6753 1.4483 1.1610 1.2502 1.3459 1.6047 1.0831 1.2690 13728 1.4845 1.7340 1.1726 1.6528 1.1843 1.0885 1.2880 1.4002 15216 1.8575 2.0258 2.2085 1.5597 1.7024 1.1961 1.3073 1.4282 1.7535 1.9225 2.1068 2.3079 1.5987 1.2081 1.6386 1.8061 1.8061 1.9898 1.6796 1.8603 2.1315 2.3699 2.6337 1.7216 1.9161 3.0715 2.4647 2.7522 1.7646 1.9736 2.2061 3.2251 2.0328 1.8087 2.2833 2.5633 2.8760 1.8539 2:0938 2.3632 2.6658 3.0054 3.1407 1.9003 2.1566 2.4460 2.7725 1.9478 2.2213 2.5316 2.8834 2.2213 2.5316 2.6202 2.9987 1.9965 2.2879 2.6202 2.0464 2.3566 2.7119 1.5111 1.6010 1.6959 1.7959 1.9012 2.0122 2.1291 2.2522 2.3818 1.6651 1.6651 1.7722 1.8856 1.7947 1.7317 1.8519 1.8009 1.9353 1.8730 2.0224 19479 2.1134 2.1911 2.4117 2.0594 2.2788 2.5202 2.6533 2.7860 3.0782 3.3996 3.7527 2.9253 3.2475 3.6035 3.9966 4.4304 3.4262 3.8197 33864 3.5557 3.2820 3.7335 3.4297 3.9201 3.1187 3.5840 2.0976 24273 2.8068 3.2434 3.7453 1.8476 2.1500 2.5001 2.9050 3.3731 3.9139 32 33 1.1789 1.1730 1.3749 1.6103 1.6345 1.3887 1.8845 2.2038 2.2038 2.5751 3.0067 3.5081 4.0900 4.5380 4.7649 5.5473 34 35 1.1907 36 1.1967 37 17027 1.1848 1.4026 1.6590 1.6839 1.4166 1.4308 1.7091 14451 17348 2.2589 2.6523 19222 2.7319 3.2209 1.9607 2.3153 2.8139 3.3336 1.9999 2.3732 2.4325 2.8983 3.4503 2.0399 7.9857 3.5710 74933 20807 3.1119 3.6484 4.2740 5.0032 5.8524 10 8763 3.7943 44664 5.2533 6.1742 3.9461 4.6673 5.5160 6.5138 7.6861 9.9781 9.0623 10.6766 12.5689 11.6920 2.6617 2.8127 2.9715 3.1384 2.1329 2.2675 2.4098 2.5604 2.7196 2.8879 3.0658 2.0058 3.2537 3.4523 2.5785 1.9799 2.1161 2.2609 2.4149 3.5629 3.7975 2.7524 2.9372 3.1334 3.3417 2.5718 2.3966 2.7590 2.9589 3.3997 3.1T22 4.1772 3.6425 3.9013 2.2325 2.0789 2.7390 3.1808 2.1829 2.9522 3.42-59 4.2719 2.5404 3.6887 4.5950 2.3553 3.9703 2.6928 2.9170 3.1588 2.2920 2.4848 3.4194 3.7000 4.0023 4.3276 4.6778 5.0545 2.8543 3.1067 3.3799 2.6215 3.6758 3.9960 43425 2.4066 5.5599 5.1222 4.7171 3.0256 3.6165 2.5270 3.3086 2.7656 3.9515 43157 4.7116 5.6088 6.1159 5.1417 2.9178 3.2071 3.8697 4.2479 3.5236 4.6610 5.1120 5.6044 6.1416 6.7275 4.1406 45664 5.03.38 7.4002 55466 6.7251 6.1088 4.9089 5.43.65 6.0180 6.6586 7.3639 4.2564 4.7405 5.2771 5.8715 6.5296 7.2579 3.6146 5.6729 4.5331 4.0489 5.0724 63412 7.0846 7.9111 8.8296 3.8134 4.2919 48277 5.4274 6.0983 7.6868 6.8485 86231 9.6684 10.8347 5.1415 4.0231 5.8074 4.5494 6.5557 11.9182 9.3992 10.5869 7.3964 8.3401 4.8223 5:4757 6.2139 7.0474 7.9881 4.2444 11.5926 9.0490 10.2451 4.4778 5.8316 5.1117 6.6488 7.5759 8.6271 9.8182 11.1671 12.6939 4.7241 5.4184 6.2107 4.1161 7.1143 8.1441 9.3173 10.6528 12.1722 13.8998 6.6144 4.3219 4.9840 7.6123 5.7435 8.7550 10.06A-27 11.5583 13.2677 15.2203 5.2581 6.0881 7.0443 8.1451 9.4116 10.8677 12.5407 14.4618 16.6662 6.4534 7.5022 8.7153 10.1174 7.9898 9.3253 6.8406 8.5092 7.2510 25182 8.1403 8.0635 8.9543 9.8497 13.1100 14.4210 15.8631 17.4494 19.1943 11.7371 13.6067 15.7633 18.2495 12.6T60 14.7632 17.1820 19.9832 21.1138 23.2252 13.6901 16.0181 18.7284 21.8816 25.5477 14.7853 17.3796 20.4140 23.9604 28.1024 4.1039 4.8774 5.7918 6.8721 8.1473 4.7681 5.0969 6.0814 73501 8.6361 9.6513 11.4239 10.2786 13.5115 12 7736 14 5749 17 2456 20.4597 15.9682 18.8569 22.2512 26.2366 747538 30.9127 78.7791 340029 You choose to invest your $3,510 income tax refund check (rather than spend it!) in an account earning 5% compounded annually. How much will the account be worth in 30 years? (Use the Table provided.) Note: Round your answer to the nearest cent. Worth Future value interest factor of $1 per period at i% for n periods, FVIF(i,n). Period 1 0.5% 1.0050 2 1.0100 3 1.0151 1.0303 1.0% 2.0% 1.5% 1.0100 1.0150 1.0200 1.0201 1.0302 1.0404 1.0612 1.0457 2.5% 3.0% 3.5% 1.0250 1.0300 1.0350 1.0506 1.0609 1.0712 1.0769 1.1087 4.0% 1.0400 1.0816 1.1249 1.0927 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 1.0450 1.0500 1.0550 1.0600 1.0650 1.0700 1.0750 1.0800 1.0850 1.0900 1.0950 1.1000 1.0920 1.1025 1.1130 1.1236 1.1342 1.1449 1.1556 1.1664 1.1772 1.1881 1.1990 1.2100 1.1412 1.1576 4 1.0202 1.0406 1.0614 1.0824 5 1.0253 1.0510 1.0773 1.1041 1.1038 1.1314 1.1255 1.1475 1.1593 1.1877 1.1699 1.1925 1.2167 1.2155 1.2763 1.2462 6 9 1.0304 7 1.0355 1.0721 S 1.0407 9 1.0459 10 1.0511 1.0615 1.0934 1.1098 1.1265 1.0829 1.1434 1.0937 1.1046 11605 1.1262 1.1487 1.1887 1.1597 1.1941 1.2293 1.2299 1.2653 1.3023 13401 1.3788 1.2723 1.3159 1.3609 1.4071 1.4547 1.5036 1.1717 1.2184 1.1951 1.2489 1.2190 1.2801 1.2668 13168 1.3686 1.4221 1.4775 15347 1.5938 1.2250 1.2079 1.1742 1.1910 1.3355 13108 1.2865 1.2388 1.2625 1.4026 1.4356 1.3382 1.3701 1.3070 1.5433 1.4591 1.5007 1.4185 1.6590 1.6058 1.7182 1.7835 1.2423 1.25.97 1.2773 1.2950 1.3129 1.3310 1.3605 1.3859 1.4116 1.4377 1.4641 1.4693 1.5037 1.5386 1.5742 1.6105 1.5540 1.6550 1.3048 1.3629 1.4233 1.4861 1.5513 1.6191 1.6895 1.7626 1.8385 1.9172 1.3439 14106 1.4802 15530 1.6289 1.7081 1.7908 1.8771 19672 2.0610 2.2610 1.7716 1.7238 1.6315 1.6771 1.5869 1.8280 1.8876 1.9487 1.7701 1.7138 2.0669 1.9926 2.1436 1.9206 1.85.09 2.2632 2.1719 1.9990 2.0839 2.1589 2.3579 2.4782 2.3674 2.5937 11 1.0564 1.1157 1.1779 1.2434 13121 1.3842 1.4600 1.5395 1.6229 1.7103 1.8021 1.8983 1.9992 2.1049 2.2156 23316 2.4532 25804 2.7137 2.8531 12 1.0617 13 1.0670 1.1381 1.1268 1.1956 12682 13449 1.2136 14 1.0723 1.1495 15 1.0777 16 17 18 1.0939 19 1.0994 13270 1.4568 20 1.1049 1.2202 1.3469 1.4859 21 1.1104 22 1.1160 23 1.1216 1.2572 24 25 1.1328 26 1.1385 27 28 29 30 31 1.1672 15157 1.2324 13671 1.5460 1.2447 1.3876 15769 1.4084 1.1272 1.2697 1.4295 1.6084 1.2824 1.4509 16406 14727 1.6734 1.2953 1.1442 1.4948 1.7069 1.3082 1.1499 1.3213 15172 1.7410 1.3345 1.1556 1.7758 1.5400 1.8114 1.1614 1.3478 1.5631 1.3613 1.5865 1.4258 1.2936 13785 1.4685 1.5640 1.6187 1.2318 13195 1.4130 15126 15580 1.6753 1.4483 1.1610 1.2502 1.3459 1.6047 1.0831 1.2690 13728 1.4845 1.7340 1.1726 1.6528 1.1843 1.0885 1.2880 1.4002 15216 1.8575 2.0258 2.2085 1.5597 1.7024 1.1961 1.3073 1.4282 1.7535 1.9225 2.1068 2.3079 1.5987 1.2081 1.6386 1.8061 1.8061 1.9898 1.6796 1.8603 2.1315 2.3699 2.6337 1.7216 1.9161 3.0715 2.4647 2.7522 1.7646 1.9736 2.2061 3.2251 2.0328 1.8087 2.2833 2.5633 2.8760 1.8539 2:0938 2.3632 2.6658 3.0054 3.1407 1.9003 2.1566 2.4460 2.7725 1.9478 2.2213 2.5316 2.8834 2.2213 2.5316 2.6202 2.9987 1.9965 2.2879 2.6202 2.0464 2.3566 2.7119 1.5111 1.6010 1.6959 1.7959 1.9012 2.0122 2.1291 2.2522 2.3818 1.6651 1.6651 1.7722 1.8856 1.7947 1.7317 1.8519 1.8009 1.9353 1.8730 2.0224 19479 2.1134 2.1911 2.4117 2.0594 2.2788 2.5202 2.6533 2.7860 3.0782 3.3996 3.7527 2.9253 3.2475 3.6035 3.9966 4.4304 3.4262 3.8197 33864 3.5557 3.2820 3.7335 3.4297 3.9201 3.1187 3.5840 2.0976 24273 2.8068 3.2434 3.7453 1.8476 2.1500 2.5001 2.9050 3.3731 3.9139 32 33 1.1789 1.1730 1.3749 1.6103 1.6345 1.3887 1.8845 2.2038 2.2038 2.5751 3.0067 3.5081 4.0900 4.5380 4.7649 5.5473 34 35 1.1907 36 1.1967 37 17027 1.1848 1.4026 1.6590 1.6839 1.4166 1.4308 1.7091 14451 17348 2.2589 2.6523 19222 2.7319 3.2209 1.9607 2.3153 2.8139 3.3336 1.9999 2.3732 2.4325 2.8983 3.4503 2.0399 7.9857 3.5710 74933 20807 3.1119 3.6484 4.2740 5.0032 5.8524 10 8763 3.7943 44664 5.2533 6.1742 3.9461 4.6673 5.5160 6.5138 7.6861 9.9781 9.0623 10.6766 12.5689 11.6920 2.6617 2.8127 2.9715 3.1384 2.1329 2.2675 2.4098 2.5604 2.7196 2.8879 3.0658 2.0058 3.2537 3.4523 2.5785 1.9799 2.1161 2.2609 2.4149 3.5629 3.7975 2.7524 2.9372 3.1334 3.3417 2.5718 2.3966 2.7590 2.9589 3.3997 3.1T22 4.1772 3.6425 3.9013 2.2325 2.0789 2.7390 3.1808 2.1829 2.9522 3.42-59 4.2719 2.5404 3.6887 4.5950 2.3553 3.9703 2.6928 2.9170 3.1588 2.2920 2.4848 3.4194 3.7000 4.0023 4.3276 4.6778 5.0545 2.8543 3.1067 3.3799 2.6215 3.6758 3.9960 43425 2.4066 5.5599 5.1222 4.7171 3.0256 3.6165 2.5270 3.3086 2.7656 3.9515 43157 4.7116 5.6088 6.1159 5.1417 2.9178 3.2071 3.8697 4.2479 3.5236 4.6610 5.1120 5.6044 6.1416 6.7275 4.1406 45664 5.03.38 7.4002 55466 6.7251 6.1088 4.9089 5.43.65 6.0180 6.6586 7.3639 4.2564 4.7405 5.2771 5.8715 6.5296 7.2579 3.6146 5.6729 4.5331 4.0489 5.0724 63412 7.0846 7.9111 8.8296 3.8134 4.2919 48277 5.4274 6.0983 7.6868 6.8485 86231 9.6684 10.8347 5.1415 4.0231 5.8074 4.5494 6.5557 11.9182 9.3992 10.5869 7.3964 8.3401 4.8223 5:4757 6.2139 7.0474 7.9881 4.2444 11.5926 9.0490 10.2451 4.4778 5.8316 5.1117 6.6488 7.5759 8.6271 9.8182 11.1671 12.6939 4.7241 5.4184 6.2107 4.1161 7.1143 8.1441 9.3173 10.6528 12.1722 13.8998 6.6144 4.3219 4.9840 7.6123 5.7435 8.7550 10.06A-27 11.5583 13.2677 15.2203 5.2581 6.0881 7.0443 8.1451 9.4116 10.8677 12.5407 14.4618 16.6662 6.4534 7.5022 8.7153 10.1174 7.9898 9.3253 6.8406 8.5092 7.2510 25182 8.1403 8.0635 8.9543 9.8497 13.1100 14.4210 15.8631 17.4494 19.1943 11.7371 13.6067 15.7633 18.2495 12.6T60 14.7632 17.1820 19.9832 21.1138 23.2252 13.6901 16.0181 18.7284 21.8816 25.5477 14.7853 17.3796 20.4140 23.9604 28.1024 4.1039 4.8774 5.7918 6.8721 8.1473 4.7681 5.0969 6.0814 73501 8.6361 9.6513 11.4239 10.2786 13.5115 12 7736 14 5749 17 2456 20.4597 15.9682 18.8569 22.2512 26.2366 747538 30.9127 78.7791 340029

Answer rating: 100% (QA)

The formula for compound interest is P1 rn Where P is the princip... View the full answer