B) Marty McMahon just set up a TDA this year with an interest rate of 9.99%....

 

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B) Marty McMahon just set up a TDA this year with an interest rate of 9.99%. He is 32. He has arranged to have $113 taken out of each of his biweekly checks. This account will mature when he turns 67. Find the following: 1. The future value of the account. 2. Marty's total contribution to the account. 3. Find the monthly payment he would have to make if he wanted to end up with $1,000,000 by 67. C) I need to figure out how many ways I can award five prizes amongst ten people. Would I use combination or permutation to achieve this? Why? B) Marty McMahon just set up a TDA this year with an interest rate of 9.99%. He is 32. He has arranged to have $113 taken out of each of his biweekly checks. This account will mature when he turns 67. Find the following: 1. The future value of the account. 2. Marty's total contribution to the account. 3. Find the monthly payment he would have to make if he wanted to end up with $1,000,000 by 67. C) I need to figure out how many ways I can award five prizes amongst ten people. Would I use combination or permutation to achieve this? Why?

Answer rating: 100% (QA)

SOLUTION B 1 To find the future value of Martys TDA we can use the formula for the future value of an annuity FV Pmt x 1 rn 1 r where Pmt is the perio... View the full answer