Calculate the future value of an increasing annuity of $100 per month for 5 years at...

 

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Calculate the future value of an increasing annuity of $100 per month for 5 years at 3% interest compounded monthly. 2) Saving for a College Education: As a savings program toward Alberto's college education, his parents decide to deposit $100 at the end of every month into a bank account paying interest at the rate of 6% per year compounded monthly. If the savings program began when Alberto was 6 years old, how much money will have accumulated by the time he turns 18? 3) Jason is planning to retire in 25 yeas and wishes to accumulate $1,500,000. How much must he contribute each month into a retirement account earning interest at the rate of 6% per year compounded monthly to meet his retirement goal? 4) Lowell Corporation wishes to establish a sinking fund to retire a $200,000 debt that is due in 10 years. If the investment will earn interest at the rate of 9% per year compounded quarterly, determine the size of each (equal) quarterly deposit in the fund. 5) A city has $2.5 million worth of school bonds that are due in 20 years and has established a sinking fund to retire his debt. If the funds earn interest at the rate of 7% compounded semi-annually, what must be deposited semi-annually into this fund? Calculate the future value of an increasing annuity of $100 per month for 5 years at 3% interest compounded monthly. 2) Saving for a College Education: As a savings program toward Alberto's college education, his parents decide to deposit $100 at the end of every month into a bank account paying interest at the rate of 6% per year compounded monthly. If the savings program began when Alberto was 6 years old, how much money will have accumulated by the time he turns 18? 3) Jason is planning to retire in 25 yeas and wishes to accumulate $1,500,000. How much must he contribute each month into a retirement account earning interest at the rate of 6% per year compounded monthly to meet his retirement goal? 4) Lowell Corporation wishes to establish a sinking fund to retire a $200,000 debt that is due in 10 years. If the investment will earn interest at the rate of 9% per year compounded quarterly, determine the size of each (equal) quarterly deposit in the fund. 5) A city has $2.5 million worth of school bonds that are due in 20 years and has established a sinking fund to retire his debt. If the funds earn interest at the rate of 7% compounded semi-annually, what must be deposited semi-annually into this fund?