a.) Jake Werkheiser decides to invest $3000 in an IRA at the end of each year for
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a.) Jake Werkheiser decides to invest $3000 in an IRA at the end of each year for the next 6 years. If he makes these investments, and if the certificates pay 9%, compounded annually, how much will he have at the end of the 6 years?
b.) Jake now deposits $400 at the end of every 6 months in an account that pays 6%, compounded semiannually. How much will he have at the end of 3 years?
c.) Jake now wants to have $30,000 at the beginning of each 6-month period for the next 4 1/2 years. If an annuity is set up for this purpose, how much must be invested now if the annuity earns 6.78%, compounded semiannually?
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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