Question: In this part, calculate the future values. Use the Excel FV function to compute the future values. You have just made your first $5,000 contribution

In this part, calculate the future values. Use the Excel FV function to compute the future values.

  1. You have just made your first $5,000 contribution to your individual retirement account. Assuming you earn an annual rate of return of 9 percent and make no additional contributions, what will your account be worth when you retire in 45 years? (6 Points)

  1. Calculate the future values in the table below using the FV Excel function. (6 Points)

Present value

Years

Interest rate

Future value

$2,950

8

14%

?

$7,500

15

6%

?

$85,300

19

8%

?

$221,600

24

4%

?

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