Javier is currently paying $1,000 in interest on his credit cards annually. If, instead of paying...

 

Transcribed Image Text:

Javier is currently paying $1,000 in interest on his credit cards annually. If, instead of paying interest, he saved this amount every year, how much would he accumulate in a tax-deferred account earning 7 percent over 9, 14, or 19 years? Click on the table icon to view the FVIFA table: C……. If, instead of paying interest, this amount was saved every year in a tax-deferred account earning 7% over 9 years, the amount accumulated would be $ (Round to the nearest cent.) Data table (Click on the following icon in order to copy its contents into a spreadsheet.) Future Value of a Series of Annual Deposits (annuity), Future-Value Interest Factor of an Annuity 5% 7% 8% 11% 1.000 1.000 1.000 1.000 2.050 2.060 2.070 3.153 3.184 3.215 4.310 4.375 4.440 5.526 5.637 5.751 6.802 6.975 7.153 8.142 8.394 8.654 9.487 9.549 9.897 10.260 11.436 10.583 11.027 11.491 11.978 13.579 12.006 13.181 13.816 15.937 13.486 14.972 15.784 16.645 17.560 18.531 19.561 15.026 15.917 16.870 17.888 18.977 20.141 21.384 22.713 16.627 17.713 18.882 20.141 21.495 22.953 24.523 26.212 18.292 19.599 21.015 22.550 24.215 26.019 20.024 21.579 23.276 25.129 27.152 29.361 33.003 46.672 25.673 27.888 30.324 28.213 30.840 30.906 33.999 33.750 36.974 53.739 37.450 41.301 61.725 21.825 23.657 23.698 25.840 25.645 28.132 27.671 30.539 29.778 33.066 31.969 35.719 70.749 80.947 92.470 34.248 38.505 105.491 36.618 41.430 120.205 33.760 37.379 41.446 46.018 36.786 40.995 45.762 51.160 57.275 64.203 72.052 39.993 44.865 50.423 56.765 64.002 72.265 81.699 43.392 49.006 55.457 62.873 71.403 81.214 92.503 46.996 53.436 60.893 69.532 79.543 91.148 104.603 58.177 66.765 76.790 88.497 102.174 118.155 84.701 98.347 114.413 133.334 136.308 164.494 199.021 241.333 337.882 442.593 581.826 767.091 815.084 1163.909 1668.771 2400.018 3459.507 39.083 44.502 50.816 136.831 41.646 47.727 54.865 63.249 73.106 155.620 56.085 66.439 79.058 94.461 113.283 293.199 95.026 120.800 154.762 199.635 259.057 1013.704 152.667 209.348 290.336 406.529 573.770 n 1 2 3 4 5 6 709 8 10 11 12 13 14 15 16 789 20 21 22 23 24 25 30 40 50 4% 1.000 2.040 3.122 4.246 5.416 6.633 7.898 9.214 12.578 14.207 6% 1.000 2.080 3.246 4.506 5.867 7.336 9% 1.000 2.090 3.278 4.573 5.985 7.523 8.923 9.200 10.637 11.028 12.488 13.021 14.487 15.193 10% 1.000 2.100 3.310 4.641 6.105 7.716 2.110 3.342 4.710 6.228 7.913 9.783 35.950 40.545 45.599 51.159 27.975 30.095 31.772 34.405 12% 1.000 2.120 3.374 4.779 6.353 8.115 10.089 11.859 12.300 14.164 14.776 16.722 17.549 20.655 24.133 28.029 32.393 37.280 39.190 42.753 44.501 48.884 50.396 55.750 56.939 63.440 13% 1.000 2.130 3.407 4.850 6.480 8.323 10.405 12.757 15.416 18.420 21.814 25.650 29.985 34.883 40.417 1 Javier is currently paying $1,000 in interest on his credit cards annually. If, instead of paying interest, he saved this amount every year, how much would he accumulate in a tax-deferred account earning 7 percent over 9, 14, or 19 years? Click on the table icon to view the FVIFA table: C……. If, instead of paying interest, this amount was saved every year in a tax-deferred account earning 7% over 9 years, the amount accumulated would be $ (Round to the nearest cent.) Data table (Click on the following icon in order to copy its contents into a spreadsheet.) Future Value of a Series of Annual Deposits (annuity), Future-Value Interest Factor of an Annuity 5% 7% 8% 11% 1.000 1.000 1.000 1.000 2.050 2.060 2.070 3.153 3.184 3.215 4.310 4.375 4.440 5.526 5.637 5.751 6.802 6.975 7.153 8.142 8.394 8.654 9.487 9.549 9.897 10.260 11.436 10.583 11.027 11.491 11.978 13.579 12.006 13.181 13.816 15.937 13.486 14.972 15.784 16.645 17.560 18.531 19.561 15.026 15.917 16.870 17.888 18.977 20.141 21.384 22.713 16.627 17.713 18.882 20.141 21.495 22.953 24.523 26.212 18.292 19.599 21.015 22.550 24.215 26.019 20.024 21.579 23.276 25.129 27.152 29.361 33.003 46.672 25.673 27.888 30.324 28.213 30.840 30.906 33.999 33.750 36.974 53.739 37.450 41.301 61.725 21.825 23.657 23.698 25.840 25.645 28.132 27.671 30.539 29.778 33.066 31.969 35.719 70.749 80.947 92.470 34.248 38.505 105.491 36.618 41.430 120.205 33.760 37.379 41.446 46.018 36.786 40.995 45.762 51.160 57.275 64.203 72.052 39.993 44.865 50.423 56.765 64.002 72.265 81.699 43.392 49.006 55.457 62.873 71.403 81.214 92.503 46.996 53.436 60.893 69.532 79.543 91.148 104.603 58.177 66.765 76.790 88.497 102.174 118.155 84.701 98.347 114.413 133.334 136.308 164.494 199.021 241.333 337.882 442.593 581.826 767.091 815.084 1163.909 1668.771 2400.018 3459.507 39.083 44.502 50.816 136.831 41.646 47.727 54.865 63.249 73.106 155.620 56.085 66.439 79.058 94.461 113.283 293.199 95.026 120.800 154.762 199.635 259.057 1013.704 152.667 209.348 290.336 406.529 573.770 n 1 2 3 4 5 6 709 8 10 11 12 13 14 15 16 789 20 21 22 23 24 25 30 40 50 4% 1.000 2.040 3.122 4.246 5.416 6.633 7.898 9.214 12.578 14.207 6% 1.000 2.080 3.246 4.506 5.867 7.336 9% 1.000 2.090 3.278 4.573 5.985 7.523 8.923 9.200 10.637 11.028 12.488 13.021 14.487 15.193 10% 1.000 2.100 3.310 4.641 6.105 7.716 2.110 3.342 4.710 6.228 7.913 9.783 35.950 40.545 45.599 51.159 27.975 30.095 31.772 34.405 12% 1.000 2.120 3.374 4.779 6.353 8.115 10.089 11.859 12.300 14.164 14.776 16.722 17.549 20.655 24.133 28.029 32.393 37.280 39.190 42.753 44.501 48.884 50.396 55.750 56.939 63.440 13% 1.000 2.130 3.407 4.850 6.480 8.323 10.405 12.757 15.416 18.420 21.814 25.650 29.985 34.883 40.417 1