Kai Chang made a $5,600 deposit in her savings account on her 21st birthday, and she...

Transcribed Image Text:

Kai Chang made a $5,600 deposit in her savings account on her 21st birthday, and she has made another $5,600 deposit on every birthday since then. Her account earns 9 percent compounded annually. How much will she have in the account after she makes the deposit on her 32nd birthday? Use Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods. Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. > Answer is complete but not entirely correct. Future value $ 90,676.32 x Appendix C Future value of an annuity of $1, FVIFA FVA = A[((1+i)" - 1) /i] 2% 1.000 1.000 Period 1% 4% 5% 6% 7% 8% 9% 16% 17% 18% 19% 1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2.040 2.050 2.060 2.070 2.080 2 2.090 2.100 2.110 2.120 1.000 2.130 3.407 2.200 2.250 3 3.122 3.246 3.278 3.310 3.342 3.374 3.813 4 4.246 4.641 4.710 4.779 4.850 5.766 5 5.985 6.105 6.228 6 3.640 5.368 7.442 9.930 12.916 16.499 6.468 7.523 7.716 1.000 2.190 3.606 5.291 7.297 9.683 12.523 15.902 19.923 24.701 30.404 37.180 8.207 11.259 15.073 1.000 2.180 3.572 5.215 7.154 9.442 12.142 15.327 19.086 23.521 28.755 34.931 42.219 50.818 7 8 9 14% 1.000 1.000 1.000 2.140 2.150 2.160 2.170 3.153 3.184 3.215 3.440 3.473 3.506 3.539 4.310 4.375 4.440 4.506 4.573 4.921 4.993 5.066 5.141 5.416 5.526 5.637 5.751 5.867 6.353 6.480 6.610 6.742 6.877 7.014 6.633 6.802 6.975 7.153 7.336 7.913 8.115 8.323 8.536 8.754 8.977 9.207 7.662 7.898 8.142 8.394 8.654 8.923 9.200 9.487 9.783 10.089 10.405 10.730 11.067 11.414 11.772 8.892 9.214 9.549 9.897 10.260 10.637 11.028 11.436 11.859 12.300 12.757 13.233 13.727 14.240 14.773 10.159 10.583 11.027 11.491 11.978 12.488 13.021 13.579 14.164 14.776 15.416 16.085 16.786 17.519 18.285 10 10.462 10.950 11.464 12.006 12.578 13.181 13.816 14.487 15.193 15.937 16.722 17.549 18.420 19.337 20.304 21.321 22.393 11 11.567 12.169 12.808 13.486 14.207 14.972 15.784 16.645 17.560 18.531 19.561 20.655 21.814 23.045 24.349 25.733 27.200 12 12.683 13.412 14.192 15.026 15.917 16.870 17.888 18.977 20.141 21.384 22.713 24.133 25.650 27.271 29.002 30.850 32.824 13 13.809 14.680 15.618 16.627 17.713 18.882 20.141 21.495 22.953 24.523 26.212 28.029 29.985 32.089 34.352 36.786 39.404 14.947 15.974 17.086 18.292 19.599 21.015 22.550 24.215 26.019 27.975 30.095 32.393 34.883 37.581 40.505 43.672 47.103 16.097 17.293 18.599 20.024 21.579 23.276 25.129 27.152 29.361 31.772 34.405 37.280 40.417 43.842 47.580 51.660 17.258 18.639 20.157 21.825 23.657 25.673 27.888 30.324 33.003 35.950 39.190 42.753 46.672 50.980 55.717 60.925 18.430 20.012 21.762 23.698 25.840 28.213 30.840 33.750 36.974 40.545 44.501 48.884 53.739 59.118 65.075 71.673 19.615 21.412 23.414 25.645 28.132 30.906 33.999 37.450 41.301 45.599 50.396 55.750 61.725 68.394 75.836 84.141 20.811 22.841 25.117 27.671 30.539 33.760 37.379 41.446 46.018 51.159 56.939 63.440 70.749 78.969 88.212 98.603 26.870 29.778 33.066 36.786 40.995 45.762 51.160 57.275 64.203 72.052 80.947 91.025 102.44 115.38 186.69 36.459 41.646 47.727 54.865 63.249 73.106 84.701 98.347 114.410 133.33 155.62 181.87 212.79 249.21 292.11 342.60 402.04 471.98 47.575 56.085 66.439 79.058 94.461 113.280 136.310 164.490 199.020 241.33 293.20 356.79 434.75 530.31 647.44 790.95 966.70 1,181.90 75.401 95.026 120.800 154.760 199.640 259.060 337.890 442.590 581.830 767.09 1,013.70 1,342.00 1,779.10 2,360.80 3,134.50 4,163.21 5,529.80 7,343.90 30,089.00 112.800 152.670 209.350 290.340 406.530 573.770 815.080 1,163.900 1,668.800 2,400.00 3,459.50 4.994.50 7,217.70 10,436.00 15,090.00 21,813.00 31,515.00 45,497.00 280,256.00 9.369 9.755 20.799 25.959 32.150 19.842 25.802 33.253 42.566 54.208 39.581 48.497 68.760 45.244 54.841 14 59.196 86.949 15 56.110 60.965 66.261 109.69 72.035 87.442 16 66.649 72.939 79.850 138.11 17 78.979 87.068 105.93 173.64 96.022 115.27 18 93.406 103.74 218.05 128.12 154.74 19 110.29 123.41 138.17 273.56 130.03 146.63 165.42 342.95 20 22.019 24.297 25 28.243 32.030 30 34.785 40.588 40 48.886 60.402 50 64.463 84.579 1,054.80 3,227.20 2.010 2.020 3.030 3.060 4.060 4.122 5.101 5.204 6.152 6.308 7.214 7.434 8.286 8.583 3% 1.000 TTTTTTTE 2.030 3.091 4.184 5.309 10% Percent 11% 12% 13% 15% 20% 25% 30% 1.000 2.300 3.990 6.187 9.043 12.756 17.583 23.858 32.015 42.619 56.405 74.327 97.625 127.91 167.29 218.47 285.01 371.52 483.97 630.17 2,348.80 8.730.00 120,393.00 1,659,76.00 Kai Chang made a $5,600 deposit in her savings account on her 21st birthday, and she has made another $5,600 deposit on every birthday since then. Her account earns 9 percent compounded annually. How much will she have in the account after she makes the deposit on her 32nd birthday? Use Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods. Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. > Answer is complete but not entirely correct. Future value $ 90,676.32 x Appendix C Future value of an annuity of $1, FVIFA FVA = A[((1+i)" - 1) /i] 2% 1.000 1.000 Period 1% 4% 5% 6% 7% 8% 9% 16% 17% 18% 19% 1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2.040 2.050 2.060 2.070 2.080 2 2.090 2.100 2.110 2.120 1.000 2.130 3.407 2.200 2.250 3 3.122 3.246 3.278 3.310 3.342 3.374 3.813 4 4.246 4.641 4.710 4.779 4.850 5.766 5 5.985 6.105 6.228 6 3.640 5.368 7.442 9.930 12.916 16.499 6.468 7.523 7.716 1.000 2.190 3.606 5.291 7.297 9.683 12.523 15.902 19.923 24.701 30.404 37.180 8.207 11.259 15.073 1.000 2.180 3.572 5.215 7.154 9.442 12.142 15.327 19.086 23.521 28.755 34.931 42.219 50.818 7 8 9 14% 1.000 1.000 1.000 2.140 2.150 2.160 2.170 3.153 3.184 3.215 3.440 3.473 3.506 3.539 4.310 4.375 4.440 4.506 4.573 4.921 4.993 5.066 5.141 5.416 5.526 5.637 5.751 5.867 6.353 6.480 6.610 6.742 6.877 7.014 6.633 6.802 6.975 7.153 7.336 7.913 8.115 8.323 8.536 8.754 8.977 9.207 7.662 7.898 8.142 8.394 8.654 8.923 9.200 9.487 9.783 10.089 10.405 10.730 11.067 11.414 11.772 8.892 9.214 9.549 9.897 10.260 10.637 11.028 11.436 11.859 12.300 12.757 13.233 13.727 14.240 14.773 10.159 10.583 11.027 11.491 11.978 12.488 13.021 13.579 14.164 14.776 15.416 16.085 16.786 17.519 18.285 10 10.462 10.950 11.464 12.006 12.578 13.181 13.816 14.487 15.193 15.937 16.722 17.549 18.420 19.337 20.304 21.321 22.393 11 11.567 12.169 12.808 13.486 14.207 14.972 15.784 16.645 17.560 18.531 19.561 20.655 21.814 23.045 24.349 25.733 27.200 12 12.683 13.412 14.192 15.026 15.917 16.870 17.888 18.977 20.141 21.384 22.713 24.133 25.650 27.271 29.002 30.850 32.824 13 13.809 14.680 15.618 16.627 17.713 18.882 20.141 21.495 22.953 24.523 26.212 28.029 29.985 32.089 34.352 36.786 39.404 14.947 15.974 17.086 18.292 19.599 21.015 22.550 24.215 26.019 27.975 30.095 32.393 34.883 37.581 40.505 43.672 47.103 16.097 17.293 18.599 20.024 21.579 23.276 25.129 27.152 29.361 31.772 34.405 37.280 40.417 43.842 47.580 51.660 17.258 18.639 20.157 21.825 23.657 25.673 27.888 30.324 33.003 35.950 39.190 42.753 46.672 50.980 55.717 60.925 18.430 20.012 21.762 23.698 25.840 28.213 30.840 33.750 36.974 40.545 44.501 48.884 53.739 59.118 65.075 71.673 19.615 21.412 23.414 25.645 28.132 30.906 33.999 37.450 41.301 45.599 50.396 55.750 61.725 68.394 75.836 84.141 20.811 22.841 25.117 27.671 30.539 33.760 37.379 41.446 46.018 51.159 56.939 63.440 70.749 78.969 88.212 98.603 26.870 29.778 33.066 36.786 40.995 45.762 51.160 57.275 64.203 72.052 80.947 91.025 102.44 115.38 186.69 36.459 41.646 47.727 54.865 63.249 73.106 84.701 98.347 114.410 133.33 155.62 181.87 212.79 249.21 292.11 342.60 402.04 471.98 47.575 56.085 66.439 79.058 94.461 113.280 136.310 164.490 199.020 241.33 293.20 356.79 434.75 530.31 647.44 790.95 966.70 1,181.90 75.401 95.026 120.800 154.760 199.640 259.060 337.890 442.590 581.830 767.09 1,013.70 1,342.00 1,779.10 2,360.80 3,134.50 4,163.21 5,529.80 7,343.90 30,089.00 112.800 152.670 209.350 290.340 406.530 573.770 815.080 1,163.900 1,668.800 2,400.00 3,459.50 4.994.50 7,217.70 10,436.00 15,090.00 21,813.00 31,515.00 45,497.00 280,256.00 9.369 9.755 20.799 25.959 32.150 19.842 25.802 33.253 42.566 54.208 39.581 48.497 68.760 45.244 54.841 14 59.196 86.949 15 56.110 60.965 66.261 109.69 72.035 87.442 16 66.649 72.939 79.850 138.11 17 78.979 87.068 105.93 173.64 96.022 115.27 18 93.406 103.74 218.05 128.12 154.74 19 110.29 123.41 138.17 273.56 130.03 146.63 165.42 342.95 20 22.019 24.297 25 28.243 32.030 30 34.785 40.588 40 48.886 60.402 50 64.463 84.579 1,054.80 3,227.20 2.010 2.020 3.030 3.060 4.060 4.122 5.101 5.204 6.152 6.308 7.214 7.434 8.286 8.583 3% 1.000 TTTTTTTE 2.030 3.091 4.184 5.309 10% Percent 11% 12% 13% 15% 20% 25% 30% 1.000 2.300 3.990 6.187 9.043 12.756 17.583 23.858 32.015 42.619 56.405 74.327 97.625 127.91 167.29 218.47 285.01 371.52 483.97 630.17 2,348.80 8.730.00 120,393.00 1,659,76.00

Answer rating: 100% (QA)

The answer provided below has been developed in a clear step by step mannerStep 1 The v... View the full answer