Question: Please answer all questions 6: You put $6,000 in an account earning 5%. After 5 years, you make another deposit into the same account. Three


Calculating deposit needed You put $6,000 in an account eaming 5%. Mher 5 years, you make anoher deposit into the same account. Throe years later (that is, 5 years after your origiral $6,000 deposit), the booount balance is 521,000 . What was fhe amount of the deposit at the end of yeac 5? The amount of the depoet at the end of your 5 is 5 (Roond to the nearest cont) Value of a retirement annuity Personal Finance Probiem An insurance agont is tying to sel you an annuty, that wil provide you wim 517 , ooo at the end of each year for the nexi 15 years. If you doni purchase this annuly, you can invest your money and eam a return of 9%. What is the most you would pay for this annuty right now? lanaring taxes, the most you would pary foe this menuty is 1 (Faund ia the nearest corit.) Time value Personal Finance Problem You can depost $10,000 into an account paying 11% annuat interost either today or oxactly 5 years from today. How much better off will you be 30 yoart trom now if you decide to make the initial deposit todoy rather than 5 years from today? The future value at the end of 30 years 1 you deposit $10,000 at 11% today is $228.923. (Round to the nearest dotar) The future value at the end 30 years if you depoet $10,000 at 11% years from today is $ (Round to the neavest dollar.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
