Question: Problem C-1A Calculate the future value of a single amount (LOC-2) Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants

Problem C-1A Calculate the future value of a single amount (LOC-2)

Problem C-1A Calculate the future value of a single amount (LOC-2) Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 68 and puts $10,400 into an account earning 10% compounded annually. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Required: Calculate how much each person will have accumulated by the age of 68. Person Age Initial Investment Accumulated Investment by Retirement (age 68) Alec 58 $ 10,400 Daniel 48 10,400 10,400 William 38 Stephen 28 10,400

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