Question: Use Future Value and Present Value Tables Chuck Russo, a high school math teacher, wants to set up an IRA account into which he will

Use Future Value and Present Value Tables

Chuck Russo, a high school math teacher, wants to set up an IRA account into which he will

deposit $2,000 per year. He plans to teach for 20 more years and then retire. If the interest on

his account is 7% compounded annually, how much will be in his account when he retires?

Use Future Value and Present Value Tables Chuck

Future Value of $1 Per 1% 2% 3% 4% 5% 6% 7% 8% 9% 11% 12% 1.010 1.020 1.040 1.050 1.070 1.080 1.090 1.100 1.120 2 1.020 1.145 1. 166 1.188 1.210 1.030 1.061 1.125 1.158 1.191 1.225 1.260 1.295 CO VO UI A 1.041 1.082 1.170 1.216 1.262 1.360 1.412 1.574 1.104 1.159 1.217 1.276 1.469 1.539 1.685 1.062 1.126 1.194 1.265 1.340 1.587 1.677 1.772 1.870 1.974 1.072 1.149 1.230 1.316 1.407 1.606 1.714 2.211 1.083 1.172 1.267 1.369 1.477 1.594 1.993 2.305 2.476 1.094 1.195 1.423 1.551 1.838 1.999 2.172 2.358 2.773 10 1.105 1.219 2.159 2.367 2.594 2.839 3.106 11 1.116 1.898 2.105 2.332 2.580 3.152 3.479 12 1.127 1.268 1.426 1.601 1.796 2.012 2.813 3.896 13 1.138 1.294 1.469 1.665 1.886 2.133 3.066 3.452 4.363 14 1.149 1.319 1.513 1.980 2.579 2.937 3.342 3.797 4.310 4.887 15 1.346 1.801 2.397 2.759 3.172 3.642 4.177 4.785 5.474 16 1.173 1.373 2.183 2.952 3.426 3.970 4.595 6.130 1.184 1.400 2.292 2.693 3.700 4.328 6.866 18 1. 196 1.428 2.026 2.407 2.854 3.380 3.996 4.717 5.560 7.690 19 1.754 2.107 2.527 3.026 4.316 5.142 6.116 20 1.486 2.653 3.207 3.870 4.661 5.604 6.727 8.062 9.646 30 1.811 2.427 3.243 4.322 Future Value of an Ordinary Annuity of $1 per period Per. 1% 4% 5% 6% 7% 8% 9% 11% 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.010 2.020 2.030 2.070 2.090 2.100 2.110 2.120 3 3.060 3.091 3.122 3.153 3.184 3.278 3.310 3.342 3.374 4 4.122 4. 184 4.246 4.310 4.506 4.779 5 5.101 5.204 5.637 5.751 5.867 6.105 6.228 6.353 6 6.152 6.308 6.468 6.633 6.802 6.975 7.336 7.716 7.913 8.115 7 7.214 7.434 8.142 8.394 8.654 9.200 9.487 9.783 10.089 8 8.286 8.892 9.214 9.549 9.897 10.260 10.637 12.300 9 9.369 9.755 10.583 11.978 12.488 13.021 13.579 14.164 14.776 12.006 12.578 13.181 17.549 11 11.5668 12.1687 12.8078 13.4864 14.2068 14.9716 15.7836 16.6455 17.5603 18.5312 19.5614 20.6546 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 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 14 14.947 15.974 17.086 18.292 19.599 21.015 22.550 24.215 26.019 27.975 30.095 32.393 15 16.097 17.293 18.599 21.579 23.276 25.129 27.152 29.361 31.772 34.405 37.280 18.639 20.157 7 21.825 23.657 25.673 27.888 30.324 33.003 35.950 17 18.430 20.012 21.762 23.698 25.840 28.213 30.840 33.750 36.974 40.545 44.501 48.884 18 19.615 21.412 23.414 25.645 28.132 30.906 33.999 37.450 41.301 45.599 50.396 55.750 19 20.811 22.841 25.117 27.671 30.539 33.760 37.379 41.446 46.018 51.159 20 22.019 24.297 26.870 29.778 33.066 36.786 40.995 45.762 51.160 57.275 64.203 72.052Present Value of $1 Per. 1% 2% 3% 4% 5% 6% 7% 8% 0.943 0.935 9% 12% 13% 14% 20% 22% 0.943 0.926 0.917 0.909 0.901 0.893 0.885 0.877 0.870 0.833 0.826 0.820 25% 2 0.980 0.961 0.890 0.800 3 0.942 0.915 0.889 0.842 0.826 0.812 0.797 0.783 0.769 0.756 0.694 0.683 0.672 0.661 0.650 0.640 0.823 0.840 0.816 0.794 0.772 0.683 0.659 0.636 0.613 0.592 0.572 0.564 0.551 0.537 0.747 0.713 0.681 0.650 0.621 0.467 0.451 0.437 0.423 0.410 0.942 0.888 0.837 0.790 0.705 0.666 0.630 0.593 0.567 0.543 0.519 0.497 0.456 0.402 0.386 0.370 0.355 0.341 0.328 0.871 0.813 0.547 0.513 0.482 0.335 0.319 0.303 0.583 8 0.923 0.452 0.425 0.400 0.376 0.279 0.263 0.249 0.222 0.210 0.837 0.703 0.592 0.500 0.744 0.558 0.508 0.463 0.194 0.295 0. 149 0. 126 0.116 0.107 12 0.887 0.788 0.625 0.557 0.497 0.429 0.388 0.350 0.317 0.287 0.261 0.112 0.103 0.094 0.086 13 0.879 0.397 0.356 0.237 0.215 0.135 0.773 14 0.870 0.469 0.415 0.368 0.326 0.290 0.187 0.112 0.092 0.083 0.661 0.258 0.229 0.204 0.163 0.093 0.084 0.068 0.061 0.055 15 0.743 0.642 0.555 0.062 0.055 0.049 0.044 16 0.853 0.481 0.362 0.160 0.141 0.078 0.069 0.728 0.623 0.534 0.458 0.394 0.339 0.292 0.252 0.218 0.188 0.436 0.163 0.141 0.123 0.107 0.054 0.047 0.036 0.032 0.028 18 0.836 0.700 0.170 0.146 0.125 0.108 0.250 0.153 0.130 0.034 0.030 0.026 0.023 19 0.828 0.686 0.194 0.081 0.038 0.032 0.028 0.232 0.164 0.138 0.116 0.098 0.083 0.070 0.031 0.027 0.023 0.020 0.017 0.014 0.019 0.016 0.014 0.012 0.552 0.412 0.308 0.231 0.174 0.131 0.099 0.075 0.057 0.044 0.033 0.026 0.020 0.015 0.004 0.003 0.003 0.002 0.002 0.001 40 0.672 0.453 0.307 0.208 0.142 0.097 0.067 0.046 0.032 0.022 0.015 0.011 0.008 0.005 0.004 0.001 0.000 0.000 0.000 0.000 0.000 Present Value of an Ordinary Annuity of $1 per period Per. 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 13% 14% 15% 0.962 0.952 20% 0.917 0.909 22% 0.901 24% 25% 1.783 1.736 0.813 0.806 0.800 3 2.941 2.829 2.723 2.673 2.624 3.808 2.531 1.474 1.457 3.902 2.577 3.717 3.630 3.465 3.387 2.283 2.106 2.074 2.042 2.011 1.981 4.853 3.312 4.580 4.329 3.240 3.170 3.102 4.100 2.448 2.404 5.795 5.601 5.417 5.242 3.696 3.605 5.076 3.517 3.433 4.623 2.803 2.745 7 6.728 6.472 6.230 6.002 5.786 5.582 4.355 4.231 4.111 3.998 3.784 3.326 5.389 5.206 3.167 2.951 7.652 7.325 5.971 4.868 4.712 4.288 6.210 3.605 5.535 5.335 5.146 4.968 4.799 3.242 3.161 6.802 6.515 6.247 4.487 3.619 3.421 8.983 8.111 5.995 5.759 5.537 5.328 5.132 4.946 4.772 3.837 9.787 9.253 8.306 6.418 6.145 5.889 3.905 3.786 3.673 3.566 7.887 7.499 12 11.255 10.575 9.954 7.139 5.938 5.019 4.192 5.687 3.799 3.682 9.385 5.453 7.536 4.035 3.776 13 12.134 11.348 10.635 9.986 9.394 8.853 8.358 4.278 4.127 3.985 6.424 6.122 3.851 3.725 14 13.004 12.106 11.296 9.899 8.244 5.583 4.533 4.362 4.203 15 13.865 12.849 11.938 11.118 10.380 9.295 7.786 5.724 4.611 16 14.718 13.578 12.561 11.652 10.838 10.106 8.559 8.061 7.606 7.191 6.811 6.462 6.142 5.847 4.675 3.962 9.447 4.489 8.851 4.315 4.153 4.001 3.859 9.122 8.544 8.022 5.954 4.730 4.033 18 16.398 14.992 13.754 12.659 11.690 10.828 10.059 4.775 3.887 4.059 19 17.226 15.678 14.324 13.134 12.085 11.158 10.336 9.372 8.756 8.201 7.702 7.250 6.840 6.467 6.128 4.812 4.608 4.419 4.243 4.080 3.928 20 18.046 16.351 14.877 13.590 12.462 11.470 7.839 10.594 7.963 4.870 3.942 4.279 30 25.808 22.396 19.600 17.292 15.372 13.765 12.409 11.258 10.274 9.427 8.694 8.055 7.496 7.003 6.566 4.979 4 40 32.835 27.355 23.115 19.793 17.159 15.046 13.332 11.925 10.757 9.779 8.951 8.244 7.634 7.105 6.642 4.997 4.760 4.544 4.347 4.166 3.999

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