If you deposit $5,200 at the end of each of the next 25 years into an account pa

Question

If you deposit $5,200 at the end of each of the next 25 years into an account paying 10.3 percent interest, how much money will you have in the account in 25 years? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)

How much will you have if you make deposits for 50 years? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)

If you deposit $5,200 at the end of each of the next 25 years into an account paying 10.3 percent interest, how much money will you have in the account in 25 years? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)

Explanation / Answer

Question 1

Future value = $5,200 * [(1+10.3%)25 - 1] / 10.3%

= $535,051.01

Question 2

Future value = $5,200 * [(1+10.3%)50 - 1] / 10.3%

= $6,740,639.82

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