yr if the account earns interest at the rate of 5 Robin, who is self-employed, c
ID: 2794638 • Letter: Y
Question
yr if the account earns interest at the rate of 5 Robin, who is self-employed, contributes $4500 'year into a Keogh account. How much will he have in the account after 3 yearly2 (Round your answer to the nearest cent.) % year, compounded Need Help? Read It Talk to a Tutor -0.05 points TanApMath5 42.020. My Na The Pirerras are planning to go to Europe 3 yr from now and have agreed to set aside $130/month for their trip. If they deposit this money at the end of each month into a savings account paying interest at the rate of 8% year compounded monthly, how much money will be in their travel und at the end of the third year? Round your answer to the nearest cent. S(No Response) Need Help?Read It Talk to a TutorExplanation / Answer
1)
future value of annuity = payment per period * [(1+i)^n - 1]/i
=>
future value = 4500 * [(1+6.5%)^35 - 1]/6.5%
= 558156.11
2)
future value = 130 * [(1+8%/12)^36 - 1]/8%/12
= 5269.62
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