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ADMS3530-Assignment1-W11 - AP/ADMS3530 3.0 Assignment#1...

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AP/ADMS3530 3.0 Assignment #1 Winter 2011 Instructions: ______________________________________________________________________ (1) This assignment is to be done individually . You must sign andsubmit the standard cover page supplied as the last page of this assignment . (2) Before you start, please read the note “ Writing Style Required for ADMS3530 Assignments ” posted on the course web site. Please stick to the writing guidelines suggested in the note. (3) This assignment is due in the class of the week of February 7, 2011 . (4) For Internet section students , the assignment must be uploaded to the Centre for Distance Education: http://www.atkinson.yorku.ca/cde/assignmentupload and identified precisely in accordance with the course outline by Tuesday, February 8, 2011, midnight . (5) This assignment must be handwritten . Work that is too difficult to read due to messiness and poor handwriting will receive zero credit. You must show your work to receive full credit. (6) This assignment carries a total mark of 100 points. (7) Late assignments will not be accepted whether for technical or any other reason. (8) Decimal places: please keep at least 4 in your calculations and 2 in your final answers. ______________________________________________________________________ Question 1 (TVM) (12 marks) Robert Lee, aged 25, wants to save up money every year for his retirement in 40 years time, at age 65. He plans to make the following contributions to his investment account: Year 1 $5,000 2 6,000 3 8,000 4 9,500 5 11,000 6 and thereafter 13,000 per year Required: (a) If the contributions are made at the end of each year, and the rate of interest is 12%, how much money will Robert have at the end of 40 years? (10 marks) (b) If the contributions are made at the beginning of each year, how much money will he then have? (2 marks)
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