His mothe r ha s a ske d him to gue ss wha t his a c

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Unformatted text preview: to gue ss wha t his a c c ount is worth give n tha t the y ha ve inve ste d \$1,000 e ve ry ye a r in the a c c ount sta rting on his 5th birthda y a nd ha ve just ma de one . The inte re st ra te on the a c c ount ha s be e n 3.5% a nnua lly. How muc h is Moha mma d’s a c c ount worth toda y? (E nte r just the numbe r without the \$ sign or a c omma ; round off de c ima ls.) Yo u entered : 12094 Yo ur Ans wer 12094 Tota l Sco re Ex p lanatio n 0 .0 0 0 .0 0 / 5 .0 0 Ques tio n Ex p lanatio n https://c la ss.c our se r a .or g/intr of ina nc e - 005/quiz /f e e dba c k? submission_id= 92142 2/8 16/2/2014 Quiz Fe e dba c k | Cour se r a FV va lue of a n a nnuity c a lc ula tion. Dra w a time line . The a mount should be a minimum of \$ 1 7 , 0 0 0 . W h y? Question 4 (5 points) Ge ra rd ha s e stima te d tha t he is going to ne e d e nough in his re tire me nt fund to withdra w \$75,000 pe r ye a r be ginning on his 66th birthda y a nd for 19 a dditiona l ye a rs the re a fte r. How muc h will Ge ra rd ne e d in his...
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This test prep was uploaded on 04/06/2014 for the course FINANCE 101 taught by Professor Deck during the Spring '12 term at Michigan State University.

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