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Question

           (a)       What is the accumulated value of this retirement

plan.

           (b)      What is the total interest earned for the 10 years.

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PLEASE NOTE: Find the annuity factor as [1-(1/(1+r)^t)]/r find present value as... View the full answer

tutor fund value 1-1.jpg

Q1.
Amount deposited =
$1,000
for 10 years
A
B
C
YEARS
PRINCIPAL ($)
INTEREST ($)
AMOUNT ($)
1 TO 3=(8%)
$1,000 (C-A)=
$259.71 ($1,000*(1.08)13=
$1,260
4 TO 7=(10.25%)
$1,260 (C-A)=
$601.46...

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