Author Question: You are 30 years old and you want to retire at age 60 with $1.5 million. You are going to make equal ... (Read 23 times)

Sportsfan2111 · **on:** Apr 25, 2021

Question 1

What is the future value of an annuity due that pays $500 per year for each of the next three years if the interest rate is 6%?
◦ $1,591.80
◦ $1,687.31
◦ $546.35
◦ $2,123.25
◦ $2,250.65

Question 2

You are 30 years old and you want to retire at age 60 with $1.5 million. You are going to make equal annual deposits into your savings account at the end of each year in order to save up this money. Your savings account pays 8% interest. What amount must you deposit each year?
◦ $13,241.15
◦ $12,160.93
◦ $14,227.80
◦ $13,274.34
◦ $14,506.85

dudman123 · **Reply #1 on:** Apr 25, 2021

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