Question
Brief Exercise G-5 Andrew and Emma Garfield invested 57.600 in a savings account paying 7% annual...
Brief Exercise G-5 Andrew and Emma Garfield invested 57.600 in a savings account paying 7% annual interest when their daughter, Angela, was born. They also deposited 51.400 on each of her birthdays until she was 14 (including her 14th birthday Click here to view the factor table Future of Click here to view the factor table Future Value of an Anruty of (For calculation purposes, use 5 decimal places as displayed in the factor table provided) How much was in the savings account on her 14th birthday after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.) Amount on 14th birthdays Click If you would like to Show Work for this questions Open Show Work
Answers
Annual invested today = $7,600
Annual deposit amount = $1,400
timer period (n) = 14 years
Interest rate (i) = 7%
Amount on 14th birthday = Amount invested today x Future value factor ( i%, n) + Annual deposit amount x Future value annuity factor (i%,n)
= 7,600 x 2.57853 + 1,400 x 22.5506
= 19,596.82+31,570.84
= $51,167.66
Note: Exact answer may slightly differ due to rounding off and factor value considered
Kindly comment if you need further assistance. Thanks‼!
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