Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. cameron is saving for his retirement 20 years from

Cameron is saving for his retirement 20 years from now by setting up a savings...

80.2K

Verified Solution

Question

Finance

image

Cameron is saving for his retirement 20 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $108.00 at the end of every six months for the next 11 years. Interest is 6% compounded semi-annually. (a) How much money will be in his account on the date of his retirement? (b) How much will Cameron contribute? (c) How much will be interest? (a) The future value will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) Cameron will contribute $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The interest will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

Which of the following statements about hemoglobin is false? a. hemoglobin is a very large protein composed of four...

Psychology
1.2K views

Which of the steps involved in historical research that we have described do you think would...

Biology
1.2K views

The President sends military troops with food and medical supplies to help a country recover...

Statistics
1.2K views

SHOW YOUR METHOD OF CA 9 The Sky Train from the terminal to the long...

Calculus
1.2K views

Chris invests 15 000 at 7 simple interest for 19 years Round your answers to...

Algebra
1.2K views

Rhonda Brennan found her first job after graduating from college through the classifieds of the...

Algebra
1.2K views

geogebra org lti launch 5 4 3 2 10 9 8 7 6 432459 4...

Accounting
1.2K views

Check 4. Primare Corporation has provided the...

Accounting
1.2K views

QUESTION 2: LP Formulation (21 points) Power Generation...

Accounting
1.2K views

PLEASE INCLUDE ALL CALCULATIONS AND SHOW STEPS Colt Co., which uses a perpetual...

Accounting
1.2K views

Haas Company manufactures and sells one product. The following information pertains to each of the...

Accounting
1.2K views

A.P. Hill Corporation uses a process-costing system. Products are manufactured in a series of three...