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POSSIBLE ANSWER CHOICES:

1. fill in the blank

2. fill in the blank

3. fill in the blank

4. fill in the blank

5. $365,525.00 / $566,410.00 / $395,300.00 / $274,300.00

6. fill in the blank

7. $365,525.00 / $566,410.00 / $395,300.00 / $274,300.00

8. fill in the blank

9. fill in the blank

10. fill in the blank

11. fill in the blank

12. $365,525.00 / $566,410.00 / $395,300.00 / $274,300.00

13. fill in the blank

14. $365,525.00 / $566,410.00 / $395,300.00 / $274,300.00

POSSIBLE ANSWER CHOICES:

1. fill in the blank

2. fill in the blank

3. fill in the blank

4. fill in the blank

5. $365,525.00 / $566,410.00 / $395,300.00 / $274,300.00

6. fill in the blank

7. $365,525.00 / $566,410.00 / $395,300.00 / $274,300.00

8. fill in the blank

9. fill in the blank

10. fill in the blank

11. fill in the blank

12. $365,525.00 / $566,410.00 / $395,300.00 / $274,300.00

13. fill in the blank

14. $365,525.00 / $566,410.00 / $395,300.00 / $274,300.00

CENGAGE MINDTAP Q Search this course Ch 14: Assignment - Planning for Retirement 0 x Compounding Interest You know that paying yourself (by depositing money in a savings account) is a prudent start to your retirement plan. You determined that, based on your other obligations, you can save 5,000.00 per year via an annual, single year-end deposit. Let's say that you are age 40 now, so your money will grow for the next 25 years until you reach age 65. You will open a savings account at the US Bank branch near your home. Its savings accounts are paying 6% interest. Year 10 12 15 20 25 2% 10.950 13.412 17.293 24.297 32.030 40.567 49.994 60.401 3% 11.460 14.190 18.600 26.870 36.460 47.570 60.460 75.400 5% 12.578 15.917 21.578 33.066 47.726 66.438 90.318 120.797 6% 13.180 16.870 23.270 36.780 54.860 79.060 111.430 154.760 8% 9% 14.487 15.190 18.977 20.140 27.15229.360 45.76251.160 73.105 84.700 113.282 136.300 172.314 215.700 259.052 337.870 10% 15.937 21.384 31.772 57.274 98.346 164.491 271.018 442.580 35 40 To calculate the value of this nest egg, enter the data provided by entering the correct value in the applicable entry field. Annual savings Years over which it will grow Interest rate Interest factor Interest rate Interest factor What will be the value of this money in 25 years? (Note: Round to two decimal places.) years, what would You began your savings program at age 40. If you had started five years earlier, such that your funds would grow for your nest egg be worth, assuming the same interest rate and annual savings amount? (Note: Round to two decimal places.) A new bank in town offers 8% interest. How much would your yearly deposits be worth if you open a savings account there, assuming that your funds are invested for 25 years and all other factors staying the same? To calculate the revised value of your nest egg, reenter the provided data, remembering to change the FVA factor based on the change in interest rate. Annual savings Years over which it will grow % Interest rate Interest factor What will be the value of this money in 25 years? (Note: Round to two decimal places.) Again, if you had started your savings program five years earlier, what would your nest egg be worth, assuming that your funds were invested at this higher interest rate, the annual savings amount remains the same, and the funds are invested for years? (Note: Round to two decimal places.) Grade It Now Save & Continue CENGAGE MINDTAP Q Search this course Ch 14: Assignment - Planning for Retirement 0 x Compounding Interest You know that paying yourself (by depositing money in a savings account) is a prudent start to your retirement plan. You determined that, based on your other obligations, you can save 5,000.00 per year via an annual, single year-end deposit. Let's say that you are age 40 now, so your money will grow for the next 25 years until you reach age 65. You will open a savings account at the US Bank branch near your home. Its savings accounts are paying 6% interest. Year 10 12 15 20 25 2% 10.950 13.412 17.293 24.297 32.030 40.567 49.994 60.401 3% 11.460 14.190 18.600 26.870 36.460 47.570 60.460 75.400 5% 12.578 15.917 21.578 33.066 47.726 66.438 90.318 120.797 6% 13.180 16.870 23.270 36.780 54.860 79.060 111.430 154.760 8% 9% 14.487 15.190 18.977 20.140 27.15229.360 45.76251.160 73.105 84.700 113.282 136.300 172.314 215.700 259.052 337.870 10% 15.937 21.384 31.772 57.274 98.346 164.491 271.018 442.580 35 40 To calculate the value of this nest egg, enter the data provided by entering the correct value in the applicable entry field. Annual savings Years over which it will grow Interest rate Interest factor Interest rate Interest factor What will be the value of this money in 25 years? (Note: Round to two decimal places.) years, what would You began your savings program at age 40. If you had started five years earlier, such that your funds would grow for your nest egg be worth, assuming the same interest rate and annual savings amount? (Note: Round to two decimal places.) A new bank in town offers 8% interest. How much would your yearly deposits be worth if you open a savings account there, assuming that your funds are invested for 25 years and all other factors staying the same? To calculate the revised value of your nest egg, reenter the provided data, remembering to change the FVA factor based on the change in interest rate. Annual savings Years over which it will grow % Interest rate Interest factor What will be the value of this money in 25 years? (Note: Round to two decimal places.) Again, if you had started your savings program five years earlier, what would your nest egg be worth, assuming that your funds were invested at this higher interest rate, the annual savings amount remains the same, and the funds are invested for years? (Note: Round to two decimal places.) Grade It Now Save & Continue

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