Troy is saving for his retirement 22 years from now by setting up a savings...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Troy is saving for his retirement 22 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $ 127.00 at the end of each month for the next 11 years. Interest is 7 % compounded monthly.
(a) How much money will be in his account on the date of his retirement?
(b) How much will Troy 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) Troy 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.)
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.