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You are going to deposit $25,500 today. You will earn an annual rate of 5.9 percent for 12 years, and then earn an annual rate of 5.3 percent for 15 years. How much will you have in your account in 27 years

Respuesta :

Answer:

$110,082

Explanation:

1. Year 0 - year 12

PV = $-25,500 (Amount of deposit today)

i/r = 5.9%

n = 12 years

PMT = 0 (no annual deposit)

FV (Value of deposits at end of year 12) =?

Using financial calculator, FV = $50,733

2. Year 13 - Year 27

PV = $-50,733

i/r = 5.3%

n = 15 years

PMT = 0 (no annual deposit)

FV (value of deposit at end of year 27) = ?

Using financial calculator, FV(27) = $110,082

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