How much money will homer have five years from now

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Reference no: EM131322518

Imagine Homer Simpson actually invested the $170,000 he earned providing Mr. Burns entertainment 10 years ago at 9% annual interest .If he invests an additional $1,600 a year today at the beginning of each year for 5 years at the same 9% annual rate. How much money will Homer have 5 years from now?

a. If Homer invested $170,000 10 years ago at 9% annual interest rate what is the future value of this investment 5 years from now?

b. If Homer invests and additional $1,600 a year at the beginning of each year for 5 years at the same 9% annual rate, what is the future value of this investment 5 years from now?

c. How much money will Homer have 5 years from now?

Reference no: EM131322518

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