Choose a scenario of savings in a retirement plan

Assignment Help Business Management

Reference no: EM13791483

Choose a scenario of savings in a retirement plan such as a 401(k) or an annuity. Plan a monthly deposit (you choose the amount, but be realistic) for 5 years into an account that will earn interest at 5%. Find the future value for this account. Calculate the amount of interest earned on this account.

$115 every week so $460.00 monthly or 5,520/year. On the fifth year, at 5% interest, my 401K will earn a future value of:

FV of annuity = annuity payment x table value

Then, calculate that same monthly investment amount for 30 years. Calculate the future value of the investment after the 30 years. Calculate the amount of interest on this account as well.

FV of annuity = annuity payment x table value

Book used: BUSINESS MATH

Tenth Edition

CHERYL CLEAVES

Southwest Tennessee Community College

MARGIE HOBBS

Southwest Tennessee Community College

JEFFREY NOBLE

Madison College

Reference no: EM13791483

Questions Cloud

Natural versus anthropogenic climate changes : Analyze the effectiveness of this mitigation strategy, as well as its potential costs and policy implications.

What is the equilibrium outcome in game : Based on this information, can GE successfully prevent Maytag from entering this market by increasing its advertising levels? What is the equilibrium outcome in this game?

Integrating theories on psychology : Integrating theories Psychology

Write a paper on personal ethics development : Write a 1,050- to 1,200-word paper on personal ethics development that examines your personal ethical system and ground rules.

Choose a scenario of savings in a retirement plan : Choose a scenario of savings in a retirement plan such as a 401(k) or an annuity. Plan a monthly deposit (you choose the amount, but be realistic) for 5 years into an account that will earn interest at 5%. Find the future value for this account. Calc..

Why is dna testing important to this application? : What alternative methods might be employed to address the same questions that can be answered via DNA testing?

What type of competition does your firm face : What type of market do you think your franchise operates and What type of competition does your firm face? Who are some competitors? (Even if you said your firm is a monopoly, think of some subsitutes.)

Round the number of years to the nearest hundredth : How long will it take for $1400 to grow to $39,800 at an interest rate of 10.2% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

Ocean exploration and the use of research in oceanography : Is it legitimate to use public funds for research and to lock up the results by classifying them?

User Account

All Pages