Compute the year six future value of deposits

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Given a 3 percent interest rate, compute the year 6 future value of deposits made in years 1, 2, 3, and 4 of $1,200, $1,500, $1,500, and $1,600. (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Assume that you contribute $260 per month to a retirement plan for 20 years. Then you are able to increase the contribution to $520 per month for another 30 years. Given a 7 percent interest rate, what is the value of your retirement plan after the 50 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

What’s the interest rate of a 6-year, annual $4,300 annuity with present value of $20,000? (Round your answer to 2 decimal places.)

Reference no: EM131587166

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