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April 1, 2015

Homework Help: Personal Finance

Posted by Marie on Saturday, January 29, 2011 at 10:14am.

NEED HELP IMMEDIATELY, HAVE UNTIL 10P.M. CENTRAL TO HAVE ANSWERS??

1.Determining the Future Value of Education. Jenny Franklin estimates that as a result of completing her masterís degree, she will earn $6,000 a year more for the next 40 years.
a.What would be the total amount of these additional earnings? $240,000
b.What would be the future value of these additional earnings based on an annual interest rate of 6 percent?

Calculating Future Value of Salary. During a job interview, Pam Thompson is offered a salary Of 23,000. The company gives annual raises of 6 percent. What would be Pamís salary
during her fifth year on the job?


Computing Future Value. Calculate the future value of a retirement account in which you deposit $2,000 a year for 30 years with an annual interest rate of 8 percent.

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