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 master’s 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 Pam’s 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.

Personal Finance - helper, Saturday, January 29, 2011 at 11:24am
b. Future value of an asset with interest compounded annually, (you didn't mention how to compound)
n = number of years
R = rate
FV = Original investment * ((1 + R)^n)

Cal. Future value of salary, 6%/year
1st year--23,000
2nd year---23,000 + 1,380 = 24,380
3rd year---24,380 + 1,463 = 25,843
4th year---25,843 + 1,551 = 27,394
5th year---27,394 + 1,644 = 29,038
Above is cal. with 6% simple interest per year, not FV formulas.

Cal. FV retirement acct., dep. $2000/per year for 30 yrs, annual rate 8%--compounded annually (You didn't mention how to compound)
n = number of years
R = rate
FV = Original investment * ((1 + R)^n)

FV = 2000 * (1 + .08)^30)
FV = 2000 * (1.08)^30
FV = 2000 * (10.0627)
FV = ?
Personal Finance - michael, Friday, October 7, 2011 at 8:52pm
in 2000, selected new automobiles had an average cost of $16,000. The average cosst of those same motor vehicles is now $28,000. What was the rate of increase for this item between the two time period?
Personal Finance - Patricia, Wednesday, October 26, 2011 at 11:22am
20,1254
Personal Finance - Patricia, Wednesday, October 26, 2011 at 11:24am
20,1254
Personal Finance - jessi, Wednesday, June 13, 2012 at 7:11pm
During a job interview, Pam Thompson is offered a salary of $50,000. The company gives annual raises of 12 percent. What would be Pam’s salary during her fifth year on the job?

Answer this Question

Related Questions

personal finance - Determining the future value of education. Jenny Franklin ...
Personal Finance - determining the future value of education jennyfranklin ...
Finance - determine the future value of education jenny franklin estimate that ...
Persoanl finance - 1. Jenny Franklin estimates that as a result of completing ...
Business - Jenny Franklin estimates that as a result of completing her master&#...
Finance - Ken Braden estimates that taking some classes would result in earning...
grammar - Wondering if I have correctly identified each verb in the following ...
com155 - I need helping pointing out all the verbs and tenses. My education ...
Finance for decision makers - In determining the future value of an annuity, the...
education - I have an education project in which I have to explain my ...

For Further Reading

First Name:
School Subject:
Answer: