# Personal Finance

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.

1. 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 = ?

posted by helper
2. 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?

posted by michael
3. 20,1254

posted by Patricia
4. 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?

posted by jessi

First Name

## Similar Questions

1. ### personal finance

Determining the future value of education. Jenny Franklin estimates that as a result of completing her master's degree, she will earn \$7,000 a year more for the next 40 years. A.) what would be the total amount of these additional
2. ### Persoanl finance

1. Jenny Franklin estimates that as a result of completing her master’s degree, she will earn \$ 7,000 a year more for the next 40 years. a. What would be the total amount of additional earnings? 40 yrs * 7,000/ yr = \$280,000 I

Jenny Franklin estimates that as a result of completing her master’s degree, she will earn \$7,000 a year more for the next 40 years. a. What would be the total amount of these additional earnings? b. What would be the future
4. ### Personal Finance

determining the future value of education jennyfranklin estimates that as a result of completeing her naster's degree she will earn \$7,000 a year more for the next 40 years what would be the total amountof these additional
5. ### Finance

determine the future value of education jenny franklin estimate that as result of completing her master degree , she will earn7000 a yeaar for the next 40 years. a. what would be the total amount of these additional earning
6. ### finance

Assume you are planning to invest \$5,000 each year for six years and will earn 10 percent per year. Determine the future value of this annuity if your first \$5,000 is invested at the end of the first year.
7. ### Finance

Mr fish want to build a house in 10 years. he estimates that the total cost will be \$170,000. if he can put aside 10,000 at the end of the year, what rate of return must he return must he earn in order to have the amount needed?
8. ### algebra

A grandmother is looking for a plan to finance her new grandchild’s college education. She has \$25,000 to invest. Search the internet and locate a long-range investment plan, CD, Savings Bond, etc, for the grandmother. The plan
9. ### Algebra

A grandmother is looking for a plan to finance her new grandchild’s college education. She has \$25,000 to invest. Search the internet and locate a long-range investment plan, CD, Savings Bond, etc, for the grandmother. The plan
10. ### Eco

jasmine works in sales but is considering quitting work for 2 years to earn an MBA. Her currrent job pays \$40,000 peryear (after tax),but she could earn \$55000 per year if she had her master of business admin. Tuition fees is

More Similar Questions