You are saving for a porsche carrera cabriolet which, Ask an Expert

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You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $61,000 at the end of each year for the next 6 years. You expect to earn 11 percent each year.

Required:

1. Determine how much you will have saved after 6 years. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to 2 decimal places.)

Balance in the Savings Account

2. Determine the amount saved if you were able to deposit $64,000 each year. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to 2 decimal places.)

Balance in the Savings Account

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92427380

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