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After paying off a car loan or credit card, don't remove this amount from your budget. Instead, invest in your future by applying some of it to your retirement account. How much would $360 invested at the end of each quarter be worth in 8 years at 6% interest? (Please use the following provided Table;) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Amount after 8 years

After paying off a car loan or credit card, don't remove this amount from your budget. Instead, invest in your future by applying some of it to your retirement account. How much would $360 invested at the end of each quarter be worth in 8 years at 6% interest? (Please use the following provided Table;) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Amount after 8 years

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 20E
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After paying off a car loan or credit card, don't remove this amount from your budget. Instead, invest in your future by applying some of it to your retirement account. How much would $360 invested at the end of each quarter be worth in 8 years at 6% interest? (Please use the following provided Table:) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Amount after 8 years
Transcribed Image Text:After paying off a car loan or credit card, don't remove this amount from your budget. Instead, invest in your future by applying some of it to your retirement account. How much would $360 invested at the end of each quarter be worth in 8 years at 6% interest? (Please use the following provided Table:) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Amount after 8 years
Future value interest factor of an ordinary annuity of $1 per period at i% for n periods, FVIFA(i,n). Period 5.0% 5.5% 6.0% 1.0% 1.0000 1.5% 1.0000 2.0% 1.0000 1 1.0000 1.0000 1.0000 1.0000 1.0000 2 2.0050 2.0100 2.0150 2.0200 2.0250 2.0300 2.0350 1.0000 2.0400 3.1216 3 3.0150 3.0301 3.0452 3.0756 3.0909 3.1062 4 4.0301 3.0604 4.1216 5.2040 4.1525 4.1836 4.2149 4.2465 5 4.0604 4.0909 5.1010 5.1523 6.1520 6.2296 6.3081 5.0503 5.2563 5.3091 5.3625 5.4163 6 6.0755 6.3877 6.4684 6.5502 6.6330 7 7.1059 7.5474 7.6625 7.7794 7.4343 8.4328 8.5830 8 8.1414 9 10 11 12 13 14 15 16 17 18 19 6.5% 7.0% 7.5% 9.0% 8.5% 0.0% 0.5% 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 2.0450 2.0500 2.0550 2.0600 2.0650 2.0700 2.0750 2.0800 2.0850 2.0900 2.0950 3.1370 3.1525 3.1680 3.1836 3.1992 3.2149 3.2306 3.2464 3.2622 3.2781 3.2940 4.2782 4.3101 4.3423 4.3746 4.4072 4.4399 4.4729 4.5061 4.5395 4.5731 4.6070 5.4707 5.5256 5.5811 5.6371 5.6936 5.7507 5.8084 5.8666 5.9254 5.9847 6.0446 6.7169 6.8019 6.8881 6.9753 7.0637 7.1533 7.2440 7.3359 7.4290 7.5233 7.6189 7.2135 7.32 7.8983 8.0192 8.1420 8.2669 8.3938 8.5229 8.6 8.7873 8.9228 9.0605 9.2004 9.3426 8.2857 8.7361 8.8923 9.0517 9.2142 9.3800 9.5491 9.7216 9.8975 10.0769 10.2598 10.4464 10.6366 10.8306 11.0285 11.2302 9.1821 9.3685 9.5593 9.7546 9.9545 10.1591 10.3685 10.5828 10.8021 11.0266 11.2563 11.4913 11.7319 11.9780 12.2298 12.4876 12.7512 13.0210 13.2971 10.2280 10.4622 10.7027 10.9497 11.2034 11.4639 11.7314 12.0061 12.2882 12.5779 12.8754 13.1808 13.4944 13.8164 14.1471 14.4866 14.8351 15.1929 15.5603 11.2792 11.5668 11.8633 12.1687 12.4835 12.8078 13.1420 13.4864 13.8412 14.2068 14.5835 14.9716 15.3716 15.7836 16.2081 16.6455 17.0961 17.5603 18.0385 12.3356 12.6825 13.0412 13.4121 13.7956 14.1920 14.6020 15.0258 15.4640 15.9171 16.3856 16.8699 17.3707 17.8885 18.4237 18.9771 19.5492 20.1407 20.7522 13.3972 13.8093 14.2368 14.6803 15.1404 15.6178 16.1130 16.6268 17.1599 17.7130 18.2868 18.8821 19.4998 20.1406 20.8055 21.4953 22.2109 22.9534 23.7236 14.4642 14.9474 15.4504 15.9739 16.5190 17.0863 17.6770 18.2919 18.9321 19.5986 20.2926 21.0151 21.7673 22.5505 23.3659 24.2149 25.0989 26.0192 26.9774 15.5365 16.0969 16.6821 17.2934 17.9319 18.5989 19.2957 20.0236 20.7841 21.5786 22.4087 23.2760 24.1822 25.1290 26.1184 27.1521 28.2323 29.3609 30.5402 16.6142 17.2579 17.9324 18.6393 19.3802 20.1569 20.9710 21.8245 22.7193 23.6575 24.6411 25.6725 26.7540 27.8881 29.0772 30.3243 31.6320 33.0034 34.4416 17.6973 18.4304 19.2014 20.0121 20.8647 21.7616 22.7050 23.6975 24.7417 25.8404 26.9964 28.2129 29.4930 30.8402 32.2580 33.7502 35.3207 36.9737 38.7135 18.7858 19.6147 20.4894 21.4123 22.3863 23.4144 24.4997 25.6454 26.8551 28.1324 29.4812 30.9057 32.4101 33.9990 35.6774 37.4502 39.3230 41.3013 43.3913 19.8797 20.8109 21.7967 22.8406 23.9460 25.1169 26.3572 27.6712 29.0636 30.5390 32.1027 33.7600 35.5167 37.3790 39.3532 41.4463 43.6654 46.0185 48.5135 20.9791 22.0190 23.1237 24.2974 25.5447 26.8704 28.2797 29.7781 31.3714 33.0660 34.8683 36.7856 38.8253 40.9955 43.3047 45.7620 48.3770 51.1601 54.1222 22.0840 23.2392 24.4705 25.7833 27.1833 28.6765 30.2695 31.9692 33.7831 35.7193 37.7861 39.9927 42.3490 44.8652 47.5525 50.4229 53.4891 56.7645 60.2638 23.1944 24.4716 25.8376 27.2990 28.8629 30.5368 32.3289 34.2480 36.3034 38.5052 40.8643 43.3923 46.1016 49.0057 52.1190 55.4568 59.0356 62.8733 66.9889 24.3104 25.7163 27.2251 28.8450 30.5844 32.4529 34.4604 36.6179 38.9370 41.4305 44.1118 46.9958 50.0982 53.4361 57.0279 60.8933 65.0537 69.5319 74.3529 25.4320 26.9735 29.6335 30.4219 32.3490 34.4265 36.6665 39.0926 41.6992 44.5020 47.5390 50.9156 54.3546 59.1767 62.3050 66.7649 71.5932 76.79Q9 92.4164 26.5591 28.2432 30.0630 32.0303 34.1578 36.4593 38.9499 41.6459 44.5652 47.7271 51.1526 54.8645 58.8877 63.2490 67.9779 73.1059 78.6678 84.7009 91.2459 27.6919 29.5256 31.5140 33.6709 36.0117 38.5530 41.3131 44.3117 47.5706 51.1135 54.9660 59.1564 63.7154 68.6765 74.0762 79.9544 86.3546 93.3240 100.9143 28.8304 30.8209 32.9867 35.3443 37.9120 40.7096 43.7591 47.0842 50.7113 54.6691 58.9891 63.7058 68.8569 74.4838 80.6319 87.3508 94.6947 102.7231 111.5012 29.9745 32.1291 34.4815 37.0512 39.8598 42.9309 46.2906 49.9676 53.9933 58.4026 63.2335 68.5281 74.3326 80.6977 87.6793 95.3388 103.7437 112.9682 123.0938 31.1244 33.4504 35.9987 38.7922 41.8563 45.2189 48.9108 52.9663 57.4230 62.3227 67.7114 73.6398 80.1642 87.3465 95.2553 103.9659 113.5620 124.1354 135.7877 32.2800 34.7849 37.5387 40.5681 43.9027 47.5754 51.6227 56.0849 61.0071 66.4388 72.4355 79.0582 86.3749 94.4608 103.3994 113.2832 124.2147 136.30?5 149.6875 33.4414 36.1327 39.1018 42.3794 46.0003 54.4295 59.3283 64.7524 70.7608 77.4194 84.8017 92.9892 102.0730 112.1544 123.3459 135.7730 149.5752 164.9078 34.6086 37.4941 40.6883 44.2270 48.1503 52.5028 57.3345 62.7015 68.6662 75.2988 82.6775 90.8898 100.0335 110.2182 121.5659 134.2135 148.3137 164.03?0 181.5741 35.7817 38.8690 42.2986 46.1116 50.3540 55.0778 60.3412 66.2095 72.7562 80.0638 88.2248 97.3432 107.5357 118.9334 131.6834 145.9506 161.9203 179.8003 199.8236 36.9606 40.2577 43.9331 48.0338 52.6129 57.7302 63.4532 69.8579 77.0303 85.0670 94.0771 104.1838 115.5255 128.2588 142.5596 158.6267 176.6836 196.9823 219.8068 38.1454 41.6603 45.5921 49.9945 54.9282 60.4621 66.6740 73.6522 81.4966 90.3203 100.2514 111.4348 124.0347 138.2369 154.2516 172.3168 192.7017 215.7108 241.6885 63.2759 77.5983 86.1640 95.8363 106.7652 119.1209 133.0969 148.9135 166.8205 187.1021 210.0813 236.1247 265.6489 66.1742 73.4579 81.7022 91.0413 101.6281 113.6373 127.2681 142.7482 160.3374 180.3320 203.0703 228.9382 258.3759 291.8855 69.1594 77.0289 85.9703 96.1382 107.7095 120.8873 135.9042 153.0269 172.5610 194.8569 220.3159 249.3980 282.6298 320.6147 72.2342 80.7249 90.4091 101.4644 114.0950 128.5361 145.0585 163.9736 185.6403 210.4712 238.9412 271.5968 309.0665 352.0731 20 21 22 23 24 25 26 27 28 29 30 31 50.0027 32 33 34 35 36 70.0076 37 39.3361 43.0769 47.2760 51.9944 57.3014 40.5328 44.5076 48.9851 54.0343 59.7339 41.7354 45.9527 50.7199 56.1149 62.2273 42.9441 47.4123 52.4807 58.2372 64.7830 38 39 0.5% 2.5% 3.0% 3.5% 4.0% 4.5% 10.0% 1.0000 2.1000 3.3100 4.6410 6.1051 7.7156 9.4872 11.4359 13.5795 15.9374 18.5312 21.3843 24.5227 27.9750 31.7725 35.9497 40.5447 45.5992 51.1591 57.2750 64.0025 71.4027 79.5430 99.4973 98.3471 109.1818 121.0999 134.2099 148.6309 164.4940 181.9434 201.1378 222.2515 245.4767 271.0244 299.1268 330.0395 364.0434 401.4478
Transcribed Image Text:Future value interest factor of an ordinary annuity of $1 per period at i% for n periods, FVIFA(i,n). Period 5.0% 5.5% 6.0% 1.0% 1.0000 1.5% 1.0000 2.0% 1.0000 1 1.0000 1.0000 1.0000 1.0000 1.0000 2 2.0050 2.0100 2.0150 2.0200 2.0250 2.0300 2.0350 1.0000 2.0400 3.1216 3 3.0150 3.0301 3.0452 3.0756 3.0909 3.1062 4 4.0301 3.0604 4.1216 5.2040 4.1525 4.1836 4.2149 4.2465 5 4.0604 4.0909 5.1010 5.1523 6.1520 6.2296 6.3081 5.0503 5.2563 5.3091 5.3625 5.4163 6 6.0755 6.3877 6.4684 6.5502 6.6330 7 7.1059 7.5474 7.6625 7.7794 7.4343 8.4328 8.5830 8 8.1414 9 10 11 12 13 14 15 16 17 18 19 6.5% 7.0% 7.5% 9.0% 8.5% 0.0% 0.5% 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 2.0450 2.0500 2.0550 2.0600 2.0650 2.0700 2.0750 2.0800 2.0850 2.0900 2.0950 3.1370 3.1525 3.1680 3.1836 3.1992 3.2149 3.2306 3.2464 3.2622 3.2781 3.2940 4.2782 4.3101 4.3423 4.3746 4.4072 4.4399 4.4729 4.5061 4.5395 4.5731 4.6070 5.4707 5.5256 5.5811 5.6371 5.6936 5.7507 5.8084 5.8666 5.9254 5.9847 6.0446 6.7169 6.8019 6.8881 6.9753 7.0637 7.1533 7.2440 7.3359 7.4290 7.5233 7.6189 7.2135 7.32 7.8983 8.0192 8.1420 8.2669 8.3938 8.5229 8.6 8.7873 8.9228 9.0605 9.2004 9.3426 8.2857 8.7361 8.8923 9.0517 9.2142 9.3800 9.5491 9.7216 9.8975 10.0769 10.2598 10.4464 10.6366 10.8306 11.0285 11.2302 9.1821 9.3685 9.5593 9.7546 9.9545 10.1591 10.3685 10.5828 10.8021 11.0266 11.2563 11.4913 11.7319 11.9780 12.2298 12.4876 12.7512 13.0210 13.2971 10.2280 10.4622 10.7027 10.9497 11.2034 11.4639 11.7314 12.0061 12.2882 12.5779 12.8754 13.1808 13.4944 13.8164 14.1471 14.4866 14.8351 15.1929 15.5603 11.2792 11.5668 11.8633 12.1687 12.4835 12.8078 13.1420 13.4864 13.8412 14.2068 14.5835 14.9716 15.3716 15.7836 16.2081 16.6455 17.0961 17.5603 18.0385 12.3356 12.6825 13.0412 13.4121 13.7956 14.1920 14.6020 15.0258 15.4640 15.9171 16.3856 16.8699 17.3707 17.8885 18.4237 18.9771 19.5492 20.1407 20.7522 13.3972 13.8093 14.2368 14.6803 15.1404 15.6178 16.1130 16.6268 17.1599 17.7130 18.2868 18.8821 19.4998 20.1406 20.8055 21.4953 22.2109 22.9534 23.7236 14.4642 14.9474 15.4504 15.9739 16.5190 17.0863 17.6770 18.2919 18.9321 19.5986 20.2926 21.0151 21.7673 22.5505 23.3659 24.2149 25.0989 26.0192 26.9774 15.5365 16.0969 16.6821 17.2934 17.9319 18.5989 19.2957 20.0236 20.7841 21.5786 22.4087 23.2760 24.1822 25.1290 26.1184 27.1521 28.2323 29.3609 30.5402 16.6142 17.2579 17.9324 18.6393 19.3802 20.1569 20.9710 21.8245 22.7193 23.6575 24.6411 25.6725 26.7540 27.8881 29.0772 30.3243 31.6320 33.0034 34.4416 17.6973 18.4304 19.2014 20.0121 20.8647 21.7616 22.7050 23.6975 24.7417 25.8404 26.9964 28.2129 29.4930 30.8402 32.2580 33.7502 35.3207 36.9737 38.7135 18.7858 19.6147 20.4894 21.4123 22.3863 23.4144 24.4997 25.6454 26.8551 28.1324 29.4812 30.9057 32.4101 33.9990 35.6774 37.4502 39.3230 41.3013 43.3913 19.8797 20.8109 21.7967 22.8406 23.9460 25.1169 26.3572 27.6712 29.0636 30.5390 32.1027 33.7600 35.5167 37.3790 39.3532 41.4463 43.6654 46.0185 48.5135 20.9791 22.0190 23.1237 24.2974 25.5447 26.8704 28.2797 29.7781 31.3714 33.0660 34.8683 36.7856 38.8253 40.9955 43.3047 45.7620 48.3770 51.1601 54.1222 22.0840 23.2392 24.4705 25.7833 27.1833 28.6765 30.2695 31.9692 33.7831 35.7193 37.7861 39.9927 42.3490 44.8652 47.5525 50.4229 53.4891 56.7645 60.2638 23.1944 24.4716 25.8376 27.2990 28.8629 30.5368 32.3289 34.2480 36.3034 38.5052 40.8643 43.3923 46.1016 49.0057 52.1190 55.4568 59.0356 62.8733 66.9889 24.3104 25.7163 27.2251 28.8450 30.5844 32.4529 34.4604 36.6179 38.9370 41.4305 44.1118 46.9958 50.0982 53.4361 57.0279 60.8933 65.0537 69.5319 74.3529 25.4320 26.9735 29.6335 30.4219 32.3490 34.4265 36.6665 39.0926 41.6992 44.5020 47.5390 50.9156 54.3546 59.1767 62.3050 66.7649 71.5932 76.79Q9 92.4164 26.5591 28.2432 30.0630 32.0303 34.1578 36.4593 38.9499 41.6459 44.5652 47.7271 51.1526 54.8645 58.8877 63.2490 67.9779 73.1059 78.6678 84.7009 91.2459 27.6919 29.5256 31.5140 33.6709 36.0117 38.5530 41.3131 44.3117 47.5706 51.1135 54.9660 59.1564 63.7154 68.6765 74.0762 79.9544 86.3546 93.3240 100.9143 28.8304 30.8209 32.9867 35.3443 37.9120 40.7096 43.7591 47.0842 50.7113 54.6691 58.9891 63.7058 68.8569 74.4838 80.6319 87.3508 94.6947 102.7231 111.5012 29.9745 32.1291 34.4815 37.0512 39.8598 42.9309 46.2906 49.9676 53.9933 58.4026 63.2335 68.5281 74.3326 80.6977 87.6793 95.3388 103.7437 112.9682 123.0938 31.1244 33.4504 35.9987 38.7922 41.8563 45.2189 48.9108 52.9663 57.4230 62.3227 67.7114 73.6398 80.1642 87.3465 95.2553 103.9659 113.5620 124.1354 135.7877 32.2800 34.7849 37.5387 40.5681 43.9027 47.5754 51.6227 56.0849 61.0071 66.4388 72.4355 79.0582 86.3749 94.4608 103.3994 113.2832 124.2147 136.30?5 149.6875 33.4414 36.1327 39.1018 42.3794 46.0003 54.4295 59.3283 64.7524 70.7608 77.4194 84.8017 92.9892 102.0730 112.1544 123.3459 135.7730 149.5752 164.9078 34.6086 37.4941 40.6883 44.2270 48.1503 52.5028 57.3345 62.7015 68.6662 75.2988 82.6775 90.8898 100.0335 110.2182 121.5659 134.2135 148.3137 164.03?0 181.5741 35.7817 38.8690 42.2986 46.1116 50.3540 55.0778 60.3412 66.2095 72.7562 80.0638 88.2248 97.3432 107.5357 118.9334 131.6834 145.9506 161.9203 179.8003 199.8236 36.9606 40.2577 43.9331 48.0338 52.6129 57.7302 63.4532 69.8579 77.0303 85.0670 94.0771 104.1838 115.5255 128.2588 142.5596 158.6267 176.6836 196.9823 219.8068 38.1454 41.6603 45.5921 49.9945 54.9282 60.4621 66.6740 73.6522 81.4966 90.3203 100.2514 111.4348 124.0347 138.2369 154.2516 172.3168 192.7017 215.7108 241.6885 63.2759 77.5983 86.1640 95.8363 106.7652 119.1209 133.0969 148.9135 166.8205 187.1021 210.0813 236.1247 265.6489 66.1742 73.4579 81.7022 91.0413 101.6281 113.6373 127.2681 142.7482 160.3374 180.3320 203.0703 228.9382 258.3759 291.8855 69.1594 77.0289 85.9703 96.1382 107.7095 120.8873 135.9042 153.0269 172.5610 194.8569 220.3159 249.3980 282.6298 320.6147 72.2342 80.7249 90.4091 101.4644 114.0950 128.5361 145.0585 163.9736 185.6403 210.4712 238.9412 271.5968 309.0665 352.0731 20 21 22 23 24 25 26 27 28 29 30 31 50.0027 32 33 34 35 36 70.0076 37 39.3361 43.0769 47.2760 51.9944 57.3014 40.5328 44.5076 48.9851 54.0343 59.7339 41.7354 45.9527 50.7199 56.1149 62.2273 42.9441 47.4123 52.4807 58.2372 64.7830 38 39 0.5% 2.5% 3.0% 3.5% 4.0% 4.5% 10.0% 1.0000 2.1000 3.3100 4.6410 6.1051 7.7156 9.4872 11.4359 13.5795 15.9374 18.5312 21.3843 24.5227 27.9750 31.7725 35.9497 40.5447 45.5992 51.1591 57.2750 64.0025 71.4027 79.5430 99.4973 98.3471 109.1818 121.0999 134.2099 148.6309 164.4940 181.9434 201.1378 222.2515 245.4767 271.0244 299.1268 330.0395 364.0434 401.4478
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