Reference no: EM132973076

Victor and Maria, both in their late 30s, have two children: Jacob, age 13, and Nicholas, age 15. Victor has had a long sales career with a retail appliance store in Fargo, North Dakota earning $54,000 annually. Maria works as a medical records assistant earning $32,000.

Problem 1: Victor and Maria regularly buy and sell a number of items on eBay, Craigslist, and through the free community newspaper, from which they earn about $3,000 each year. What is the accumulated future value of those annual amounts over 17 years if the annual earnings were invested regularly and provided a 3 percent return each year? Round your answer to nearest dollar. Round Future Value of Series of Equal Amounts in intermediate calculations to four decimal places

Problem 2: What would Victor and Maria's annual income be after 17 years if they both received an average 5 percent raise over their current $86,000 salary ($54,000 + $32,000) every year? Round your answer to nearest dollar. Round Future Value of a Single Amount in intermediate calculations to four decimal places.