What will be the future value of person retirement account

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Reference no: EM132817715

Calculate the FV of an annuity that grows. The person will save $200 at the end of the first month. They will increase their savings by 1.0% per month. (2nd month will be $202.00, etc.). Interest will be compounded monthly and earn an average annual rate of 7.00%

Problem a) What will be the future value of this person's retirement account in 20 years

Problem b) If they followed this plan, what would be their 240th (last) deposit amount?

Problem c) What would be the FV if they did not increase the savings per month and bgstheir monthly contribution remained at $200/mo ?

Attachment:- FV.zip

Reference no: EM132817715

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