Collin College Math 1323 Lab 3, Lab Reports of Business Mathematics

Download Collin College Math 1323 Lab 3 and more Lab Reports Business Mathematics in PDF only on Docsity!

Graden Arenas Math 1324 Lab 3: Chapter 5 You must show all your work in the space provided to receive full credit for each problem. Final answers must be simplified and circled. if you use TVM solver, make sure to show the algebraic formula with the values you used, as well as the TVM values. 1, Calculate the future values for the following Investments, Show algebraic work. (a) Dawn invests $2000 each year of 10 consecutive years, starting at age 25, Assuming an 8% annual rate of retum with annual compounding, After ago 35, she no ldfiger adds to the account, but the money continues to compound. What was Dawn's out-of-pocket ammount? How much will Dawn have accumulated by age 65? EV = toow C- rot ] 2 dovd F Cog? - ( Gone] = 18014 ,\2443 CV ~ 24411, 2 Yee, Crnwy bw) CV = 28973 las (je) = 16473. '2(|+ 0,06 = 24473, I2 C1.08)” = 241 G4. 9656 2 ok he, ker Dawns cute £ poclcef = = Gy ane os She accumulatrax $24 [, TUL. (b) Dave invests $2000 each year for 30 consecul 5. Assume the same 8% annual rate of return with annual compounding. What was Dave's out-of-pocket amount? How much will Dave have accumulated by age 6: age 65? FV = Zovv (cee isons Y) = 1e0p (" C: =I 7 StU SG, pee Vi LY 226 5b6,42z) —erek WE sake 2 v9 oN Vawes ouk of pocket = S2svv%30 4% $L0,000 By ane 6F he will accummatiFLZb 556, 42) Scanned with | CamScanner’: