Ben Chang noticed that his store was lagging in sales. He realized that his staff was not experienced enough. As the store manag
2 answers:
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Answer:
- 1. $486,134.86
- 2. $525,593.86
- 3. $602,492.04
Explanation:
You need to use the formula to calculate the future value of a constant annual deposit:
Where r is the expected percent return, and n the number of years.
<em><u>1. For a deposit of $30,800 at the end of each year for the next 11 years, with 7% interest.</u></em>
You will have saved:
<em><u>2. For a deposit of $33,300 each year, for the same number of years and with the same interest rate.</u></em>
You will have saved:
<em><u>3. For a deposit of $30,800 each year, but with 11 percent interest, for 11 years.</u></em>