Vince deposited 7500 into a certificate o deposit paying 8

Vince deposited $ 7,500 into a certificate o deposit paying 8% interest at a bank. After 46 years, what amount ould be available to withdraw Fill-in the TVM Framework Table: If any value is not present, input a \"\" For the unknown amount, the amount to be determined, enter a . For any dollar amounts, leave-off the dollar sign, but enter commas to separate thousands. Please follow the order of the table in the lecture. TVM DataFrame Now, use the values from the table to answer the question. You may want to use all of the methods (calculator, Excel, table, or formula) to make sure that you can arrive at the same answer. The amount available after 46 years is s round answer to nearest dollar, do not enter dollar sign).

Solution

Computing future value using Financial calculator PMT 0 N= 46 PV= -7500 I/Y 0.08 Press CPT and FV FV= 258,555.64 2nd way Present value Annuity Future value 7500 34.47409 258555.64