You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $15,800 at the end of each year for the next 9 years. You expect to earn 7 percent each year. (Use Table 3.)
| Requirement 1: |
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Determine how much you will have saved after 9 years. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places. Omit the “$” sign in your response.)
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| Requirement 2: |
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Determine the amount saved if you were able to deposit $18,300 each year. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places. Omit the “$” sign in your response.)
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| Requirement 3: |
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Determine the amount saved if you deposit $15,800 each year, but with 10 percent interest. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.Omit the “$” sign in your response.)
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