Using time value of money tables, calculate the following. (a) The future value of $450 six years from now at 7 percent.
(b) The future value of $900 saved each year for 10 years at 8 percent.
(c) The amount a person would have to deposit today (present value) at an interest rate of 6 percent to have $1,000 five years from now.
(d) The amount a person would have to deposit today to be able to take out $600 a year for 10 years from an account earning 8 percent.

a. $675.33

b. $1,943.03

c. $747.26

d. $4,026.05

Explanation:

a. Future Value

Pv = - $450

Pmt = $ 0

p/yr = 1

n = 6

r = 7 %

Fv = ?

With the above parameter available, the future value, Fv is $675.33

b. Future Value

Pv = - $900

Pmt = $ 0

p/yr = 1

n = 10

r = 8 %

Fv = ?

With the above parameter available, the future value, Fv is $1,943.03

c. Principal Amount

Pv = ?

Pmt = $ 0

p/yr = 1

n = 5

r = 6 %

Fv = $1,000

With the above parameter available, the future value, Pv is $747.26

d. Principal Amount

Pv = ?

Pmt = $ 600

p/yr = 1

n = 10

r = 8 %

Fv = $0

With the above parameter available, the future value, Pv is $4,026.05

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