Victor and Maria Hernandez Look at Future Income Throughout this book, we will present a continuing narrative about Victor and Maria Hernandez. Following is a brief description of the lives of thi couple. Victor and Maria, both in their late 30s, have two children: Jacob, age 13, and Nicholas, age 15. Victor has had a long sales career with a retail appliance store in Fargo, North Dakota earning $52,000 annually. Maria works as a medical records assistant earning $30,000. a. Victor and Maria regularly buy and sell a number of items on eBay, Craig's List, and through the free community newspaper, from which they earn about $3,000 each year. What is the accumulated future value of those annual amounts over 18 years if the annual earnings were invested regularly and provided a 4 percent return each year? (Hint: Use Appendix A-3.) Round your answer to nearest dollar. Round Future Value of Series of Equal Amounts in intermediate calculations to four decimal places %24 b. What would Victor and Maria's annual income be after 18 years if they both received an average 5 percent raise over their current $82,000 salary ($52,000 + $30,000) every year? (Hint: Use Appendix A-1.) Round your answer to nearest dollar. Round Future Value of a Single Amount in intermediate calculations to four decimal places. $
Victor and Maria Hernandez Look at Future Income Throughout this book, we will present a continuing narrative about Victor and Maria Hernandez. Following is a brief description of the lives of thi couple. Victor and Maria, both in their late 30s, have two children: Jacob, age 13, and Nicholas, age 15. Victor has had a long sales career with a retail appliance store in Fargo, North Dakota earning $52,000 annually. Maria works as a medical records assistant earning $30,000. a. Victor and Maria regularly buy and sell a number of items on eBay, Craig's List, and through the free community newspaper, from which they earn about $3,000 each year. What is the accumulated future value of those annual amounts over 18 years if the annual earnings were invested regularly and provided a 4 percent return each year? (Hint: Use Appendix A-3.) Round your answer to nearest dollar. Round Future Value of Series of Equal Amounts in intermediate calculations to four decimal places %24 b. What would Victor and Maria's annual income be after 18 years if they both received an average 5 percent raise over their current $82,000 salary ($52,000 + $30,000) every year? (Hint: Use Appendix A-1.) Round your answer to nearest dollar. Round Future Value of a Single Amount in intermediate calculations to four decimal places. $
Chapter6: Building And Maintaining Good Credit
Section: Chapter Questions
Problem 2FPC
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