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Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs to save enough to make a 30% down payment. For example, to buy a $100,000 home, a person would need to save $30,000. At the end of each year for six years, the women make the following investments:
Person Annuity Payment Type of Account Expected Annual Return
Mary Kate $2,000 Savings 2%
Ashley 3,000 CDs 4
Dakota 4,000 Bonds 8
Elle 4,000 Stocks 10
Required:
1. Calculate how much each woman is expected to accumulate in the investment account by the end of the sixth year. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.)