1. Find future value of annuity due with annual payments of $500 for the next 12 years and annual interest rate of 2%. Show your calculator inputs or an Excel formula.
2. Michael Wittry has been investing in his Roth IRA retirement account for 20 years. Five years ago, his account was worth $215,648. After losing 1/4l of its original value, it then gained 1/3 of its new value back. What is the current value of his Roth IRA? (Do not round intermediate calculations.)
Current value $ ______