SOLUTION: I have a question that is in parts, I tryed to solve it but I think I am doing something wrong could some one please help me out? 1a. Jim wants to put money away for retirement,

Question 296279: I have a question that is in parts, I tryed to solve it but I think I am doing something wrong could some one please help me out?
1a. Jim wants to put money away for retirement, he puts $1,000 in the bank a year at 5% compounded annually, for 35 years how much interest would he earned?
My answer is after 35 years he would have $94,835.97 -$35,000 = $59,835.97 I am not sure if this is right.
1b. Jim wants to change and put $1,500 away a year for 35 years at 8% compounded annaully for 35 years.
my answer is after 35 years he would have $240,515.31 I am sure this is wrong I do not know where I made my mistake.
1c. Jim was amazed at how much he could save in this manner and decided to design a detailed saving plan based on projected yearly increases, He relialized that he could start depositing $1,500 now, but that he would be able to deposit more than that in the furture. If he were able to deposit $1,000 at the end of the year for the next 5 years at 8% compounded annually,$1,500 at the years 6 - 10 at 8% compounded annually, and $2,000 at the end of years 11 - 35 at 5% compounded annually, how much would he accumlate at the end of 35 years? assume that any balances from earlier depositing periods would continue to earn the same rate of annual interest. Use the tables for furture value of annuties.
1d. By how much does the result differ from the amount calculate above for $1,500 deposited for 35 years? What accounts for the differnce?
1e. If Jim decided that he wanted to have $300,00 accumulated in 30 years by making an annual payment at the end of each year that would earn 12% compounded annually, what would his sinking fund payment be? Use the appropriate table to determine the answer.
I would like to say thank you in advance for helping me, and I will surely be so very greatful for the help. I am almost done in this class. Thank you once again for useing your free time to help me with this problem.

Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
How did you get this?
My answer is after 35 years he would have $94,835.97 -$35,000 = $59,835.97 I am not sure if this is right.
and
my answer is after 35 years he would have $240,515.31
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