Finance formulas

[SweetPete]

Greetings! I have about 6 word problems that are driving me crazy. I just need some assistance with the correct formulas. Here's the first one I tried.

1) $12,000 is deposited into a savings account paying 3% interest. After 4 years, how much money will I have?

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I used the formula FVIF i,n and financial table. FV = 12,000 (1.126) 3%, 4 yrs = $13,512

Is this correct? Thank you!
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[SweetPete]

[FONT=&quot] 1) [/FONT]#2) Bill plans to fund his individual retirement account (IRA) with a contribution of $2000 at the end of each of the next 15 years. If he can earn 12% on his contributions, how much will he have at the end of the twentieth year?

2000 x {[1+.12)^5 - 1 / .12 = $12,705.70

 

[SweetPete]

Thanks again. I'm not too far off then, I guess. Your help is greatly appreciated.