Homework Answers
| Future value = Present Value * (1+r)^n | ||
| Present value is $ 116/. | ||
| Future value is $ 163/. | ||
| r is Rate of Interest = ? | ||
| n is No of years = 17 | ||
| 163=116*(1+r)^17 | ||
| (1+r)^17= (163/116) | ||
| (1+r)^17 = 1.405172 | ||
| Using trail and error, r is 2.021% | ||
| Interest rate you expect is 2.021% | ||
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