Homework Answers
a.
V5 = 5,000 [USFV 0.08, 5]
V5 is value of uniform deposits in year 5 which is same as multiplication of amount of deposit and future value interest factor for annuity.
5,000 is the amount of deposit
0.08 is the rate of interest and No. of years is 5
The value in the bracket is the US future value interest factor for 5 years at rate of 8 %.
b.
FV = $ 5,000 x FVIF (0.08, 5)
= $ 5,000 x 5.876
= $ 29,335
Future value of series of payments is $ 29,335
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