Homework Answers
| Value of investment 3 years from now | = | Annuity*Future Value of annuity of 1 | ||||||||
| = | $ 600 | * | 3.1216 | |||||||
| = | $ 1,872.96 | |||||||||
| Working: | ||||||||||
| Future value of annuity of 1 | = | (((1+i)^n)-1)/i | Where, | |||||||
| = | (((1+0.04)^3)-1)/0.04 | i | 4% | |||||||
| = | 3.1216 | n | 3 | |||||||
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