Homework Answers
This question requires application of FV of annuity formula
FV = 1000 * 12.95096
FV = $12,950.96
After 2 more years,
FV = PV * (1 + r)n
FV = $12,950.96 * (1 + 5.625%)2
FV = $12,950.96 * 1.1157
FV = $14,448.92
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