Homework Answers
For Regency Bank
r = 12%/12 = 1% (monthly), n = 20 * 12 = 240 months
FV = $7,000 * (1 + 0.01)240
FV = $7,000 * 10.89255
FV = $76,247.88
For King Bank
FV = $7,000 * (1 + 12%)20
FV = $7,000 * 9.646293
FV = $67,524.05
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