for 13 years, kyle saved $450 at the beginning of every month in a fund that...
Homework Answers
Monthly Saving = $450
Time Period = 13 years
EAR = 4.5%
APR(monthly) = 12[(1.045)1/12 - 1] = 4.41%
a.
Calculating Future Value,
Using TVM Calculation,
FV = BEG[PV= 0, PMT = 450, N = 156, I = 0.0441/12]
FV = $94,908.56
Fund Balance = $94,908.56
b.
Interest Earned = 94,908.56 - 156(450)
Interest Earned = $24,708.56
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