Homework Answers
(a) Future worth ($) = 2,900 x F/A(7%, 10) = 2,900 x 13.8164** = 40,068
(b) Future worth ($) = 2,900 x F/A(7%, 10) x 1.07# = 3,103 x 13.8164** = 42,872
**From F/A Factor table
# When payment is made at beginning of period, this is called annuity due and to compute its future worth, a multiplication factor of (1 + Interest rate) [= 1.07] is used.
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