Homework Answers
month interest rate = 2% / 12 = 0.16667%
Future worth = 250 * (F/A, 0.16667% , 36) *(F/P, 0.16667%,6*12)
= 250 * (F/A, 0.16667% , 36) *(F/P, 0.16667%,72)
= 250 * ((1 + 0.0016667)^36 - 1)/ 0.0016667 * (1 + 0.0016667)^72
= 250 * ((1.0016667)^36 - 1)/ 0.0016667 * (1.0016667)^72
= 250 * 37.070131 * 1.127387
= 10448.10
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