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Question 7 7 pts Select the correct future values from the dropdown options and Determine the future value at the end of June for the cash flows in Table 1 using a periodic interest rate of 1% compounded monthly. These cash flows occur at the end of the respective months. 52M FV Month Amount(s) Dec. $15,000 Select Jan. $22.000 Select Feb. $28,000 Select March $35,000 [Select April $30,000 Select] May $15,000 Select) Total FV at End of June: Select] - Prius

Answer 1

Monthly Interest Rate = 1%

December:

Future Value = $15,000 * 1.01^6
Future Value = $15,922.80

January:

Future Value = $22,000 * 1.01^5
Future Value = $23,122.22

February:

Future Value = $28,000 * 1.01^4
Future Value = $29,136.91

March:

Future Value = $35,000 * 1.01^3
Future Value = $36,060.54

April:

Future Value = $30,000 * 1.01^2
Future Value = $30,603.00

May:

Future Value = $15,000 * 1.01
Future Value = $15,150.00

Total FV at End of June = $15,922.80 + $23,122.22 + $29,136.91 + $36,060.54 + $30,603.00 + $15,150.00
Total FV at End of June = $149,995.47