Need the balance Find the savings plan balance after 33 years with an APR of 22%...
Need the balance
Find the savings plan balance after 33 years with an APR of 22% and monthly payments of $250.
Homework Answers
| Future Value of an Ordinary Annuity | ||||
| = C*[(1+i)^n-1]/i] | ||||
| Where, | ||||
| C= Cash Flow per period | ||||
| i = interest rate per period | ||||
| n=number of period | ||||
| = $250[ (1+0.018333)^396 -1 /0.018333] | ||||
| = $250[ (1.018333)^396 -1 /0.018333] | ||||
| = $250[ (1331.5817 -1] /0.018333 | ||||
| = $1,81,44,625.45 | ||||
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