f a person spends $20 a week on coffee (assume $1000 a year), what would the...
f a person spends $20 a week on coffee (assume $1000 a year), what would the future value of that amount over 10 years if the funds were deposited in an account earning 3 percent?
Future value:
Homework Answers
Ans $ 1343.92
| FV = | Future Value |
| PV = | Present Value |
| r = | rate of interest |
| n= | no of period |
| FV = | PV (1 + r )n |
| FV = | 1000*(1+3%)^10 |
| FV = | 1343.92 |
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