Suppose you have been saving for the last 1 years to buy a new mountain bike....

Question

Question

Answer 1

Answer #1

Monthly Deposit = $63

Interest Rate = 3%

Time Period = 1 year

Calculating Future Value,

Using TVM Calculation,

FV = [PV = 0, T = 12, PMT = 63, I = 0.03/12]

FV = $766.48

Answer 2

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