Homework Answers
Effective Annual Interest Rate
i = er - 1
= e0.069 - 1
= 1.0714 - 1
i = 0.0714 or 7.14%
Future Value at the end of Year 4
FV = PV * ert
= $4,300 * e0.069*4
= $4,300 * e0.276
= $4,300 * 1.3178
FV = $5,666.54
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