Homework Answers
Weekly interest rate = 6.3% / 52 = 0.1212% per week
Number of weeks in 8 years = 8 x 52 = 416
If initial deposit be D, then
D x F/P(0.1212%, 416) = $13,200
D x (1.001212)416 = $13,200
D x 1.6551 = $13,200
D = $13,200 / 1.6551
D = $7,975.15
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1.
If we place $7,654 in a savings account paying 7.5 percent interest
compounded annually, how much will our account accrue to in 8.5
years?
PLEASE SHOW ME EXACTLY HOW TO DO THE PROBLEM!!!! I INSERTED A
PICTURE FOR AN EXAMPLE!
Future Value after 9 years is calculated using EXCEL FUNCTION FV(rate, nper,pmt, pv,type) where rate-1.5%; nper-9; pmt-o; pe-3520000; type=0; Here, value for pv is negative as it denotes cash inflows; type as interest is compounded at the end of...
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