6. $7,500.00 deposited in an account earning 10.26%, for 8 years. Calculate the future value:
7. $7,500.00 deposited in an account earning 10.26%, for 8 years. Calculate the interest factor:
a. 2.4236
b. 2.1845
c. 2.0325
d. 1.9275
9. 7,500.00 deposited in an account earning 10.26% for 8 years, compounded weekly. Calculate the future value
a. 16,383.44
b. 16,625.25
c. 16,935.25
d. 17,028.60
6.We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$7500*(1.1026)^8
=$16,383.44(Approx).
7.We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
Hence interest factor=(1.1026)^8
=2.1845(Approx).
8.
We use the formula:
A=P(1+r/52)^52n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=7500*(1+0.1026/52)^(52*8)
=$7500*2.270480113
=$17028.60(Approx).
6. $7,500.00 deposited in an account earning 10.26%, for 8 years. Calculate the future value: 16,383.44 ...
$7,500.00 deposited in an account earning 9.35%, compounded monthly for 8 years. Calculate the FV interest factor a. 0.9870 b. 1.3507 c. 2.0509 d. 2.1067
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