Given a 6 percent interest rate, compute the year 8 future value of deposits made at...
Given a 6 percent interest rate, compute the year 8 future value of deposits made at the end of years 2, 3, and 5 of $1,931, $1,202, and $1,704, respectively. (Do not round intermediate calculations and round your final answer to the nearest dollar.)
Homework Answers
| Compounding rate | 6.000% | ||||||||
| Year | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| Cash flow stream | 0 | 0 | 1931 | 1202 | 0 | 1704 | 0 | 0 | 0 |
| Compounding factor | 1.594 | 1.504 | 1.419 | 1.338 | 1.262 | 1.191 | 1.124 | 1.060 | 1.000 |
| Compounded cash flows | 0.000 | 0.000 | 2739.160 | 1608.547 | 0.000 | 2029.491 | 0.000 | 0.000 | 0.000 |
| FV = Sum of compounded cash flows | |||||||||
| FV= | 6377 | ||||||||
| Where | |||||||||
| Compunding factor = | (1 + rate)^(Last period-Corresponding period in years) | ||||||||
| Compounded Cashflow= | Cash flow stream*compounding factor | ||||||||
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