Please dont direct simple compound interest formula. Know the difference between PMT and P
Homework Answers
Answer: 5 %
500 x Future Value of Interest Factor of Annuity ( FVIFA ) = 9,799.32
FVIFA = 9,799.32 / 500 = 19.59864
FVIFA = [ { ( 1+ r ) 14 - 1 } / r ] = 19.59864
r = 5 %
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Can someone answer it correctly ? I am posting it for third
time. I am really needing all the steps.
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