Homework Answers
Future value ($) = 9,000 x F/P(10%, 4) + 8,000 x F/P(10%, 3) + 7,000 x F/P(10%, 2) + 6,000 x F/P(10%, 1) + 5,000
= 9,000 x 1.4641** + 8,000 x 1.331** + 7,000 x 1.21** + 6,000 x 1.1** + 5,000
= 13,176.9 + 9,048 + 8,470 + 6,600 + 5,000
= 42,294.9
**From F/P Factor table
(It is assumed that first deposit is made at end of year 1).
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