. Rodney Cashman has been investing $2,000 quarterly for the past 18 years in an equity...
. Rodney Cashman has been investing $2,000 quarterly for the past 18 years in an equity mutual fund. How much is the fund worth now assuming he has earned 11.5% compounded quarterly on his investment?
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N |
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I/Y |
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PV |
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PMT |
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FV |
Homework Answers
N =18*4 =72
I/Y =11.5%/4 =2.875%
PMT =2000
FV using formula
FV =PMT*((1+r)^n-1)/r
=2000*((1+2.875%)^72-1)/2.875%)=465862.95
FV using financial calculator
N=72;I/Y =2.875%;PMT =-2000; CPT FV
FV =465862.95
Add Answer to:
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