Homework Answers
| FV = | Future Value |
| PV = | Present Value |
| r = | rate of interest |
| n= | no of period |
| After 7 years | |
| FV = | PV (1 + r )n |
| FV = | 15000*(1+6%/112)^784 |
| FV = | 22826.86 |
| where n = 56 weeks * 2 * 7 years = 784 | |
| After 9 years | |
| FV = | PV (1 + r )n |
| FV = | 15000*(1+6%/112)^1008 |
| FV = | 25736.38 |
| where n = 56 weeks * 2 * 9 years = 1008 | |
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