Homework Answers
1)
w.k.t.
Future Value = Present value ( 1 + Interest rate )n
Where 'n' is number of years
Here
PV = $100000
i = 0.06
n = 45 years
Hence, FV = 100000 ( 1+0.06)45
FV = $1376461 i.e 1.3M
3) Answer for the third question is 15%.
explanation -
w.k.t.
FVA = R ( FV interest factor of an ordinary annuity of $1 per period)
where R is an annuity payment
20000 = 1000 (FVIFA(i,n))
FVIFA(i,n) = 20
refer the table of FVIFA(i,n) and see the interest rate for 10 years at which FVIF is near 20. It will give you the answer as 15% rate of interest.
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