Use compounded interest rate unless it explicitly requires using simple interest. What is the future value...
Use compounded interest rate unless it explicitly requires using simple interest.
What is the future value of a $400/month deposit at the end of 4 years? Your first deposit occurs now (at month 0) and your last deposit is at the end of month 48. The monthly interest rate is 1% compounded monthly.
Homework Answers
ANSWER:
Deposit per month = $400
i = 1% per month
n = 49 months ( 4 years = 48 months + 1 deposit in month 0)
fv = depsot per month(f/a,i,n)
fv = 400(f/a,1%,49)
fv = 400 * 62.83
fv = 25,133.93
so the future value is $25,133.93
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