Homework Answers
a). FV = Amount Invested * [1 + r]n
= $24 * [1 + (0.06/12)][(2012 - 1887) * 12]
= $24 * [1.005]1500
= $24 * 1.774.57 = $42,590
b). FV = Amount Invested * e(r * t)
= $24 * e[0.06 * (2012 - 1887)]
= $24 * e7.5
= $24 * 1,808.04 = $43,393
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