Homework Answers
| EAR = [(1 +stated rate/no. of compounding periods) ^no. of compounding periods - 1]* 100 |
| ? = ((1+14/(2*100))^2-1)*100 |
| Effective Annual Rate% = 14.49 |
| Future value = present value*(1+ rate)^time |
| Future value = 6490*(1+0.1449)^5 |
| Future value = 12766.81 |
| Using Calculator: press buttons "2ND"+"FV" then assign |
| PV =-6490 |
| I/Y =14.49 |
| N =5 |
| PMT = 0 |
| CPT FV |
| Using Excel |
| =FV(rate,nper,pmt,pv,type) |
| =FV(0.1449,5,,-6490,) |
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