Homework Answers
rate positively ..
| If interest rate is compounded monthly | |||||
| Interest rate = | 15%/12 | 1.25% | per month | ||
| number of month to maturity = 7*12 | 84 | ||||
| future value = | 7800*(1+1.25%)^84 | ||||
| Ans = | $ 22,145.08 | ||||
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