What is the FV of a 3-year $100 annuity, if the quoted interest rate is 10%,...
What is the FV of a 3-year $100 annuity, if the quoted interest rate is 10%, compounded semiannually? what values are to be keyed in the financial calculator ? Kindly explain the calculations
Homework Answers
EAR = (1 + 0.10/2)2 - 1 = 10.25%
Calculating Future Value,
Using TVM Calculation,
FV = [PV = 0, PMT = 100, N = 3, I = 0.1025]
FV = $247.59
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