Annuity( Stept)
I am looking not for the answer. but more so the steps. My textbook gave the answer of 104.223.28. I know one of my steps is wrong and I am getting a different answer. Payment 3500, PayPer-semiannually, Intr 8% Compsemiannually,length 10yrs- what is the FV?
Homework Answers
I figured it out: (1+0.04)20-1= (1.04)20/0.04 =2.1911-1/0.04= 1.1911/0.04= 29.778
29.778*3500=104.221.25 close enough
SOLUTION :
r per semi-annual period = 8/2 = 4% = 0.04
=> (1 + r) = 1.04
n = 10*2 = 20 semi-annual periods.
A = 3500 (assumed as $)
So,
FV
= A((1 + r)^n - 1) / r
= 3500(1.04^20 - 1) / (0.04)
= 104223.28 ($) (ANSWER).
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> Last calculation in the question part of the student : 3500*29.778 is not correct. It should be 104223.78 . Student may recheck his calculation.
Tulsiram Garg Wed, Dec 8, 2021 11:27 PM