Charlie invested $2,000 at the end of 2015, $2,500 at the end of 2016 and $550...
- Charlie invested $2,000 at the end of 2015, $2,500 at the end of 2016 and $550 at the end of 2017. She earned 8% on her investment. How much money did she have at the end of 2017?
Homework Answers
This question requires application of basic time value of money function, according to which
FV = PV * (1 + r)n
Now, for this question,
Total FV = 2000 * (1 + 8%)2 + 2500 * (1 + 8%)1 + 550 * (1 + 8%)0
Total FV = 2,332.80 + 2,700 + 550
Total FV = $5,582.80
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