Elena is looking to save $1,000 at the beginning of each month starting in 3 years...
Elena is looking to save $1,000 at the beginning of each month starting in 3 years time once she has graduated from Concordia. Her investments will earn 4%, compounded monthly. What will be the value of her investments in 12 years’ time
Homework Answers
| FVAnnuity Due = c*(((1+ i)^n - 1)/i)*(1 + i ) |
| C = Cash flow per period |
| i = interest rate |
| n = number of payments |
| FV= 1000*(((1+ 4/1200)^(9*12)-1)/(4/1200))*(1+4/1200) |
| FV = 130173.95 |
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