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Title: 11.You are saving for a new house, and you put $10,000 per year in an account paying 8%. The first Post by: Blur Ng on Jun 28, 2021 You are saving for a new house, and you put $10,000 per year in an account paying 8%. The first payment is made today. How much will you have at the end of 3 years?
Title: Re: 11.You are saving for a new house, and you put $10,000 per year in an account paying 8%. The ... Post by: skawa1991 on Jun 28, 2021 PV = present value
FV = future value PMT = payment per period i = interest rate in percent per period N = number of periods 3 = N; 8 = I/Y; 0 = PV; -10000 = PMT; FV = 35061.12 FV = PMT [ (1+r)^t - 1 / r] * (1+r) = 10000 [ (1.08)^3 - 1 / .08] * (1.08) = 35,061.12 https://www.youtube.com/watch?v=FUzc_Pybnys |