11.You are saving for a new house, and you put $10,000 per year in an account paying 8%. The first

Blur Ng

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3 years ago

11.You are saving for a new house, and you put $10,000 per year in an account paying 8%. The first

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?

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skawa1991

wrote...

3 years ago

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

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