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johnpaech johnpaech
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5 years ago
If the current rate of interest is 8% APR, then the future value of an investment that pays $500 every two years and lasts 20 years is closest to:
A) $11,000
B) $10,661
C) $22,881
D) $20,000
Textbook 

Corporate Finance: The Core


Edition: 4th
Authors:
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pbrown223pbrown223
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Posts: 439
5 years ago
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More solutions for this book are available here
A
Explanation:  A) FV = C/r ((1 + r)N - 1) = 500/.1664 ((1 + 0.1664)10 - 1)
FV = 10,978.91
1

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