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Home Q & A Board Science-Related Homework Help Mathematics
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majarm majarm
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6 years ago
To what future value will a principal of $7100.00 amount in three years at 7.6% p.a. compounded:
a) annually
b) semi-annually
c) quarterly
d) monthly
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
P V = 7100.00
a) m = 1, i = 7.6%, n = 3
   FV = 7100.00(1 + .076)3 = 7100.00(1.245767) = 8844.95
b) m = 2; i =   = 0.038; n = 3*2 = 6
   FV = 7100.00(1 + .038)6 = 7100.00(1.2507892) = 8880.60
c) m = 4; i =   = 0.019; n = 3*4 = 12
   FV = 7100.00(1 + .019)12 = 7100.00(1.2534015) = 8899.15
d) m = 12; i =   = 0.0063; n = 3*12 = 36
   FV = 7100.00(1 + .0063333)36 = 7100.00(1.2551836) = 8911.80
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