Question

Find the future value, using the future value formula and a calculator. (Round your answer to the nearest cent.)

$3,930 at 9.7% compounded monthly for 8 years

Answer 1

Present Value (PV): $

of a lump sum

15000

Number of Periods (t):

10

Interest

Rate (R): %

per Period

5.25

Compounding (m):

times per Period

12

Cash Flow : Annuity Payments (Pmt) optional

Amount (PMT): $

deposit or withdrawl

Pmt Growth (G): %

% Increase each Payment

# of Payments (q):

Payments per Period

Payments at (T):

of each Period

end (ordinary)

Answer:

Future Value (FV) of the Lump Sum

$ 25,327.86

Total Interest

$10,327.86