Can you tell me how did they get RM18785.79 as a future value by using a formula? Suppose we should use FVA formula right?***I'm asking about the Uncle Murray questions that promised to give RM1000 a month for 18 months starting today and save it in a bank account that pays 6% compounded monthly.**Thank you for helping me :) 3. The Stein family wants to buy a small vacation house in a year and a half. They expectit to cost RM75,000 at that time. They have the following sources of moneyThey currently have RM10,000 in a bank account that pays 6% compoundedmonthly.Uncle Murray has promised to give them RM1,000 a month for 18 months startingtoday and they save it in a bank account that pays 6% compounded monthly.At the time of purchase, they'll take out a mortgage. They anticipate being able tomake payments of about RM300 a month on a 15-year, 12% loan.In addition, they plan to make quarterly deposits to an investment account to save up anyshortfall in the amount required. How much must those additions be if the investmentaccount pays 8% compounded quarterly? Step3c)2) the given question said that uncleMurray give 1000 every month till 18months and if they deposit in the bank butthe bank gives interest 6% compoundedmonthly isby using excel we getfuture value = ?= FV (rate,nper,pmt pv,type)FV(0.005,18,-1000,0,0)future value = 18,785.79

The future value of annuity is given by FV = E((1+r)^n - 1)/r Where, E = monthly deposit = $1000 r…

Can you tell me how did they get RM18785.79 as a future value by using a formula? Suppose we should use FVA formula right? ***I'm asking about the Uncle Murray questions that promised to give RM1000 a month for 18 months starting today and save it in a bank account that pays 6% compounded monthly.** Thank you for helping me :)

Can you tell me how did they get RM18785.79 as a future value by using a formula? Suppose we should use FVA formula right? *I'm asking about the Uncle Murray questions that promised to give RM1000 a month for 18 months starting today and save it in a bank account that pays 6% compounded monthly. Thank you for helping me :)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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