Future Value - single sums If you deposit $100 in an account earning 6% with monthly compounding, how much would you have in the account after 5 years? PV = -100 FV = 134,89 %3D 60 Mathematical Solution: FV = PV (FVIF FV = 100 (FVIF (can't use FVIF table) 005.60
Future Value - single sums If you deposit $100 in an account earning 6% with monthly compounding, how much would you have in the account after 5 years? PV = -100 FV = 134,89 %3D 60 Mathematical Solution: FV = PV (FVIF FV = 100 (FVIF (can't use FVIF table) 005.60
Chapter5: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 37CT: On the day a grandchild is born, a grandparent deposits $2500 in a fund earning 7.5% interest,...
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Transcribed Image Text:Future Value - single sums
If you deposit $100 in an account earning 6% with
monthly compounding, how much would you have
in the account after 5 years?
PV =-100
FV = 134.89
60
Mathematical Solution:
FV = PV (FVIF)
FV = 100 (FVIF.
) (can't use FVIF table)
.005
FV = PV (1+ i/m) n
FV = 100 (1.005)60
$134.89
%3D
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