Refer to Exercise 57. Show that using the formula F V = P V ( 1 + i n ) for interest periods of one month to compute future value for a simple interest investment for t years at an annual interest rate of r results in the formula F V = P V ( 1 + r t ) .
Refer to Exercise 57. Show that using the formula F V = P V ( 1 + i n ) for interest periods of one month to compute future value for a simple interest investment for t years at an annual interest rate of r results in the formula F V = P V ( 1 + r t ) .
Solution Summary: The author explains that using the formula FV=PV(1+in) for interest periods of one month to compute future value for a simple interest investment of t years at an annual interest rate
Refer to Exercise 57. Show that using the formula
F
V
=
P
V
(
1
+
i
n
)
for interest periods of one month to compute future value for a simple interest investment for t years at an annual interest rate of r results in the formula
F
V
=
P
V
(
1
+
r
t
)
.
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