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2.1. Suppose the amount of $25 is deposited monthly for 30 years at a rate of 2% compounded monthly? a. Calculate the future value of this investment. FV = PMT [(1 +4)*² - 1] b. How much interest is earned on this investment? T Interest = Ending balance - Total payments

2.1. Suppose the amount of $25 is deposited monthly for 30 years at a rate of 2% compounded monthly? a. Calculate the future value of this investment. FV = PMT [(1 +4)*² - 1] b. How much interest is earned on this investment? T Interest = Ending balance - Total payments

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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2.1. Suppose the amount of $25 is deposited monthly for 30 years at a rate of 2% compounded monthly? a. Calculate the future value of this investment. [(1+₁)¹² - 1] 17 − FV = PMT- b. How much interest is earned on this investment? Interest Ending balance - Total payments
Transcribed Image Text:2.1. Suppose the amount of $25 is deposited monthly for 30 years at a rate of 2% compounded monthly? a. Calculate the future value of this investment. [(1+₁)¹² - 1] 17 − FV = PMT- b. How much interest is earned on this investment? Interest Ending balance - Total payments
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