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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

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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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
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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