To determine Determine the Future Value after 18 years of an investment plan with an APR of 4.5% and monthly deposits of $200. Further compare the amount of total deposits made over the period of time. Explanation Given: The amount deposited at the end of every month and APR is given for each of the mentioned case. Formula Used: FV = PV (1 + r) n Where: FV = Future Value PV = Present Value r = APR N = Number of years Calculation: While calculating the Future Values follow the below mentioned steps: 1. The amount deposited every month multiplied by 12 will give the Present Value which is to be placed in the given formula. 2. Interest rate mentioned in the question is to be placed in the formula 3...

Using and Understanding Mathematics: A Quantitative Reasoning Approach (6th Edition)

6th Edition

ISBN: 9780321914620

Author: Jeffrey O. Bennett, William L. Briggs

Publisher: PEARSON

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Chapter 4.C, Problem 22E

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Determine the Future Value after 18 years of an investment plan with an APR of 4.5% and monthly deposits of $200. Further compare the amount of total deposits made over the period of time.

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Chapter 4.C, Problem 21E

Chapter 4.C, Problem 23E

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Chapter 4 Solutions

Using and Understanding Mathematics: A Quantitative Reasoning Approach (6th Edition)

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