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2. (5) The following questions are based on slide #32. This is an example of lump sum (e.g., Slide #3). Why? What is the FC

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2. (5) The following questions are based on slide #32. This is an example of lump sum (e.g., Slide #3). Why?

What is the FC of $100 after 3 years under 6% (I_NOM=6%) monthly compounding?

a. Find the FV using a formula (refer to #32). Show formula used.

b. Find the FV using a financial calculator. Hint: First find EAR. Write down the inputs.

MXN = PV 1+ py 14 hou M

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