Question
Future value with periodic rates. Matt Johnson delivers newspapers and is putting away $19 at the end of each month from his paper route collections.
Future value with periodic rates. Matt Johnson delivers newspapers and is putting away $19 at the end of each month from his paper route collections. Matt is 13 years old and will use the money when he goes to college in 5 years. What will be the value of Matt's account in 5 years with his monthly payments if he is earning 4% (APR), 9% (APR), or 13% (APR)?
What will be the value of Matt's account in 5 years with his monthly payments if he is earning 4% (APR)?
What will be the value of Matt's account in 5 years with his monthly payments if he is earning 9% (APR)?
What will be the value of Matt's account in 5 years with his monthly payments if he is earning 413% (APR)?
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