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Peter Gonzales will invest $5,000 at end of each year. If the interest rate 8%, what will the value be after 3 years? I understand
Peter Gonzales will invest $5,000 at end of each year. If the interest rate 8%, what will the value be after 3 years?
I understand that the formula is FVA = A x FVIFA (APP. C: 8%, 3 PERIODS) = $5,000 x (3.246) = $16,230
I do not understand how to get the 3.246. How is done on the calculator? Step by step please.
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