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Sweet Inc. deposits $62,000 at the end of each 6-month period for the next 3 years, to accumulate enough money to retire a debt that
Sweet Inc. deposits $62,000 at the end of each 6-month period for the next 3 years, to accumulate enough money to retire a debt that matures in 3 years. What is the future value that the company will have on deposit at the end of 3 years if the annual interest rate is 10%?
Data: FVOA (10%, 3n) is 3.3100;FVOA (5%, 6n) is 6.80191; FVAD (10%, 3n) is 3.6410;FVAD (5%, 6n) is 7.1420;FV of $1 (10%, 3n) is 1.331; FV of $1 (5%, 6n) is 1.34010
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