I need the answer with the comma on proper place place. I cant get it right, and
ID: 2706657 • Letter: I
Question
I need the answer with the comma on proper place place. I cant get it right, and I am getting help with all diferent answers....Please help
If you start making $165 monthly contributions today and continue them for four years, what is their future value if the compounding rate is 11.00 percent APR? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
What is the present value of this annuity? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
If you start making $165 monthly contributions today and continue them for four years, what is their future value if the compounding rate is 11.00 percent APR? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
I need the answer with the comma on proper place place. I cant get it right, and I am getting help with all diferent answers....Please help If you start making $165 monthly contributions today and continue them for four years, what is their future value if the compounding rate is 11.00 percent APR? (Do not round intermediate calculations and round your final answer to 2 decimal places.) What is the present value of this annuity? (Do not round intermediate calculations and round your final answer to 2 decimal places.)Explanation / Answer
Hi,
Please find the answer as follows:
Part A: Future Value of Annuity
Nper = 4*12 = 48
PMT = 165
Rate = 11/12
PV = 0
Type = 1
FV =?
Future Value = FV(Rate,Nper,PMT,PV,Type) = FV(11%/12,48,165,0,1) = 9983.45
Part B: Present Value of Annuity
Nper = 4*12 = 48
PMT = 165
Rate = 11/12
FV = 0
Type = 1
PV =?
Present Value = PV(Rate,Nper,PMT,FV,Type) = PV(11%/12,48,165,0,1) = 6442.61
Thanks.